House Repossession - Blacklisted?

Red_Man_2

If you have your home repossessed, are you immediatly black listed?

Me and the OH bought our house around 12 months ago (great timing right)

We're now splitting up and i've also changed my career path and its gonna take around 6 months for me to be up and running properly.

Payment protection are being A-holes. so was wondering.. since we done have much equity... probably negative if any.. just how much damage would this do to my/our credit ratings?

Thanks in advance

Wutang_2

you cannot be "blacklisted" just have 6 years of adverse credit showing...currently that makes it extremely difficult to buy again at the moment but you will need to save any way by the sounds of it - so get saving!

feisty1

If you buy another property while you still have an outstanding debt to your previous lender, it may be able to put a 'charge on your new home' and claim part of the proceeds when it is sold. If the court made a money judgement when your previous home was repossessed, there is no time limit for when your previous lender can do this.
Money judgement means the lender can ask the court for a money judgment to be registered against you. This allows your lender to recover all of the money owed under the mortgage, not just the arrears. A money judgment may make it difficult for you to get credit in the future.