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House Repossession | Debt Advice
Behind on rent and mortgage payments?
If you are having difficulty paying your rent or mortgage payments you may be facing repossession; the thought of which can be a very terrifying experience.
How will I know if my home is going to be repossessed?
Usually you will find out if your lender or landlord is taking action against you by getting some sort of notification by post; usually a claim form. Along with the claim form you will receive a form of defense, also known as a N11M. You should complete this within 14 days.
How can I avoid repossession?
In todays economy 'repossession' is a familiar word. People struggling with their debts, living expenses, mortgages, rent and other financial commitments are all concerned about repossession. The earlier you tackle the problem the better chance you have of avoiding repossession. There are several options you can look at in order to avoid repossession.
- Reduce your monthly payments
- If your financial problems are short term, your lender may negotiate reduced payments for a limtied period of time, which may help you get back on your feet. If you see no sign of your debt problems clearing up in the near future perhaps you may need something more long-term, such as re-mortgaging or selling and moving to somewhere less expensive.
- Generate More Income
- You could look into ways of increasing your income each month which will help you with your debts. Make sure you are getting all benefit entitlements that you are elligible for, claim on your mortgage ins protection, get a lodger in or rent a room, do overtime at work, get a second job.
- Draw
up a Debt Management Plan
- By entering into a Debt Management Plan with your creditors, you will be negotiating a more manageable monthly debt repayment for your unsecured debts which will free up income for priority bills and your secured debts, such as your mortgage.
If you are think you might be facing or ARE facing repossession and want to see if you have any other options, we at Debt Advice are happy to help. Contact us right away and we will provide you with the best debt advice for your situation.