House due to be repossessed. What's the best option?

[Emsman]

Ok, it's was going to happen. Have been struggling financially since an accident over a year ago.
Well, I have acrental house, and have got into serious arrears- basically, rent doesn't cover mortgage.

It's due to be repossessed on tuesday- I only know as some post was found when visiting as rental client is in china.

Any advice appreciated. Do I go down the route of iva?

Honestly, any help greatly appreciated

[Emsman]

Thanks so far folks.

Basically, bought the house from my brother, lived there a year or so, moved out, it stood empty for a while.

Rented out to a mate- rent doesn't cover mortgage.

Bad credit mortgage- ex left me in tatters financially.
Shortfall with charges etc has built up hugely.
Now got letter for repo on Tuesday.

Ironically, waiting for a life policy to be paid owing me £6k, which is being cashed to cover shortfall.

Final irony, back at work now to cover mortgage.

Parents can't afford the 6k I need to pay them, and it can't go on a credit card.

So, do I go for iva and pay off?
I'm stting it to be honest

[Emsman]

Very kind offer, and the eye idea good, but looking at tuesday.

Took eye off the ball somewhat (and fking foolish I know) but post hasn't been working here properly for ages- apparently the fact the lender sent post is sufficient.

Can't get hold of anyone at cab, and due to being skint until first paycheck can't afford a solicitor.

Is bankruptcy an option?

[Emsman]

Will do first thing in the morning.

Thanks for the advice though folks- it's greatly appreciated.

I have spoken to the lender a lot this week, and short of a lump sum of 6k the repo will go through.

If that's the case, I'm screwed basically.

[Emsman]

hornetrider said:

Maybe eBaying your frankly ridiculous amount of remote control vehicles could bring in some short term cash?

indeed, but since the overall value is about 250 it's unlikely to help, but idea duly noted

[Emsman]

scotal said:

Emsman said:

Ironically, waiting for a life policy to be paid owing me £6k, which is being cashed to cover shortfall.

Have you explained that to them? Do you have a timescale for the repayment?
Are you sure you are going to get the 6k back?

If so do you have documentary evidence of this?

Have you shown it to them?

It might, if you are in any way able to sign the repayment over to them, at least slow the repo down.

Have you explained to the insurance office why you need the funds quickly?

I have shown them, hand delivered documents to them and explainded until I'm blue in the face.

To no avail.

I'm seriously thinking the best idea is to face that I'm going to lose the house, go bankrupt and then see what happens

[Emsman]

Eric Mc said:

emsan seems to be reactive rather than proactive by nature.

You need to start dictating the pace on your life rather than allowing circumstances to overwhelm you.

indeed I do.

[Emsman]

I'm working on it

[Emsman]

He got some very good advice from a very decent ph'er.
Other than that, he has been stuck in a meeting all day.

[Emsman]

All is good thanks.

A little guidance from a man who knows is truly a great thing.
He knows who he is- and it's hugely appreciated.

Cheers all,
emsman