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28 day Repossession
Melchett
Posts: 5 Forumite
Hi all, noob here.
Anyhoo, I was in court yesterday and was given a 28 day repossession order. Today I rang my bank (Abbey, who are also are my mortgage provider), to ask whether it will impact on my Abbey bank account. The friendly lass on the other end of the phone told me that it wouldn't, so we said our taaraa's and hung up.
Later this afternoon I rang back again and asked whether I should make my next mortgage payment (15/09), and was told that there is no definitive answer and its a decision I should make myself. I was told that because I'm on a 28 day repo' order, I wont accrue any late payment charges or interest fees, but bear in mind that they are also my bank account holders.
Does anyone have any "experience" in this or point me in the correct direction.
Ta' muchly,
Melchett.
Anyhoo, I was in court yesterday and was given a 28 day repossession order. Today I rang my bank (Abbey, who are also are my mortgage provider), to ask whether it will impact on my Abbey bank account. The friendly lass on the other end of the phone told me that it wouldn't, so we said our taaraa's and hung up.
Later this afternoon I rang back again and asked whether I should make my next mortgage payment (15/09), and was told that there is no definitive answer and its a decision I should make myself. I was told that because I'm on a 28 day repo' order, I wont accrue any late payment charges or interest fees, but bear in mind that they are also my bank account holders.
Does anyone have any "experience" in this or point me in the correct direction.
Ta' muchly,
Melchett.
0
Comments
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I am not sure what you are asking?
Abbey were issued with a 28 Day repossession order against you yesterday is that correct?
Was there any arrangement to repay the outstanding arrears at all?
Are you intending to repay the arrears?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Sorry, what's happening is, The bank will take their money to pay off the mortgage, but there is also a secured loan (GE Money who issued the 28 day repo' which I asked for, but initially wanted a 6 month suspended repo') who wont get all their money. So I wonder should I make the next payment to the mortgage provider, given that there isn't any correct protocol?0
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You are up to date with Abbey on your mortgage? If so I would make the payment. At the end of the day you will end up owing the money to someone if you don't make the payment ( i.e. probably GE).0
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As luckyfool above says, you might as well make the payment to Abbey as you will still owe it. If you don't clear the arrears with GE on your secured loan in the next 28 days they will then seek to enforce the order and get the bailiffs in to repossess.
At this point the property should be marketed but your debt will still carry on accruing until it is actually sold.
Have you sort legal advice from the likes of Shelter?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
You are up to date with Abbey on your mortgage? If so I would make the payment. At the end of the day you will end up owing the money to someone if you don't make the payment ( i.e. probably GE).
Yes I am up to date it's just that I could do with as much cash as I can get my hands on to secure a rented accommodation. Also the GE money debt wont be secured against anything, so I'm not as worried as I was, although it's still a debt.0 -
Mrs_Bumble wrote: »Have you sort legal advice from the likes of Shelter?
No, but I'm in constant contact with both the CCCS and the Citizens Advice Bureau.0 -
Try Shelter, http://england.shelter.org.uk/I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Mrs_Bumble wrote: »Try Shelter
Thanks Ill have a look into it.0
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