Repossesion or Vol Repossesion??

Reevesie76

I am a bit confused as to what to do.

November is the first month we have missed our mortgage, all other debts have been paid this month, December will be the first month we wont pay anything to anyone.

We aren't filing for BR until February so that it gives us time to save up the fees and rental monies.

My question really is how long will Northern Rock leave it until they file for repossesion if I don't do anything, or should I tell them that we want to go down the voluntary repossesion route?

The advisor I spoke to at National Debtline said that repossesion was better than voluntary repossesion!?!?!

Am so confused

guyb99

Somebody was having the same issue yesterday -
http://forums.moneysavingexpert.com/showthread.html?t=1279169

guyb99

me again - as I understand it, voluntary repo is quicker because you hand the keys back but you would be liable for the shortfall between the sale price and outstanding debt, and if you don't sign a form agreeing to this, then they will repo anyway.

I am not expert but I would stay in the property, not paying anything, until they arrive with a removals van for you, will be up to six months if the majority of posters experiences are accurate, and new rules come into play next week that state the repo must be the last resort of any lender and they must show that every other avenue has been extinguished before proceeding. Not sure how it will play out practically but will almost certainly grant you more time to stay in the place.

Sunk

Normally proceedings will start after you have missed 3months pmts.
Then on average it can take 6/9 months until eviction.
If the latter you could be looking at the beginning of next summer until you have to leave the property.
My re-possession took 12months all in all as the judge granted me an extra 3months to stay in the property.

maxmycardagain

doesnt really make any difference if your going BR, any shortfall is included, so its your choice.

Sunk

Reevesie76 wrote: »

The advisor I spoke to at National Debtline said that repossesion was better than voluntary repossesion!?!?!

Am so confused

Possibly what they could have mean't is if you hand the keys in you have made yourself intentionally homeless & therefore the council does not have a duty to house you.
If you have kids then re-possession/eviction is a better route as the council then has a duty to house you due to kids.
As max says whatever route any shortfall/solicitors fees etc is included in BR.