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Scottish Trust Deed Forum
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Topic starter
10/10/2012 10:19 am
Hi all..
I,m in a bit of a muddle and need some advice.
I,m in a ptd but have missd 2 payments. (only 6months left of ptd). I have a massive secured loan on house which has just gone haywire with charges as we have missed payments.
Hv already been taken to court for secured loan to reposess house but got a further 2 months to decide what to do.
My husband now needs to declare himself bankrupt and we were wondering should we just give up the house we put a massive deposit down on or try to keep as the job situation has changed.
I,m currently not working just now but my husband in now in full time employment hence the reason I missed payments to PTD.
My TD did say if i miss payments she will just extend my TD. Dont konw if thats a good thing.?
I,m worried about moving and trying to find a decent house for my kids having such bad credit ratings....
Anyone else been in this situation and how did you end up..
thanks again all...
10/10/2012 10:29 am
Hi Materialgirl
Can I ask how you are paying for the Trust Deed is you are not working? Was this unemployment only recently.
I think the house is the main point. If you walk away from it, it will become a claim in the Trust Deed and your husband's sequestration. If not, then you need to be sure you can maintain the payments for the house and TD etc.
I think the Trustee will allow an extension to the Trust Deed period to deal with the missing payments, however you should be sure you are not prolonging the inevitable if you cant maintain ongoing payments.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
10/10/2012 2:14 pm
Hi thanks for replying.
I have a job but had to take a year career break due to no childcare. I then started up small business within this time. Any money I made from the business paid my TD. (which wasnt a lot). cut a long story short the business ran for 9months, didnt make a penny and I had to let it go 3months ago. Stupid me thought this was going to be the solution to my financial worries.
Now I owe dad loads and I,m in tatters with my house. I can return back to my job next feb but until then I dont know what to do.
Can the secured loan reposess my house if I am in PTD and can still manage the mortgage.?
thanks.
10/10/2012 2:49 pm
Hi Materialgirl
Yes, the secured loan compaany can start repossession proceedings if you fail to maintain the payments.
I think the key to this will be the house. It may well be that while you would prefer to stay there it may only be a matter of time until you fall further behind and repossession is a real possibility.
If you decided to sell the house then yourself and your husband could look at sequestration. This would deal with all debts and any contribution would be based on what you can afford.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
10/10/2012 5:28 pm
thanks mark. appreciate the advice..
10/10/2012 6:42 pm
Hi MG
No problem at all.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
10/10/2012 9:30 pm
Hi, I have to agree with Mark. You have to take stock of your long tm plans. It would be a shame to put all your efforts into keeping the house, only to loose it further down the line. It may be that sequestration is an option for both of you. If you decide you want to stay in the house, then you need to open the lines of communication with your secured lender. In the current climate, they will probably try and come to some sort of arrangement if at all possible .
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