Discussion in 'Army Pay, Claims & JPA' started by CraftyJay, Nov 19, 2008.
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If your house get repossessed can/will the army do anything to you?
The army used to get the hump if you could not handle your debts. I don't know if this is still the case.
Yea they will offer you a MQ or room in the Block/Mess They will not and should not give financial advice so it would be best to speak to the many civy organisations that will be able to help you. The FSA(Financial Services Authority) produce a booklet that gives advice on yours rights etc under repossession...
There are many local housing associations which can help you as well as the CAB. Most courts show a great deal of sympathy towards the debtor these days and will try to find an alternative, such as setting a repayment schedule which allows you to get on track and keeps the mortgage holder at bay.
If you are given the opportunity to make payments FFS keep them up or you will be in the poo.
I'm alright about advice and that, its more a case of would and how high could they bounce me? The house is with an ex and it ain't selling, so I'm just thinking of a way to get rid of it, any advice?
Is the Estate Agent giving you any advice as to why it isn't selling and whether you can do anything to make it more saleable?
Perhaps a change of Estate Agent., then?
If letters start to arrive about repossession, contact a solicitor immediately.
You could try putting the house up for auction as long as you think you'll make more than you owe on it. If you're in negative equity then you will have to make up the differance between what the house is worth and what you owe whether you sell it yourself or it gets repossessed.
The Army is only likely to bounce you if you bring it into disrepute and try to hide away from your creditors. It takes an application to court to have an attachment of earnings made, when this is done the Army will be contacted as your employer and you will very much come onto the radar. Applications of attachment of earnings are only made when all else has failed so there is a long road before it came to that and plenty of chances to avoid such action being taken.
There is no reason why the Army should get to know about any house repossession, especially if the house is not near your unit but it would be a good idea to go and see your families officer and brief him about the situation. The fact that it revolves around an ex partner will make the Army far more sympathetic and you will get some good advice and help.
The house is all up to date with payments and its a last resort to let it get repod, but I don't want to rent as it will tie me to the ex. The only real drama I have will be when I get posted back to the uk next year and I'm out of pocket 500 sheets thats why I need rid, cheers for all the help so far
Apparently houses are selling-as long as they are priced appropriately. If it ain't selling then drop the asking price.
Sounds more like a bird problem than a financial one
Rent it out and Jill Dando door step challenge the wench
Why ditch what is still an asset
If it's any help, here's what one of my friends has just done.
Advertised their house slightly below the Estate Agents valuation. Had one viewing in first week. Following week they reduced by Â£1k and got another viewing.
They then offered to pay a 5% deposit for the buyer, they then had 2 further viewings and the house sold within another week.
The problem people are having at present is getting a large enough deposit to satisfy the lender. Most people can rustle up a 5% deposit, but 10 or 15% is much harder. Offering a 5% deposit could be the extra 5% that the buyer needs.
It worked for my friends, so it must be worth a try. Speak to your Estate Agent and they should be able to explain it to you. If they can't, then they're shite and you should move.
Good Luck, and don't give in..
I've spoke to the estate agent about the 5% thing and that seems like a good plan cheers for that heard it all before and to the gimp I know its an asset but I'd rather cut away and start fresh I'd love to set the witch on fire so any advice on a suitable torture method would also be much appreciated
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