I thought I would come back here and update everyone in case it helps
I spent 10 years battling back and forth with the EBS over the arrears, submitted endless SFSs, got some strong legal letters, threats and calls from them. And they refused all proposals to recapitalise, to surrender the property or convert the mortgage to interest-only. It caused me a lot of stress over the years to be honest and many sleepless nights. I came on here several times to enquire about bankruptcy options, court hearings, etc.
I had a mortgage for 237k and an equity release/ unsecured loan for 70k and continued to pay them exactly what I received in rental every month which amounted to around 70% of the required payment. I have been abroad all this time and have been living in the UK for some 8 years now. Arrears were probably near to 60k last year.
Then out of the blue, they called me a year ago to tell me that if I agreed to an immediate voluntary surrender they would send me a 20k as a "fresh start payment" and would write off all the outstanding loans. Well, I nearly fell off my chair and burst into tears of relief. After all these years to simply clear the debt somehow, now they were offering me money!! I was very sceptical. I don't know if it was because I live in the UK and Brexit is looming or because my flat is in a good location, and increasing in value perhaps? Getting the tenants out and cheque in the mail took about 4 months and then I got a letter to say that my "loans are now fully paid off"
Im not sure if this helps anyone else or perhaps you all know about this.
I spent 10 years battling back and forth with the EBS over the arrears, submitted endless SFSs, got some strong legal letters, threats and calls from them. And they refused all proposals to recapitalise, to surrender the property or convert the mortgage to interest-only. It caused me a lot of stress over the years to be honest and many sleepless nights. I came on here several times to enquire about bankruptcy options, court hearings, etc.
I had a mortgage for 237k and an equity release/ unsecured loan for 70k and continued to pay them exactly what I received in rental every month which amounted to around 70% of the required payment. I have been abroad all this time and have been living in the UK for some 8 years now. Arrears were probably near to 60k last year.
Then out of the blue, they called me a year ago to tell me that if I agreed to an immediate voluntary surrender they would send me a 20k as a "fresh start payment" and would write off all the outstanding loans. Well, I nearly fell off my chair and burst into tears of relief. After all these years to simply clear the debt somehow, now they were offering me money!! I was very sceptical. I don't know if it was because I live in the UK and Brexit is looming or because my flat is in a good location, and increasing in value perhaps? Getting the tenants out and cheque in the mail took about 4 months and then I got a letter to say that my "loans are now fully paid off"
Im not sure if this helps anyone else or perhaps you all know about this.