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I got into arrears with my mortgage over various months mainly due to ill health.
Due to these me and my partner are both retired.
We had a suspended repossesion order around 6 years ago and we managed to stick to an amount each month.
My son in law lived with us and he lost his job due to covid.
Meaning we've lost a lot of money coming in.
The mortgage term ended in September 20 and we haven't been able to pay anything since.
The bank have recently written to me from their financial support team asking me to get in touch I have emailed them and I'm waiting to hear back.
I'm just wondering what is usually the next step as the mortgage is ended. I can afford around £125 a month on £5000 arrears increasing to £500 in November.
If they want to repossess will they have to apply for a new order?
I'm just wondering worse case scenario if I'd be able to pay the arrears off before a repossesion due to the amount of time it would take.
Or does anyone know if the bank's likely to let me pay in installments
Due to these me and my partner are both retired.
We had a suspended repossesion order around 6 years ago and we managed to stick to an amount each month.
My son in law lived with us and he lost his job due to covid.
Meaning we've lost a lot of money coming in.
The mortgage term ended in September 20 and we haven't been able to pay anything since.
The bank have recently written to me from their financial support team asking me to get in touch I have emailed them and I'm waiting to hear back.
I'm just wondering what is usually the next step as the mortgage is ended. I can afford around £125 a month on £5000 arrears increasing to £500 in November.
If they want to repossess will they have to apply for a new order?
I'm just wondering worse case scenario if I'd be able to pay the arrears off before a repossesion due to the amount of time it would take.
Or does anyone know if the bank's likely to let me pay in installments
