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Repossession?
Repossession is only the very last resort for lenders,
however we are expecting record numbers of repossessions
in the UK this year, as more and more homeowners
struggle with interest rate hikes, higher utility bills
and greater pressure to take out more and more credit.
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However, unless bailiffs are booked to come to your
house today, there is usually a way out. We have a
variety if different solutions to avoid repossession, depending on
how far you are down the repossession route. (It is worth noting
that the closer you get to repossession, the
more charges that are added, so it usually a good idea
to pre-empt any recovery procedures by contacting a
specialist as soon as you realise you may not be able to
make the next payment)
The process of repossession is like this:
- Month 1: Your lender writes to you
to remind you that you have missed a payment. (At
this stage they may register a 'Late Payment' on
your credit file)
- Month 2: If you do not make up the
arrears in full, your lender will write again and ask you to
make a payment. (At this stage they may also outline
what will happen if you do not make up the payments
you have missed. Another 'Late Payment' may be
registered on your credit file)
- Month 3: Your lender may
write to
explain that the situation is serious. (They may
also issue you with a default notice or equivalent)
- Month 4: Your lender may advise you
that you are in serious arrears and that they will
be transferring the debt to their legal team. (This
is usually a threat, but not often carried out for
a further 30 days)
- Month 5: The debt is handed to a
firm of Solicitors and they write to you outlining
their proposed action, which is likely to
involve seeking a Repossession Order. (At this point, you may have
accrue further hefty charges)
- Month 6: The solicitors will apply
to the County Court for a Repossession Order.
(This only gives them the right to repossess IF you
do not repay the amount in full within the allotted
timescale - often 28 to 56 days)
- Month 7: The court hearing will be
held and if you do not attend, the judge may rule
that a repossession is allowed. (if you do attend,
at least
you can argue your case.)
- Month 8: If the arrears are not
repaid according to the court ruling, then bailiffs
may call and evict. The locks are changed & a notice
put on the door advising anyone with an interest in
the property to contact the agents to remove
possessions within 14 days. It is still sometimes
possible to repay the arrears and move back in.
Regardless of the stage at which you are in this
process, it is strongly advisable to seek help. We
always advise clients to send off a letter explaining
why you cannot make your current repayment, plus a
cheque for £1 which is your contribution to that month's
payment. Keep doing this every month until it either
goes to court or you can make the payments. If it does
got to court, the Judge often grants Repossession Orders
based on whether he feels you were unwilling to
pay, or unable to pay. If you show that you were
unable to pay, and that to prove that you were
not unwilling you sent in what you could afford each
month then he/she may look upon it more leniently.
If you want a solution that will not damage you
credit file, then choose from the following possible
solutions that we offer:
If you do not envisage getting further credit (and
this could mean you getting turned down for mortgages,
overdrafts & car credit), then choose form the following
services that we offer
Whatever you decide, then it is best to move
quickly. You will have far more options available to you
if you take action after missing one mortgage payment
than if you wait until you have been to court for
repossession.
What would you like to do now? Choose from the
following list.
Remember - we never charge you a fee
- we make our money from your successful solution.
*We will pay you £200 in cash
if can't provide you with a viable solution within 30
days.
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Want a private, virtual
consultation?
You can use our online advisory
service to discuss all of your
financial concerns and an
advisor will reply via email
with practical, honest & free
advice. You don't even need to
give your full name!
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Testimonials
"I was facing
repossession, but your
counsellor helped me negotiate
with my mortgage company, and
stopped legal proceedings the
same day. Thank you so much."
L.E., Salford
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