Stuck in shared ownership property,please help.

[MissyB12]

Hi all,just wondering if anyone had any advise for me please.
I'm currently living in a shared ownership property and i'm really struggling.Got in months of rent arrears which my mortgage lender has now paid off for the second time.The arrears are going to happen again,as i'm now in more debt elsewhere just trying to keep my head above water.Its been going on like this for a while now,i've been trying very hard keep up with things but its coming to a head now,and have a feeling the next step might be repossession if i'm not careful.I know some mortgage companies have things they can do to help you for a short period of time,but to be honest i can't see my financial circumstances changing anytime soon,if anything they are getting worse,as my boss is slowly cutting hours down at work.It seems my problem is just getting worse.Yes i do recieve a little HB on the rent side of things but its still proving difficult to stay here.I would sell,but not sure i would make anything on this place,by the time the arrears have been taken out for each time they have bailed me out,plus the fees it costs to sell a place,i'm pretty sure i would be left with not much at all, if anything.Plus theres the big problem that i would thens been homeless with my 8 year old son.I know its a hard one,but any advice at all would be much appreciated.

Thank you for reading.

Have you spoken to a debt counsellor? Is your mortgage repayment? If so, can you extend the term (from 25 years to 35 or 40 so that the repayments are dramatically reduced until you can afford to go back to a "normal" term again)? If you haven't spoken to a debt counsellor, I really would make that a priority.

If you have and the situation still looks bleak, to be honest, it will be better to sell and come out with nothing that to be repossessed and end up with all the charges and aggro that comes with that.

Speak to your housing association. They can buy back some of your share to make it more manageable. It is called downward staircasing.

No i haven't spoken to anyone like that yet.Just agreed to pay min payment on things with lots of intrest.Been struggling ever since my ex left to keep this place going on my own.I know what i signed up for and that i made a commitment to the HA and my lenders,just a shame theres not something in place for if life changes.I know that sounds silly,but i generally never thought i'd be in this mess.
Thank you for taking the time to reply.