Any 'been there done that' s out there? Oakwood mortgage referrd to the courts...

[hari]

Hi

 

Apologies if I have posted this in the wrong place but I was unable to start a thread on the 'repossession' section.

 

In a nutshell we have three months arrears with Oakwood homeloans ( previously called Kensington ). We are in arrears of £3200.

 

We rec'd a letter from Oakwood on Wed this week saying we had 7 days to contact them. The letter was dated 11th Aug! Yesterday rec'd letter from Wragg& co solicitors giving us 7 days to pay full arrears.

 

Contacted Oakwood this morning saying we need to make a payt of £1500 to stop action on top of this months mortgage payment.

 

I was under impression even if it went to court it would be suspended but have just read some of the rerepossession threads and I can hardly breathe with the anxiety in my chest. People have been given repossesion orders straight off?

 

Have no idea wha to expect or how to proceed. We are in an excellent position from this month on to make real headway with the arrears as husband has finally started new job but we don't know what to do. We have no family to help and we have two kids.

 

Sorry if I'm not clear I just feel like someone has injected ice water into my legs.

[saintly_1]

Hi and welcome

 

I have moved your post to the Repossessions forum

 

 

Spend sometime familiarising yourself with the site. Make sure you read the site rules and the FAQ's.

 

A couple of useful links are the How do I guide to the forum and the A to Z Index

 

 

 

saint

[Ell-enn]

Hi there, the first thing you need to do is to write a letter offering a monthly payment towards the arrears. You should also include a budget sheet showing what you can afford - you can download one here: National Debtline England & Wales | Personal Budget Sheet

 

Print one off first to practice on so you get your figures right. Don't overestimate how much you can afford to pay, it's no good offering an amount that you would struggle with.

 

Lenders are required to consider any offer of payment towards arrears and to take your financial circumstances into consideration.

 

If this were to go to court then you need to show that you have tried to come to an arrangement with them.

 

Please try not to panic, there is no way a court will grant possession at the first time of asking and especially since you have an income and can maintain payments going forward. I know this must be a very stressful and worrying time for you, but I have been involved in helping people with much higher arrears than yourselves and they have kept their homes.

 

Should they proceed to court, we will be able to help you defend.

 

Try to stay positive - we can support you through this.

 

Kind Regards

 

Ell-enn

[Helford]

Is this the same Company?

 

 

'Cash to leave' offer from lender

 

 

BBC NEWS | Business | 'Cash to leave' offer from lender

[OLIVE.FAMILY]

Hi Helford. You say Oakwood was previously called Kensington. Are you sure Kensington didnt sell you on to Oakwood. As for the last post it looks like they are the same. I would give them a call and ask

 

olives xx

[holbeck1]

Hari,

 

Don't be too distressed at this stage. Most requests for possession orders do not result in the repossession of homes.

 

If you are not able to pay the requested amount in the time given, contact your lender and make a realistic offer. If this is refused and they continue with the court action it is always better to make the extra payments anyway. They will not refuse to take the money.

 

If it goes to court you can again make the offer and show that you have been making the extra payments.

 

Even if this doesn't work and a possession order is granted and even if they obtain a possession warrant you can still apply to stop the eviction by filing an application N244 at the county court. You will have to keep your payments up if your application is accepted. Don't miss a single payment.

 

I hope this helps.

[elliesnan]

hi there, we were in court re repossession order earlier in the year. Pls try not to worry listen to the advise given to you on this site and l'm sure you will be fine. I'ts not as scary as you think as long as you can show the judge that you can afford the payments with what you can reasonably afford towards the arrears you wil be ok. Best of luck.

[hari]

Thank you so much all.....It's such an isolating feeling it's grand to know others have indeed ' been there done that'.

 

Our arrears were accrued in the last three months so we haven't made a payment since 28th April. We have not paid May, Jun or Jul.

 

We can start paying the mortgage as normal from this month with no problems. Like I said though Oakwood wrote to us giving 7 days or they would refer to their legal team. They did this 1 day after we received that letter so it already with the solicitors who will accept £1500 on 27th Aug but then we would be unable to pay our mortgage due on the 28th if we did this.

 

What is the right thing to do ? Is it more important to pay our normal payment or the arrears? we will just be back to square one by the 28th if we pay the arrears though.

 

We are on a 3 yr fixed rate with them and this is due to expire at the end of Nov and our repayment amount will shoot up. Have no foggy clue what to do they seem disinterested in any offer we tried to make and not willing to negotiate.

 

Is it absolutely certain they can't grant a repossession order at the first hearing? one woman on here said that happened to her. Is it dependent on the whim of a judge?

[Ell-enn]

Hari, I am not aware of anyone losing their home at the first hearing where they have a regular income which can maintain the payments going forward plus a small amount towards the arrears.

 

Are you able to offer an extra payment each month towards the arrears?

 

Have you written the letter enclosing your budget sheet yet? You need to do this as soon as possible in order to show that you have tried to come to an arrangement with them.

 

Kind Regards

 

Ell-enn

[hari]

I have looked at that budget sheet ..what concerns me is a) We need to negotiate repayment terms with two other creditors one priority and one not so I don't actually know the specific figures as yet. b) our mortgage was a self cert and our income was slightly inflated by the broker to secure the deal. I don't even remember WHAT was written for our salaries:confused:

 

How are we meant to fill that sheet in? Do we make sure our outgoings match our disposable income entirely bar the offer we are to make for repayment? For instance just say we are left with £300 per month after everything will they expect us to pay that £300 to them entirely?

 

Obviously keeping our home is EVERYTHING and if it comes to that then so be it but a word from the wise would be gratefully received

[Ell-enn]

Hi, when you fill in the budget sheet you need to make sure what is left over is what you can afford to pay extra each month towards the arrears. £300 would, in my opinion, be too much. If your arrears are £3200 you could easily offer £100 or £150 per month extra - the court has the power to order that the arrears can be paid over the remaining life of the mortgage, and there is case law we can use to support this. However, with your amount of arrears 2 - 3 years would be acceptable.

 

Don't offer an amount that you would struggle to pay - you'll only end up in the same position again.

 

Kind Regards

 

Ell-enn

[hari]

Hi Ell-enn,

 

We have completed the budget sheet. Sorry for sounding dim but who do we need to send this to? The solicitors or Oakwood?

 

If we send the sheet and offer of arrears repayment and pay this months normal payment what will/does the solicitors do?

 

Do Oakwood instruct them on the next stage or do we have to keep them informed? Basically is it two separate issues that we need to keep up in the air at he same time?

 

Many Thanks for guiding me through this..I've got bunny in headlights syndrome.

[Ell-enn]

Hi there, send it to the solicitors (recorded delivery - and keep the receipt with a copy of your letter). The letter should be brief, just refer to their letter (Quote their references and account number) give a short explanation as to how the arrears came about and tell them you are in a position to pay £xx amount towards the arrears in addition to the normal monthly payment, as per the affixed budget sheet.

 

If they ignore or refuse your request then if it goes to court you can prove you have tried to come to an arrangement with them.

 

Kind Regards

 

Ell-enn