I am conscious of the amount of similar threads popping up so please bear with me.
I am engaging with the MARP process. I am only capable of meeting 70% of the interest on my mortgage. I have managed to rescheduel all unsecured debt to lesser payments over a longer period of time so I can focus more on my mortgage repayments.
My problem is, I have had my latest SFS analysed and have been advised by my provider that I now must meet full interest on my mortgage.
It is crystal clear from my financials that this would leave me well below the poverty line and unable to buy food or pay utilities.
Selling the property is not an option.
I am working two minmum paying jobs but if I go bankrupt in the UK I will be unemployed and would be unable to secure rented accomodation in Britain.
I have asked them to reconsider 70% repayment on the interest similar to that of the deferred interest scheme.
Their response was not in favor and that they had their own in-house rules to consider.
Should I contine paying the 70% interest or stop paying and wait for them to repossess?
I am engaging with the MARP process. I am only capable of meeting 70% of the interest on my mortgage. I have managed to rescheduel all unsecured debt to lesser payments over a longer period of time so I can focus more on my mortgage repayments.
My problem is, I have had my latest SFS analysed and have been advised by my provider that I now must meet full interest on my mortgage.
It is crystal clear from my financials that this would leave me well below the poverty line and unable to buy food or pay utilities.
Selling the property is not an option.
I am working two minmum paying jobs but if I go bankrupt in the UK I will be unemployed and would be unable to secure rented accomodation in Britain.
I have asked them to reconsider 70% repayment on the interest similar to that of the deferred interest scheme.
Their response was not in favor and that they had their own in-house rules to consider.
Should I contine paying the 70% interest or stop paying and wait for them to repossess?