Repo? or Voluntary Repo? - that is the question

juno23

We are planning to let our house go (£140k mtge; £25.5k secured loan) - but what is the best option, letting them repo it or doing voluntary repo?

Reevesie76

I was going to go down the voluntary repo route, but I spoke to an advisor for National Debtline yesterday and they told me that if I didn't pay the mortgage for two months they would start repo anyway, so just to let it go that way. Not sure if thats the best option or not.

Sunk

Have you got kids?

Reevesie76

Not sure if you meant me or the original poster, but nope, just me, hubby and the cat!

Sunk

Sorry Reevesie76 I did mean juno23.

juno23

oops - I should have explained. I do have a wife and baby and we are planning to move back to Aus in Feb or March next year. (my wife's Australian). We've got our Visa all ready to go.

The house has been up for sale since January last year and we had one offer that fell through on the day of exchange. We put it on for £187k, it's now down to £160k and will only keep on dropping for the next year.

As we're going abroad, we just need to get rid. I fully intend to go BR at some date in the future in the UK so this will absorb any shortfall from the repo sale.

Sunk

Oh ok in that case you may as well go vol repo.
If you were staying here then I would go for repossession & wait to be evicted therefore the council would have a duty to house you due to baby.
Good luck anyway:beer: