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Repossession Process

Remember: Most repossessions can be stopped

judgeRepossession is the very last resort for lenders. They take this action if all else fail. However some lenders are ore aggreesive and get to this stage quicker than others.

Regardless of the stage at which you are in this process, it is strongly advisable to seek help as soon as you can. You must keep your lender informed that you are doing some thing to pay the loan, or seeking help.

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 accrued 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.
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Whether you are at an early stage or not, one thing you must always do is demonstrate to your lender that you are doing something to pay off the arrears. Stay in constant communication with the lender. Burying head in sand will do no good.

You can write a letter to your lender every month with an update. Send some money with this letter - even as little as one pound (if this is all you can afford). Keep a copy of all the correspondence. This will be helpful when case goes to court.

Judges take a dim view of people who do not take any action to rectify the situation. If you are seen to be doing some thing and also keeping the lender informed, even paying what you can, this demonstrates your good intentions. This is likely to help your case in court.

Are you worried that your house may be repossessed? 

Click here to stop repossession.



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