Implications of voluntary reposession

silvercar

I wonder whether a judge would see it as reasonable that a lender charges you for the court and associated costs of a repossession when you have given the property up voluntarily?

mademistakes

Hi, We are in a very similar position. We have mortgage with Platform, have 3 months arrears, and also a secured loan with Welcome Finance. I spoke with CAB and they advised that if we cannot afford to pay the Mortgage then there is no point paying the secured loan and we should save the money for renting.
We see getting repossessed/or voluntary repossession as our only way out of this mess, which CAB agreed with.
The problem is I'm sure that we have negative equity. CAB advised mortgage would get their share first and then the secured loan would get whats left over. I'm just curious if anyone has been in this situation, and knows how nasty it can get.
CAB made the repossession route seem fairly straight forward. Do you think it's best to voluntary hand the keys back or just let them repossess?
I'd appreciate any advice/info.
Thanks

Dez-Titute

Hi MM,

Dont worry,the big cat gets the meal.the little cat gets whats left if there is anythind left.
This is no longer your problem the secured loan was based on valuations at the time of taking on the loan,it's not your fault property prices have fallen.

Just follow CABs advice and you will be OK

Cheers DEz

Merry_Gentry

Scarlett.1974 wrote: »

The letter we sent to NR to try and do voluntary surrender (note the dates :rolleyes: )

31st January 2008

Names
Address

Dear Sir/Madam,

Re: Account No. xxxxxxxxx. Address as above.

With reference to the above and your letter dated 14th January 2008 within which you enclosed a Voluntary Surrender statement for us to complete and return. We will not be signing the aforementioned statement and would request that you take this letter as our formal request for the voluntary surrender of the property.

We voluntarily surrender possession of the above mentioned property to Northern Rock and agree to the sale of the property.

We understand that the proceeds of the sale will be applied to the account to pay off in whole or in part the balance outstanding.

We note that Northern Rock are at liberty to remove and/or sell any items of a personal or household nature remaining in the property after the date of our giving possession.

We confirm that the property will be vacant from today's date, Thursday 31st January 2008.

For your information, we can now be contacted at the following address and would request that all correspondence be in writing only to this address:

New address.

Yours faithfully,



Names.

Meant to say thanks for this Scarlett - have nicked this for using later :beer:

So_Sad_Angel

Hi Panickymum

We are with NR as well. Left property in June08 & not paid mtge since. Just had letters saying `you are in arrears`& that they need to `bring this matter to our attention` . I want to sell but no way will we reach the necessary price in the current climate & I can`t sell for less as the SL people will not allow that!! I have no other option but to do vol repo.

It is hard to move on though. I had my rented property for over a month before I finally `bit the bullet` & moved in! I kept worrying that I was making a big mistake . I feel now that, although my situation is moving along slowly, I have my budget under control, can afford rent & outgoings & strangely enjoy the renting experience.

Keep posting Honey,

Angexx

sandywindsor

hi folks,
I have just had a letter from Woolwich formal notice of reference to solicitors,also letter from SL company pre-legal.OR states they now have property in trust I will not be claiming BI.How long before I am repossessed?:eek:
I have just started work today after 5 months unemployment,but contract is only for 5 weeks.Should I just forward letters to OR?

X
Sandy

LilyBart

Forwarding them sounds like a good idea, Sandy. But keep a photocopy just in case your OR gets sidetracked.
Lily

fermi

BBC_Wear wrote: »

We read your post with interest. We're looking at the way Northern Rock are dealing with people in your situation.
Would you mind if we contacted you to have a brief chat?

I have seen no indication that you have permission from MSE to approach people on this forum for case studies.

Please be aware that under this rule, you MUST seek permission from the MSE site team FIRST.

Please can you make sure that you do so before posting again.

MSE TEAM PERMISSION: TV COMPANIES/ NEWSPAPERS/ RESEARCHERS

Any TV company, newspaper or researcher that wants to use the boards to ask for case studies needs to specifically have permission. We need to know in order to legitimise it. If approved there will be a note from the MSE team. If you see one without a note please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL] with a link to the post.

Merry_Gentry

Ahh thanks Fermi - I can't seem to figure out the reporting thingy and wasn't sure who to get in touch with about that post!

panickymum

Hi guys

The good news is I passed the credit check for my rented house despite the fact I have received three default notices! Just need to go and sign now and suddenly feeling a bit scared and that it's all real and finally happening...

Tried to book a court date. Eventually they called back to say they would ring us with a date in a couple of weeks. Sounds like they are exceptionally busy at the moment.

The worst thing is that the number of letters and calls we are receiving is on the increase. What should I say to people now we know we are going BR? Do I just keep saying I can't pay at the moment and keep paying the token £1 until I am officially BR?

Thanks for your post Angel. I am gald to hear the renting experience is a positive one for you. Hope it will be for us to and I also look forward to having my budget under control...it's been a long time coming!!