Pepper and receivership

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Fergus67

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Hi, just got letter from Pepper informing me that my property (but to let) has been put in receivership. Spoke to Pepper who had all of their answers ready.
What are my options now?
360k interest only Mortgage
26k in arrears
Repayments 1.3k per month
Offered some weeks ago 2k per month
Could pay 10k now and 2 k per month.
Who should I offer this option to Receiver or Pepper
Is this too late now if receiver appointed.
Thanks.
 
Thanks for this however it only explains the receivership but doesn’t offer any options around how to approach the situation.
 
You will not be able to deal with a Receiver. If you have Equity you are in great jeopardy as they will likely sell it. Don't expect them to get best price.

Likewise they can sell for a pittance and chase shortfall against other assets

You've made a terrible mistake letting it get to this stage and will be costly to fix

You need to speak to a PIP ASAP then can stop receiver temporarily
 
You've limited options

Seek injunction 60k legal fees unlikely to succeed

Receiver won't negotiate

Personal insolvency likely best option but would need a lot more info vals if assets, other debts, information on personal private residence...risk it may not work either buy you have to try because of above.

If you've equity and can't get restructure you might have to sell to get best possible price

I know of cases when Receiver once sell for 23k when worth 175k, 66k when worth 145k, they then chased for shortfall
 
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