Help! I need money FAST!

Can anyone suggest how I can get my hands on £7500 (some kind of loan) within the next *12 days* to stop my house being repossessed while I'm waiting for a remortgage? This loan would be paid as soon as the remortgage comes through.

Our circumstances have recently changed and we're now able to pay the mortgage (and remortgage) comfortably, but it's too late if we can't pay off the current arrears ASAP. What's even worse is that the property is now worth double the mortgage!

Any suggestions?

Please help.

Thanks.

Reply to
V Worried
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If you have an offer of a remortgage from a reputable lender why not copy the documents and send them to your current mortgage company. It will show them (and the courts if it gets that far) that you are doing something about it not just delaying things.

Reply to
Eric Jones

Many thanks for the reply. Now here's the problem... It's already been to court and we didn't know about it! Supposedly a Sheriff (we're in Scotland) notified us of the court date for all of this in Oct last year - the thing is we didn't have a call from *any* one nor have we received *any* thing from the court or their appointed persons.

The first thing I knew about this was in late Dec when a sheet of paper was posted through the door notifying us of our ejection, which will happen on the 3rd of Feb unless we can pay the arrears before then.

So here we are, days from eviction in a house worth double the original mortgage and now in position where we could pay the mortgage (or a remortgage) without any financial difficulty and the only thing that prevents us from keeping it is the £7500 of arrears.

Our only hope, I think, is to find a loan company (or even a loan shark at a last resort) who can lend us the £7500 we need within the next week or so. Then we can remortgage and easily & instantly pay off the loan.

Does anyone have any thoughts/suggestions?

Thanks.

Reply to
V Worried

In message , V Worried writes

Has the lender got a possession order? If yes - What date are the bailiffs coming? If 3rd Feb - OK.

How comfortably? I.e. how much is the mortgage payment? How much is the family take home pay?

Have you got a credit card - what is the limit & how much do you owe?

Have you got an overdraft facility - how much is left?

It's never too late. I've been asked to attend many possessions where the judge postpones it at a hearing on the day of possession.

If you can pay the mortgage comfortably, this suggests that you can pay more than 1 months payment immediately - Scraping everything together, and forgetting needing to pay for anything other than food for the next month, how much could you pay out of this months wages?

Answer the above, and I'll try and give you a heads up.

Reply to
Richard Faulkner

Go to a loan shark.

How certain are you (and how certain can you make anyone who might be prepared to help you) that the remortgage *will* come through?

How do you expect to be helped if you don't supply at least an email address?

Reply to
Ronald Raygun

Yes, they have the order and we didn't even get a chance to go to court to explain our case because we really didn't receive any notification regarding the court case - is it too late to try and pursue that fact?

The mortgage was for £56000 and the property was recently valued at £105,000 - the house needs some cosmetic work and we were told that it could realise at least £120,000 when that work's done. The mortgage payment is around £370 pcm and take home pay (wife's earnings only - I'm disabled) has been in excess of £400 per week in the past few months - this has now increased substantially (not sure how much exactly, she's in bed). We also have two dependant children.

Yes, I have a credit card, (limit £1200) but it's near maxed out.

Nope, no overdraft.

It's too late for that, isn't it?

If we really, really push it we could pay two months worth of mortgage next week, but it wouldn't stop the ejection.

Many, many thanks for your help.

Reply to
V Worried

Can you recommend any? And no, I'm *not* joking. I don't think we have a choice.

There *must* be a way of saving this. It's complicated, and I don't want to go into it here, but if we lose the house, my wife will also lose her job as the only place/relative we can stay with lives over

400 miles away. Things will only get far worse if we do.

I'm absolutely certain. There's a hell of a lot of equity in the house (potentially well over double the original mortgage) plus we now have the means to repay it. In fact, I've been assured that a remortgage won't be a problem and is in progress. If only we could hang on to the house until then...

You have a point. Ok, this is the very first (and last) time I post my e-mail address on usenet (damn spam!). My name is Steve and my munged e-mail address is: ununhexium AT clara DOT co DOT uk

Reply to
V Worried

Sorry for missing this Richard. In my last message I forgot to add that, yes, the bailiffs *are* coming to eject us on the 3rd of Feb.

