Questions and Info relating to Property Issues inc, Charging Orders and Repossession

Moderators: TalbotWoods, JaneClack

By Matisse
#160225 Hi Thanks for this forum, it is so comforting for me to know that I am not the only one out there.

My question is a difficult one, my husband and I have about 85K worth of unsecured debt on cc's and bank loans. We have no assets, or property in the UK, just one holiday home in the caribbean (it was left to us by a relative) the house is worth 150K and is wholly owned. Due to me losing my job recently our income is now 2k a month with 5k a month outgoings ( 2k to live and 3K repayments) things were bad before I lost my job, now they are dire. We have so far been able to keep up with repayments but now we cannot make them. We have not defaulted yet. We have put the house on the market but have been told by three local estate agents that it can take up to a year to sell. I believe if I go out there and try and sell it, it would move quicker. If we do this it would cut our outgoings drastically. I want to set up a DMP before I go. Once the property is sold I can then pay off the debts and hopefully have some money left to start again. What I want to know is would this be acceptable to my creditors, would they allow me time to do this? Or would they immediately move to put a charges on the house. Get CCJ's etc. I know I am more forunate than others but the worry is making me sick, I really dont know what to do and I keep crying - please help me.
#160260 Its a good plan, and I think a DCA would have immense difficulty placing a charge on your property in the Caribbean - bearing in mind most local Lawyers cant find the title to property there, I think a UK based DCA would have more of a struggle !

How would you fund the DMP though if you were there, and presumably not working ?

I'd be inclined to speak to Payplan and explain the situation to them ( they are free, non fee charging and impartial ) first, although my own inclination would be to go to the Caribbean now.
By Matisse
#160376 Thanks Sandyballs,

We are going to contact Payplan and then work out what we do. We have an internet based business although it would be more of a struggle we could actually work from there.

Just considering our options at the moment - thanks once again.
By £76K
#160396 Do you get a rental income from the place?
By Matisse
#160440 Hi No we dont rent it, should we?
By £76K
#160441 Well I would, I mean what is the point in it sitting empty?
By Matisse
#160447 Sorry I wasnt making things clear, we havent rented it because we are trying to sell it, and with tenants it is difficult to get viewings arranged etc. We really want to get this sold and clear the debts.

Thanks for all your help on this.