If You Get Repossessed…
Repossessions are at an all time high in the UK as we experience the tail end of the worst economic crash in history. Getting repossessed has more than one effect on your life as you won’t just lose your home. Your credit rating will be diminished, you may never be able to get a mortgage again or even a personal loan. As interest rates are already at record lows we can only expect them to rise in the near future. So it would be in your best interest to do everything possible to stop this happening to you.
Repossession can be broken down into four key events:
- Formal demand for the arrears amount or even the whole mortgage in some cases from your lender.
- Summons for possession – a date is given for your court hearing
- Appearance in court – Several outcomes are possible at this stage, the most likely one is the Order for Possession. The lender gets the right to possess the property after a duration of 28 days from the passing of the judgment, unless you are able to repay the amount in the stated time frame.
- At the final stage after the court issues the order to vacate, unless you willingly vacate the property, the court orders a bailiff and a locksmith to take possession of the house.