help, arrears built up and b/s threatening to take further action : LUSENET : Repossession : One Thread


Due to unemployment my mortgage payments have been sporadic over the past year or so. I have #1060 arrears with a monthly payment of #215. The Chelsea are now 'no longer prepared to allow the arrears balance to increase,' and unless i pay #515 immediately they will look to taking further action.

My property is worth around #50,000 with an outstanding mortgage of approx #32,000.

Although unemployed at the moment, I have just enrolled on a training course to start in september lasting 9 weeks. Completion of this course has a 94% success rate in employment (it is ran with local jobcentre, and 6 of the largest employers in the area, so isn't false claims) so I am fairly confident that i will be in gainful employment and in a position to pay the mortgage and something off the arrears by Christmas at the latest.

I had thought of re-mortgaging but don't really think that is an option at the moment as 1. am unemployed, and 2. have arrears. (although I do have a joint income with my partner who isn't named on the mortgage) income from benefits totalling #740 a month. Of course, if anyone knows of a lender who would be prepared to look at my case i would be grateful!

Has anyone any ideas of a way forward that will tide me over a few months? How long does it take from the chelsea starting proceedings to actually getting to court? What is the likelyhood of the house being repossesed at the moment under current situation?

Anyway, thanks for your time, and hope someone can help


-- Colin (, August 08, 2000


Dear Colin, I'm also using website,its my saviour at the moment,and I undrsstand completely the pressure you are under. However your case to me sounds quite hopeful, I wonder if further renogations with your lender is all thats needed here.

p.s keen to know the outcome,look at questions submitted today,ie: " urgent advice needed"

-- catherine hendry (, August 09, 2000.

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