I simply do not have enough information at the moment to be able to answer you. I need to know the size of the problem.
It appears that your husband’s business folded in2012 owing at least £75,000. Since then, what attempts have been made to repay the money?
When did the bank first get in touch with you (not your husband) advising you that they were going for possession?
When did they tell your husband about that?
The higher the arrears/the longer the money’s been outstanding without being paid, and if there’s been no attempt to deal with anything in the interim (since 2012) the less chance you have of getting the order refused.
At the moment, they don’t have an order you say in which case you are asking for a suspended order as opposed to having an order suspended. In actual fact, you don’t have an order suspended you have it set aside.. However these are just words.
By getting suspended order you are doing however is putting off the inevitable because the bank are unlikely to order the bank to accept £1000 per month off you in the long term because that would mean that it would take probably seven years to repay the amount outstanding with interest accruing. It would not help you if you have not already paid this amount every month since 2012 and for some reason are only offering it now when being pressed.
You also had since 2012 to make arrangements to pay the house although I can understand that you didn’t know what was happening and that your husband appeared to have buried his head in the sand. The courts understand that and so do the lenders however the lenders could not care less and their solicitors (who get paid for dealing with this) will simply pursue the whole thing regardless.
I suggest that the first thing in the morning (agreeing with what your solicitor says and it would have helped if you’d done this already) you instruct estate agents to come round to value the property with a view to putting it on the market. That way, you are in control of the selling process and you will be able to get the maximum sale price.
However you not going to be able to hold out for top dollar quite simply because you need to get the property sold within the suspension period. It hasn’t exchanged or completed by the time the six months is up but your solicitor can confirm that he has instructed to sell the property and that contracts are already out, you have a better chance of getting another month or so extension later on. It’s probably not enough time for you to provide a letter from the agent confirming the instruction to sell the property but at least the name and address of the agent would assist.
Can I clarify anything for you?
Your solicitor should try to negotiate before this gets into court and say exactly what you’re asking for. Courts do not routinely throw people out of their homes particularly on the first application by a lender.
You are asking the judge to suspend the possession order for six months provided you meet certain criteria and the criteria are that you pay £1000 per month (offer it by standing order) and that you immediately market the property with an agent at the price suggested by (say) the lowest of three local agents (for a sale which is not too protracted).
This link explains a little more http://www.rescuemefromdebt.co.uk/blog/38-blog-2
And here is another link from Citizen’s advice . Scroll about two thirds of the way down the page
Remember that the solicitors have no interest in settling early. They want to get paid for going to court! It's worthwhile trying them again in the morning before actually sitting in front of the judge.Yes, the judge has the power to actually make any order he likes although if it's illogical, he stands to be appealedIf it could only be done with the agreement of the lender, would never happen because the lenders would simply want their money back and would never agree which is exactly what you are experiencing.