We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

Northern Rock & Voluntary Repossesion

Hi All,

Wonder if any one has any thoughts or experiences of the same situation.

Hubby & I went BR in Aug last year, and moved out of our mortgaged property and are now happily renting.

The 6 month period for us not paying Council tax on the vacant property has now ended and we are liable for paying both that and buildings insurance.

Obviously we cannot afford to make these payments, we have contacted Northern Rock and the letter they have sent out for Voluntary Repossesion concerns us as it indicates we will still be liable for the shortfall amount and they can pursue us for it....

Is this correct ?

If we sign the letter does it acknowledge a 'new' debt, post BR and therefore we are liable ? :think:

We basically want the house to be repo'd as soon as, as we cannot afford the extra costs.

Thanks for helping

Comments

  • MITZIW
    MITZIW Posts: 180 Forumite
    right i dont know much but DONT SIGN lol one of the first things i learnt on here x
  • MITZIW
    MITZIW Posts: 180 Forumite
    also someone on here has mentioned before about another thingy for council tax afterthe six months is up where i think you dont have to pay because its empty still. i shall try and find what im on about.
  • MITZIW
    MITZIW Posts: 180 Forumite
    An un-occupied property that has been re-possessed is treated differently - it comes under Class L rather than Class C. (an unoccupied and substantially unfurnsihed property can get a Class C exemption for 6 months ).

    A Class L exemption is indefinite - it runs until the property is disposed of by the mortgage company or becomes occupied.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.9K Work, Benefits & Business
  • 617.2K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.