Repossession or Voluntary Repossession?

davetheman

I have taken out a new policy for my new rented place, policy for the place I am leaving has only just starteed 01/03/12. I was going to the stop !!!! myself, no idea how to read the meter as not sure where it is! Have also done council tax as per yourself, and will get 6 months, so need to push NRAM to repo

confuzzled2012

I've got a potential buyer coming to view the property, it'll be up to the mortgage company if they accept any offer, what if the buyer puts in an offer, the mortgage company refuse, i get no more views and it's repo'd and goes for less in the end?

confuzzled2012

averagemummy wrote: »

Thank you to you all, we are just contemplating this at present but it's very comforting to hear other people's experiences.

I have a question - might seem a bit weird in the circimstances - when you were repossed did they put a notice in the local papers or on the front door? We are in a small location and everyone knows our house! It's also right opposite the school so all the other parents would guess. I would hope to keep this private from our family and most of our friends, but is it just inevitable they will find out?

My friend said they did put a notice in her window.

confuzzled2012

Ouuuu scary scary, spoke to mortgage company, they was very nice actually, i told them i won't be paying anymore, said because it's already 2 months in arrears they'll prepar the paperwork to send to their legal team, told me not to bother sending keys back if i wasn't going to sign anything as they'd send them back, so it'll be repo route through the courts. I told them that a potential buyer is coming to view, they said if they put in an offer to ring them back and discuss them.

confuzzled2012

I'm feeling down today and panic-ey, probably because they are preparing the legal stuff. What happens if i don't go BR straight away, i don't know if it's the best thing for me yet, think my ex will go BR, but would i be able to get an arrangement with them or would they take me to court? Is a money judgement a CCJ? Scary or what!

silvercar

If they accept an offer lower than the mortgage owed or you are repossessed it makes little difference. You are left owing the balance.

They won't do anything straight away, they know people are repo'd because they have no money. They will try to come to an agreement with you for a repayment plan. No rush to go bankrupt. Take your time and decide if it is right for you.

confuzzled2012

Hi everyone, feeling a lot better after talking to payplan, know the process kind of now that will happen, and they advised me not to rush into BR and to take my time and do what's best for me. They said the courts will not make me pay ridiculous amounts if my SOA clearly shows i can't, so i've just gotto chill, i'm trying :-)

kepar

We gave up our house voluntarily and continued to pay the house insurance until it sold. Can you not continue with your present insurer?

confuzzled2012

hi, no they won't let me as the house will be unoccupied, said they'll keep it going for a month after i move.

davetheman

We moved out of property at the weekend, going to write to NRAM now, saying this

Regarding the above property, we can no longer afford the repayments and therefore have no objection to the house being repossessed

We also have a secured loan, should I also send them a letter?