My mother has recently had a hard time financially, but today I came across a letter from this week from the bank where she has a mortgage, stating it has started proceedings for its solicitors to create a court hearing to repossess her house.
On the letter it shows what she has been paying, the expected payment is £103 each month, but she has been paying £20 one month, £70 etc the next, not a regular payment plan at all.
The arrears are currently £1200 odd. I will be paying £100 tomorrow and have said I can pay £160 each month for her.
She will also pay £100 off on Monday, which I will make sure of, and then make payments of what she can.
Will this be acceptable to her mortgage lender? Does anyone have any advice? As the expected payment is £103, and I am willing to pay £160, +£200 this week should start to bring it down.
What are the chances the bank outright rejects this? Will her house be repossessed or should this plan be acceptable?
I am working tomorrow, but my brother will be going with her tomorrow to speak to the bank along with a budgeting plan outlining what will be paid each month and when, created by myself, but is basically similar to what I have typed here.
I live with her, and until recently was unemployed, but will be giving her pay slips to show the bank there is a regular income and this £160 will absolutely be met on time + my mum will be making regular payments twice a month towards reducing it.
Thoughts?
Thanks very much,
On the letter it shows what she has been paying, the expected payment is £103 each month, but she has been paying £20 one month, £70 etc the next, not a regular payment plan at all.
The arrears are currently £1200 odd. I will be paying £100 tomorrow and have said I can pay £160 each month for her.
She will also pay £100 off on Monday, which I will make sure of, and then make payments of what she can.
Will this be acceptable to her mortgage lender? Does anyone have any advice? As the expected payment is £103, and I am willing to pay £160, +£200 this week should start to bring it down.
What are the chances the bank outright rejects this? Will her house be repossessed or should this plan be acceptable?
I am working tomorrow, but my brother will be going with her tomorrow to speak to the bank along with a budgeting plan outlining what will be paid each month and when, created by myself, but is basically similar to what I have typed here.
I live with her, and until recently was unemployed, but will be giving her pay slips to show the bank there is a regular income and this £160 will absolutely be met on time + my mum will be making regular payments twice a month towards reducing it.
Thoughts?
Thanks very much,