Total Ruination - advice please.

[HaizeyDays]

As much as it pains me to pour this out to someone, at least on the internet the shame is lessened by not knowing one's advisors.

Following redundancy and a couple of months out of work, I am three months (probably four now) behind on my mortgage. I am back in work now, but can't afford any outgoings like I used to (Circa £900 pm for mortgage sundry creditors and living costs). I need some advice as to what to do. The house is up for sale before the bank reposesses it, but it isn't shifting. I can't go bankrupt as I would lose my job in the financial sector. I have managed to keep up utility payments etc, so it's just the mortgage I'm behind on.

For some reason (I suspect the computer problem they had) NatWest hasn't sent me a single letter or given me a phone call about my arrears yet, but I'm at my wits end and I arrive home in terror expecting a letter on the doormat.

Any advice you can give would be much appreciated. (or if anyone wants a 2 bed semi with study and utility in Chesterfield, it's going cheap!)

HaizeyDays

[Prudie]

God how I remember being terrified of the postman. If you can grit your teeth the best option would be to contact NatWest and explain your predicament. I think they like people to be upfront when there's a problem and ask them to help you come up with a viable plan to reduce your payments for a while or pay back the arrears in small doses. Now you're back in work does it seem permanent? If so you should be able to get a solution of some sorts.

[rojash]

As Prudie says, your best option is to talk to your creditors. You don't say how your 900 pm is split between the mortgage and other creditors, but if at all possible, you should be able to negotiate with unsecured creditors (such as Credit Cards, etc) so that you can prioritise catching up with your mortgage payments. The fact that you are back in work (even if on reduced income) should go some way to ameliorating the worries of creditors, but avoiding talking to them is the worst thing you can do. Also, your creditors don't know that bankruptcy is not an option for you, so are going to want to agree reasonable payments, rather than risking losing it all.

[pizza]

Sorry to hear about your problems HaizieDays and as Prudie suggests it is definitely worth going to see the Natwest mortgage advisor or Manager.
I experienced problems when an ex left me with debt including a loan which I foolishly had put in my name as he couldn't get credit and they were really helpful.
I think they have the best banking reputation for customer service and like to keep their customers, and they also recognise the problems caused by their computer system.
Don't hesitate please ring them today to make an appointment and hopefully you will get some peace of mind.
Please keep us informed and good luck.

[boxtops]

The best thing to do is to bite the bullet, and tell NatWest - they would far rather know the position up front, before they start taking action against you. I had to go to the bank a while back when we could barely meet our outgoings, and they were incredibly helpful and helped me get back on track (it wasn't NatWest but they don't want to see people go to the wall either). Go and see them tomorrow for a frank discussion - there are far more people in your position than you may realise. Don't wait for them to contact you - and good luck with it.

[themas]

Your priorities have to be the mortgage, utilities & council tax. The other creditors will have to accept a nominal payment if that is all you can afford.

You can get free debt advice from CAB or by phoning CCCS.

Are you sure you are getting all the benefits you may be entitled to - eg Tax Credits or Council Tax Benefit? CAB can check this out for you.

[ladybirder]

Could you let a room? This could be a quick source of income and might placate the mortgage people if they know you are getting some more income?

[Maydup]

I can't add much to the advice from the other posters, but just wanted to wish you well. I'm sure if you speak to them you can make a payment plan andkeep hold of the house. Rent would be as hard or harder to pay so keep the mortgage for as long as you possibly can. Get rid of an non-essential and compare prices on all of your utilites and insurances. sell anthing you don't need on ebay and have a bootfair. every little helps to both pay the bills and to make you feel you cab get head above water rather than ruinous. Best of luck and keep posting.

[Maydup]

"Get rid of all non-essentials"

[MoonRocker]

talk to them, don't do head in the sand, the last they want is to reposess, explain the situation. Even if they don't accept it, ask them for the account details so you can pay via internet banking. Then pay what you can even if it's less than he monthly payments. No judge will give them possession if you can show you are paying reasonable amounts every month. Then as ou get on your feet pay more. Most reposessions are avoidable if only people didn't do an Ostrich impression. Also re prioritse, the utilities won't make you homeless so pay the, less too.

[ladybirder]

If you look at her other posts I think she's already sold most of her stuff maid-up:-(

[Maydup]

Just thought, do you/did you have personal protection insurance for your mortage? Did you claim on it when you were redunant?

Either way check here that you weren't missold it and reclaim if you were. Details available here.

http://www.moneysavin...im/ppi-loan-insurance

[Maydup]

From the same site is a great place to go for more advoce and to chat to others in the same position as you.

http://forums.moneysa...forumdisplay.php?f=76

[viz48]

Go to the CAB... They dont just offer advice. They have debt advisors who specialise in this type of thing. They will help you with contacting your creditors and negotiating lesser payments.