Announcement

Collapse
No announcement yet.

Lilly's Repossession

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Lilly's Repossession

    My husband took out a joint secured loan in approximately 2005 with GE money for 10 000. My husband died in 2010 and I am left paying this debt which is crippling myself and my two teenage children. I am not in default and have managed to keep up all the payments but this means that at times my children have to go without. I don't recall signing any documents and it is a possibility that my husband forged my signature. Can anyone advise on how I might be able to resolve this issue.

  • #2
    Re: Secured loans UE

    Hi

    I assume that you have checked though any paperwork that you may have at home?

    Comment


    • #3
      Re: Secured loans UE

      Yes, I've checked through everything but have no paperwork for the original loan.

      Comment


      • #4
        Re: Secured loans UE

        The problem is probably that you have been paying it, they will come back and ask why you haven't asked sooner, hard but probably true.

        I would definitely be asking for the paperwork, probably sar them so that you get everything and then we can have a look at what you get back and take it from there.

        Comment


        • #5
          Daughter

          Hi Guys, just wanted some advise, my dauhters husband died in 2010, he was 36, he was diabetic and had a hypogylcemic attack in his car and did not survive. He left her with a mortgage of 147,500 and a secured loan for 9000. The house is being valued tomorrow (approx 160,000 I think). She has come to the decision that she needs to sell and pay off her debts and then rent a smaller house for her and the two children. Nothern Rock have issues reposesion court proceeding for 11,000 arrears Court date March 28th. Just wondered what should she do next. Any advice would be appreciated, many thanks Pez

          Comment


          • #6
            Re: Daughter

            I am not the best person to help, but I'm sure someone will come pop along soon to assist.

            I do need to ask though, was there definitely no life cover for the mortgage? Did her hubby have any sort of pension?

            These things are often forgotten in times of grief.

            xx
            If happy little bluebirds fly, beyond the rainbow, why, oh why can't I?

            sigpic

            Comment


            • #7
              Re: Daughter

              I'm not an expert either but have Northern Rock been informed of the circumstances and was it a joint mortgage?

              Comment


              • #8
                Re: Daughter

                Originally posted by diddlydee View Post
                I am not the best person to help, but I'm sure someone will come pop along soon to assist.

                I do need to ask though, was there definitely no life cover for the mortgage? Did her hubby have any sort of pension?

                These things are often forgotten in times of grief.

                xx
                Hi Diddlydee, thanks for your response, he had cancelled the life cover without telling her, and he had no pension at all. There was no savings and the funeral was done via berevement benifit. Cheers Pez

                Comment


                • #9
                  Re: Daughter

                  Originally posted by MrsD View Post
                  I'm not an expert either but have Northern Rock been informed of the circumstances and was it a joint mortgage?
                  Hi MrsD, Yes they are fully aware and have been no help at all, they refused all offers she has given them stating they want an extra 200 a month to cover arrears as well as the 800 she normally pays, cheers Pez

                  Comment


                  • #10
                    Re: Daughter

                    ouch what an awful situation to be in....

                    However, if your daughter has had a valuation and is looking to sell-up then within the claim form for the PO she'll be able to say that she's selling and request time to sell - as there is positive equity the court may allow 6 months or so to sell, however it's always best to get it on the market BEFORE the court date as they're more likely to be accepting to your case if the house is already up for sale.

                    Sadly, unless she can come up with a good repayment proposal for the arrears (a couple of hundred a month) then the PO may well be awarded regardless of the fact the courts shouldn't rush in with such decisions (possession) when there are children involved - sometimes they have to, if for instance there is no possible way to repay the arrears.

                    So depends on her situ and what she wants to do; depends on the options available and how to go forward.
                    I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

                    If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

                    Comment


                    • #11
                      Re: Daughter

                      Originally posted by pezman65 View Post
                      Hi MrsD, Yes they are fully aware and have been no help at all, they refused all offers she has given them stating they want an extra 200 a month to cover arrears as well as the 800 she normally pays, cheers Pez
                      Well we pay 1500 per month for ours..... it's fucked. We could rent a bigger house than we have for 900 in the same village.

                      But I understand the reasoning behind 200p/m arrears.... that is what I hinted at above (ie a large amount).
                      I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

                      If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

                      Comment


                      • #12
                        Re: Daughter

                        Originally posted by Never-In-Doubt View Post
                        ouch what an awful situation to be in....

                        However, if your daughter has had a valuation and is looking to sell-up then within the claim form for the PO she'll be able to say that she's selling and request time to sell - as there is positive equity the court may allow 6 months or so to sell, however it's always best to get it on the market BEFORE the court date as they're more likely to be accepting to your case if the house is already up for sale.

                        Sadly, unless she can come up with a good repayment proposal for the arrears (a couple of hundred a month) then the PO may well be awarded regardless of the fact the courts shouldn't rush in with such decisions (possession) when there are children involved - sometimes they have to, if for instance there is no possible way to repay the arrears.

                        So depends on her situ and what she wants to do; depends on the options available and how to go forward.
                        Hi Niddy, thanks for the reply, she has resigned herself to having to sell but wanted to keep control of the situation herself rather than have it reposesed which may mean she still owes money after they sell, especially if they sell at a low price, she wants to pay off the 9000 if possible. We are getting a valuation tomorrow and will put it on the market asap. Thanks for the advise we will ask for time to sell and see what happens. Cheers Pez

                        Comment


                        • #13
                          Re: Daughter

                          Originally posted by Never-In-Doubt View Post
                          Well we pay 1500 per month for ours..... it's fucked. We could rent a bigger house than we have for 900 in the same village.

                          But I understand the reasoning behind 200p/m arrears.... that is what I hinted at above (ie a large amount).
                          She only earns 1200 (inc widows benifit) a month so there is no way she can pay the 200 a month they want. She pays 800 mortgage, 150 to GE for the secured loan with GE, then CTax - Elec and Gas etc etc then of course the kids eat and need clothes (how dare they)LOL, cheers mate

                          Comment


                          • #14
                            Re: Daughter

                            Maybe, based on the above, selling isn't such a bad idea - at least she can then have some form of life and provide for the kids.....

                            If she sells then she can stop paying the secured loan - the lot. They cannot get blood from a stone and with no assets then they can't do much - period!

                            Just saying, sometimes it's best all round to sell-up if affordability becomes an issue, ie a couple ending up a sole mortgagee.

                            Best of luck/.
                            I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

                            If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

                            Comment


                            • #15
                              Re: Daughter

                              Originally posted by Never-In-Doubt View Post
                              Maybe, based on the above, selling isn't such a bad idea - at least she can then have some form of life and provide for the kids.....

                              If she sells then she can stop paying the secured loan - the lot. They cannot get blood from a stone and with no assets then they can't do much - period!

                              Just saying, sometimes it's best all round to sell-up if affordability becomes an issue, ie a couple ending up a sole mortgagee.

                              Best of luck/.
                              Yes, I think she has come to that decision, just wondered wether she should stop paying mortgage now, also stop the GE loan payment, that would enable her to get a deposit together for rented property, cheers Pez

                              Comment

                              Who's Viewing Thread: 1 (0 members and 1 guests)
                              Who's Viewed Thread:
                              Working...
                              X