Repossession

What is repossession?

Repossession is when a lender seeks permission from the court to take possession of a property after you have defaulted on your mortgage payments. Initially the process begins with a letter stating the missed payments and will request that you contact your lender to discuss the situation.

If you do not try to negotiate something with your creditor or ignore the letter then, you may or may not get a second letter to highlight the non-negotiation. This letter will prob have a more threatening undertone, something along the lines of having to clear your debts immediately or contact them or legal action will be taken. This is when the lender will apply to the court for the Possession Order mentioned earlier. Your lender WILL NOT be able to repossess your property unless they follow the correct the correct procedure.

What to do if you are facing repossession

The first thing, is do not panic. It is not a life or death situation. People go through this type of thing every day and get through it. The time taken between your lender applying for repossession proceedings and the repossession order enforcement can be enough time for you to try and get hold of the situation. If you are struggling with your debts and see no way out, contact us at Debt Advice immediately.

We can run through your circumstances, your income, expenditure and we will determine what your best options are and suggest the best course of action for you.

We have several different methods of contact: text, phone, forms, email, online chats...
Talking with Debt Advice can be completely anonymous if you like and all info is free and confidential. Your information is not held or passed to any third partys. You have complete control over what you want to do.

You can ask a question instantly online now to one of our specially trained counsellors or fill in the form and one of our debt counsellors will be in touch.

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