How long til repossession process starts?

Radiantsoul

And it terms of timing I used to work for LloydsTSB recovery department and it was quite a while. Three missed payments would generally get accounts transferred to the debt recovery department(depending on branch managers whims).

We then sought repayment proposals and raised formal deman and power of sale before moving towards repo. This involved sending the file to solicitors for review(3 weeks). They would write giving 14 days for a repayment proposals. Then they would issue a final letter before action giving three weeks to respond. then we would move towards the whole court process, which depends on how busy the courts are.

Things such as issues with locating files or documents, negotiation and dealing with existing estate agents could slow things. I would say it would take 9-12 months to eviction from a first missed payment.

chappers

Radiantsoul wrote: »

The lender does not necessarily have to repossess. Another option would be to appoint a law of property act receiver to collect the rent.

For a plain BTL property an LPA reciever is not really much different to repossesion.
They will essentially collect the rent until the end of the tenancy and give notice to your tenants and then dispose of the property, the one thing you ,may be able to do then is to get a court order allowing you to dispose of the property, you may also be able to negotiate with the lender to unappoint the recievers if you can come up with the arrears plus the recievers fees to date.

As has been said you are only just about to miss your first payment, speak to your lender there may be something you can do such as extending the term of your mortgage etc to reduce the payments. jHow come your rental income isn't covering the mortgage.

peachyprice

Radiantsoul wrote: »

One solution would be that you give them a subsequent charge on your primary residence I suppose. The other option is that they repossess and then either get a charging order, seek regular repayments or move towards bankruptcy.

Radiantsoul, OP is already bankrpupt, any shortfall will be included in the BR, so the lender isn't going to get a penny from anywhere.

confused76

i spoke to National Debt Helpline this morning, was on hold for about 3 min, that's all. they were incredibly helpful, give them a call they are so helpful
good luck

PNPSUKNET

it doesnt say they are

broke31

bdb1 - i am the same as you. had a buyer but ge money was going to be 2k short. after northern rock had been paid. ge money said they would send out paperwork that was over 6 weeks ago they phone daily from 8am till 9pm and i am still no further forward after explaining.. they were supposed to be at court 2 weeks ago to start repossession and have heard nothing. they will end up with nothing too once repossessed