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Voluntary repossession
Blue3
Posts: 13 Forumite
Does anyone know how long a voluntary repossession stays on your record for? I have been told 7 years and 12 years. Thanks. :rolleyes:
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Comments
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It is six.......Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Would be on your credit record for six, but the lender can chase you for any shortfall for 12 years. Once they have found you they can arrange a payment plan that lasts for 20 years!
May only be on your credit record for 6 years, but some lenders' mortgage applications ask if you have ever been repossessed!I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Why don't you sell the property yourself?0
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