Repossession
If you're worried about repossession, there's no reason to panic - but there's no time to lose, either. The sooner you take action, the greater your chances of avoiding repossession.
Worried about repossession?
Call our homeowner helpline team on 0800 195 2913
Repossession is a very real threat if you're finding it hard to make your mortgage payments, but that doesn't mean every case of mortgage arrears will end up with repossession!
At All About Money, we can help you avoid repossession. We've spent 15 years helping people tackle debt problems of every kind.
So call our homeowner helpline team. Tell them where you stand and they'll advise you on the best way to avoid repossession.
How can we help?
Whether you're simply in arrears or you've already had a warrant of eviction, it's not too late. At every stage of the mortgage repossession process, you should have the chance to stop it - if you can go to your mortgage lender (or the court) with a proposal that shows how you plan to pay off your arrears and stay on top of your mortgage payments from now on.
We could help you put together that proposal. We could also help you finance it.
We could help you find a remortgage, for example. A mortgage with a lower interest rate and / or a longer repayment period could make a big difference to your monthly finances. Bringing your mortgage payments down to affordable levels, this could also free up the cash you need to pay your arrears.
If your unsecured debts are the problem, a debt management plan or IVA (Individual Voluntary Arrangement) could be the solution for you. Depending on your circumstances, either of these solutions could reduce your unsecured debt repayments to an affordable level, helping you keep up with your monthly mortgage payments and pay off your arrears.
How does the house repossession process work?
Arrears, default notices, court hearings, suspended possession orders, outright possession orders, warrants of eviction - repossession is a complicated and lengthy process, and the law protects you at every stage.
This gives you various opportunities to sort things out and stop or suspend the proceedings. Lenders tend to see mortgage repossession as a last resort - they'd rather you kept on making your mortgage payments every month.
For more information on house repossession - and how to put a stop to it - call our homeowner helpline today.
We can supply everything from practical advice to possible solutions. We can also provide advice on the Government schemes designed to help people worried about losing their homes.
The overall cost for comparison is 4.8% APR (typical).