Steve

ununhexium AT clara DOT co DOT uk

Reply to
V Worried

I'm sorry again for replying to bits of your message over and over again, but I'd like to explain a few more things if that's ok?

We can now comfortably repay the mortgage/remortgage (and any loan, if we could get one to repay the arrears) because for one my wife has been recently promoted in her job (she's now an 'F' grade nurse in the NHS) and secondly, she's now doing nursing agency work (contract) which has significantly boosted our funds.

I suffer from severe Hidradenitis Suppurativa, but if I could/can find an understanding employer willing to take me on with my condition in the electronic/mechanical engineering sector, I would've be more than willing (i.e ecstatic) to do what I could to prevent all of this.

Alas, I think it's too late.

Anyway, thanks for you time.

Regards,

Steve.

Reply to
V Worried

In message , V Worried writes

My experience has been as an estate agent in England attending possessions for the lender on the day of possession. There have been lots of cases where the possession has been stopped by either the judge, or the lender, in the hours/minutes before the possession time - so it is never too late to try anything. Things might be different in Scotland, but I dont see why.

Have you got an experienced housing law solicitor working for you - if not, you need one fast!.

Lets assume it's £600 per week or £2,400 per month until you find the actual figures.

On this front - I would write to the lender advising them that your circumstances have changed and that, if they change your mortgage to an interest only loan, (56,000 x say 6% = £280 per month), you will be able to pay off the arrears in 12 months i.e. £280 + £625 per month. If that is too much, offer a figure which will pay it over 18 or 24 months. Include proof of earnings to substantiate your ability to pay.

At the same time, via your solicitor, or directly, get a court hearing to make the fact that you have made this offer clear to the judge - at the same time, explain how you werent aware of any court proceedings until you received the order. Play the disabled card big time - no matter how proud you may be! Go to court with your sticks, wheelchair, splints, whatever, and use them....

I dont know how you get a hearing, but I am sure you can - so you have to make it happen.

There may even be a way of postponing a hearing on the basis that you werent aware of it.

Ask them if they will increase your limit to say, £3,000 to £4,000 - the worst they can do is say no.

Ask for one - say £2,000 to £3,000 - the worst they can do is say no.

If you get the overdraft and new credit card limits, plus whatever you can get from wages, (do you get incapacity benefit?), you could have around £5K to £7K by the end of next week

Maybe not, but do all of the above, and you have a chance.

DO NOT give the lender any money without an irrevocable undertaking that they will postpone the eviction for long enough for you to sort things out.

OK - having said all of that - somehow, you have "allowed" 20 months of arrears build up - I am guessing that circumstances have dictated this.

If you use credit card and overdraft, and it works, you may be creating a different set of problems, which you must deal with albeit, you will hopefully still have a roof over your heads.

Reply to
Richard Faulkner

Thanks for that hope, Richard - I'm not a religious man, but what the hell, I'll prey that this can be stopped somehow for the sake of my family.

But, do you know what *really* annoys me? It's that we *really* did

*not* receive anything from the court regarding the court hearing. I know it's our word against their's and it sounds like an excuse, but if we'd have received notice, we *would* have acted, and it could have made a difference.

No, we don't. As I say, we only heard and learnt about the repossession order the court granted (from what we've been told in Oct) from the bailiffs in very late December.

Since then we've been pissing about with a loan company who can now supply the money required a week too late. We also have a company willing to provide a low-interest remortgage, but that'll be weeks too late to stop the ejection - but more than enough to quickly repay any loan to stop the ejection - catch "22".

The lender (RBS) just won't listen - and believe me, we've tried. They say that nothing short of the full arrears, or a "significant amount of money on the table" won't suffice.

There are less than two weeks before we are homeless, but I think your suggestion is good. My wife is going to contact the court in the morning.

To tell you the truth, I don't think I can do that. I feel bad enough and useless enough as it is. I don't want pity, I just want a chance for my family and I.

