Going to lose my house!! Repossession House Order Yikes!!

[RubySept]

I have a mortgaged house and a 100k loan secured on the house.
Both myself and my husband have full time jobs.

We use a debt management company to negotiate our credit card debits of 75k and reduced all our monthly payments.

All accept 1 company of which we have the 100k loan secured on our house.

We have paid off all the principal part of the loan, the remaining amount 50K is their profit. The company say they had no correspondence from our debt advisers (which they did) they also cant produce the original loan agreement etc etc.

Finally over 2 years late we received a repossession order on Christmas eve 2014 great!

We have attended the 1st court hearing where a new date was given as the bank didn’t have all the relevant paperwork.

Meanwhile we have offered a settlement of £33k which has been agreed and we have 28 days to pay. Our problem is how do we raise the cash so we do not lose our home, we still have two younger children who are dependent on us. We will probably sell in 2-3 years as we wont need a large house.

We also have bad credit ratings now.

Does anyone have any ideas?

Hi. The only way to raise the cash is through borrowing from bank, family or friends, but I would emphasise that you have to be able to repay and that any loan is affordable. Did someone help you to come up with the settlement figure and if so had you decided/thought where this was coming from. Maybe your debt management company will have a debt advisor who can give you advice on this. if not contact StyepChange a debt charity for free debt advice. Hope this helps.

Can I ask why you offered a settlement if you can't pay it?

There are mortgage lenders who will lend you money if your credit is bad. Ring London and country. They know it all and will advise you if a lender can give you another mortgage with the extra you need to settle your loan

Just make sure whatever you enter into is affordable. Good luck :-)