Hello, I know this is the Irish consumer forum , but the threads on here relate to our current issues with our mortgage .
Long story short, hubby was self employed covid caused the business to near non existence he hung on as long as possible , then in 2022 I was diagnosed with womb cancer, I already suffer mental health and receive therapy , my husband was unable to work as I couldn't be left alone with the panic and anxiety of the cancer diagnosis , I had surgery last January and I will be under the hospital for another four years ,during the time we only had £400 a month to live on so the mortgage did not get paid , Kensington passed our mortgage to Mars Capital , the arrears were building up and fast forward to June last year when we were advised to claim universal credit , I also get PIP enhanced mobility and husband gets carers , it isn't too bad and with that income we were able to start paying £400 a month to the mortgage , and in September last year we got SMI , the interest rises made the monthly payment £859 and at the time we were unable to make up the shortfall ,so the arrears were building up more , fast forward to this month , and the arrears on the account are now 17k , which the original amount of the interest only mortgage was £102.000 so now we owe £117.000 , yesterday we received a call from Mars capital and we agreed to pay the shortfall which would now pay the full contractual payment each month for six months , the problem is that during the six months the interest being added on the arrears are going to put the arrears up to 22k in six months because £880 is being added monthly .
Husband discussed capitalising the arrears ,but that would make the monthly payment impossible , it was mentioned to sell the house as we only have 12 years left so putting it onto repayment which they suggested would be impossible .
We will have to go down the route of paying the contractual payment and just let Mars force us out because there is no alternative . I guess what i am trying to say is that Mars are a vulture fund and they want our house , which they will get as we are not in a position to do a thing about it . I don't know what others think to this situation we find ourselves , but I think I just needed to share and hope that others don't have the same misfortune as we are experiencing . We have registered with the local council as advised from the housing at the council , we are advised not to hand the keys back, but to keep paying what we can , Mars will get this house and they will take it to court we realise this .
How long does it take court proceedings from start to finish ?
I assume they can take court action for non payment of arrears ?
Thank you for reading and I am sorry it is so long .
Long story short, hubby was self employed covid caused the business to near non existence he hung on as long as possible , then in 2022 I was diagnosed with womb cancer, I already suffer mental health and receive therapy , my husband was unable to work as I couldn't be left alone with the panic and anxiety of the cancer diagnosis , I had surgery last January and I will be under the hospital for another four years ,during the time we only had £400 a month to live on so the mortgage did not get paid , Kensington passed our mortgage to Mars Capital , the arrears were building up and fast forward to June last year when we were advised to claim universal credit , I also get PIP enhanced mobility and husband gets carers , it isn't too bad and with that income we were able to start paying £400 a month to the mortgage , and in September last year we got SMI , the interest rises made the monthly payment £859 and at the time we were unable to make up the shortfall ,so the arrears were building up more , fast forward to this month , and the arrears on the account are now 17k , which the original amount of the interest only mortgage was £102.000 so now we owe £117.000 , yesterday we received a call from Mars capital and we agreed to pay the shortfall which would now pay the full contractual payment each month for six months , the problem is that during the six months the interest being added on the arrears are going to put the arrears up to 22k in six months because £880 is being added monthly .
Husband discussed capitalising the arrears ,but that would make the monthly payment impossible , it was mentioned to sell the house as we only have 12 years left so putting it onto repayment which they suggested would be impossible .
We will have to go down the route of paying the contractual payment and just let Mars force us out because there is no alternative . I guess what i am trying to say is that Mars are a vulture fund and they want our house , which they will get as we are not in a position to do a thing about it . I don't know what others think to this situation we find ourselves , but I think I just needed to share and hope that others don't have the same misfortune as we are experiencing . We have registered with the local council as advised from the housing at the council , we are advised not to hand the keys back, but to keep paying what we can , Mars will get this house and they will take it to court we realise this .
How long does it take court proceedings from start to finish ?
I assume they can take court action for non payment of arrears ?
Thank you for reading and I am sorry it is so long .