And we will try everything in our power to do that, but I fear it's too late.

I hope so.

I will try, but I can't see them doing that - I had trouble increasing it by £500 three years ago.

And, as if I suspect, they say no?

No, I don't get Incapacity Benefit, I get Severe Disability Allowance. And I doubt that we could increase the credit card limit or get an overdraft now. What we need, I think, is a very short term loan. Maybe a bridging loan or 2nd charge loan??

I/we will try, but I'm not hopeful.

No, it's not 20 months of arrears, it's months of arrears with interest.

Again, many, many thanks for your reply, Richard. I have taken your very welcome advice on board, and I will pursue it - but I think the

*only* way we can get out of this now is to find someone willing to lend us (in the net few days) the £7500, a bridging/2nd Charge Loan in days or (and this looks increasingly likely) find a loan shark.

Yours despondently,

Steve.

Reply to
V Worried

In message , V Worried writes

I wasnt expecting the lender to listen, but the court might listen. If you offer a realistic repayment schedule, in writing, recorded signed for delivery, and the lender refuses to cooperate, it should help the judge to find in your favour. As far as I can tell - judges dont like making people homeless, so give him some good reasons and it might help him to help you, (he includes she).

In the same letter to the lender, you should also explain that you werent aware of the proceedings, and you dont know why you didnt receive any of the paperwork and notices - there should have been loads, including a copy of the summons from the court.

I repeat that I have seen these things canceled on the day of eviction - many times.

OK - go to court and be yourself.

You seem to be hanging your hat on this loan, which is fair enough, but you should try the others so that you know you have tried every avenue.

Good luck - and dont give up on the court until the last minute! I have even seen people given their keys back when they have paid the arrears a week or so after the eviction.

Reply to
Richard Faulkner

The most important thing is to contact Shelter and see if you can lodge a minute for recall of decree, once you've read my other points, on freephone 0808 800 4444. They help people being repossessed all the time and can represent you for free in some areas. I believe that the procedure is similar to that for landlords evicting tenants - read these -

A few more suggestions -

As far as I'm aware (as a landlord in England - slightly different law to Scotland) you can only be evicted once you have been served with a warrant of execution. The sheriff officers (called bailiffs in England) will then visit you and tell you which day they will evict you on. Check exactly where you are in this process. Richard may be able to clarify. Shelter certainly will be able to.

Try a local Credit Union, info from 0141 774 5020 (but ask if they cover

*all* scottish credit unions as they're might be other associations) before a loan shark if you have one.

All courts have a duty solicitor to represent you for free. Contact them and ask if they can get the warrant for eviction suspended.

Ensure that the benefits people are paying you everything you are entitled to. Post on uk.gov.social-security uk.people.disability

- Good background info.

Always have copies of proof of earnings and proof of remortgage acceptance to hand. At this stage people will want to see proof, your word is no longer good enough.

Can your wife book some time off work to deal with this ? You don't want to piss her employer off by taking unauthorised time off unless it's absolutely necessary.

Let us know what Shelter says.

hth

Daytona

Reply to
Daytona

Here's an example, you really need to check if it's the correct form and get legal/Shelter/Citizens Advice/Housing Aid Centre/clerks to the court advice on how to best to complete it -

although you could probably DIY in an emergency !

Most applications to the court involve some sort of court fee so make sure you've got cash to hand.

Another source of help is Citizens Advice -

Daytona

Reply to
Daytona

Is your wife's employer able to help out at all? Some employers will offer loans to employees in extreme circumstances, or maybe she could get next month's salary this month. Surely worth asking?

Can any of your friends or relatives help? Maybe you don't know any one person who has that kind of money laying around, but you don't need to get all the money from the same person. If a few mates chipped in ~100 pounds each, plus a bit more from close family you could be well on the way.

Do you have anything you can sell or pawn? You probably don't have 7.5k worth of stuff laying around, but if you can raise some money it may help.

If you haven't already done so, start phoning round banks. I assume your credit rating will not be very good, so you may not be able to get the 7.5k, but see if they will lend you anything.

Good luck.

Reply to
Gareth

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