Repossession or Voluntary Repossession?

davetheman

I just went to cancel the contents on the property we left and was told as unoccupied they will not insure, should I try and get insurance from somwhere?

niku2

Just thought I'd share my story here, as there are so many that sound so familiar:

We are moving to the States for family reasons. We have had our house on the market since August 2011. We owe £126,000 (£110k mortgage, £16k unsecured loan, both through NRAM).

After no interest for months & months and many price drops, we accepted a cash offer of £91k a few weeks ago. We rang NRAM before we accepted it from the buyer and they agreed over the phone that they would accept the £91k and we'd come to an arrangement regarding the shortfall.

(In the meantime, we had applied to NRAM to rent the house and revert to interest-only repayments, but they never bothered to respond to our applications. No phone calls, no letters--nothing, and they would not give us an answer over the phone no matter how many times we called to ask.)

We fly to the States on 05 April--two weeks from tomorrow.

NRAM have now told us that they no longer will accept the £91k without a review and have made us complete a packet of info that we then submitted to them for approval. We have told them time and again--I'm talking daily phone calls here--that we are leaving the country for good on 05 April and we need a decision ASAP. They don't seem to care. Which makes me wonder why I bother getting so stressed about it if they don't seem to be.

Our plan is simply to leave and let the chips fall where they may. We're having the utilities closed down and have told the council that we won't be there anymore after the date we fly.

We are seriously considering bankruptcy from abroad once we get settled, as it seems to be the only option left. We feel like there's nothing else we can do. NRAM won't let us rent, they won't let us sell. We have to relocate to care for family abroad--we're really caught between a rock and a hard place.

I've worried about it so much that I literally don't have the energy to worry anymore. I've very literally worried myself sick and have wound up at my GP and in A&E more than a few times. This is insane.

davetheman

It would seem NRAM are not the best at replying, I wrote to then over a week ago now saying I have no objection to reposession, have still not heard from them.

So fully understand your issue with them

confuzzled2012

Get the keys to my new house tomorrow, not much happened with this one, odd letter about the arrears. My insurance company wouldn't insure me but they would let it continue to the end of the policy which is only 1 months time, after then it'll just have to be uninsured. Made myself ill over it all, not doing that anymore, onwards and upwards, such is life, i'll deal with it as it happens, what's the worse that can happen, i get a CCJ or they make me bankrupt, save me the £750 fees, i'm not rushing into anything, going to take my time and go through all my options once it starts rolling but it seems like it's going to take some time as there not exactly moving fast when i've told them i'm leaving!

ldavo42

Hi confuzzled2012
I'm glad to hear your update, i'm in a similar situation to you. My husband left me with 2 teenagers and loads of debt, big mortgage and secured loan i've been getting help from CAB and currently on a DMP.(a short term solution). I'm about to send the paperwork back to the NR about voluntary surrender with a plan to go BR. I've a rented house to move to in a couple of weeks which i'm looking forward to (the new house not the moving!!!) i'm worried what will happen with the secured loan not sure if i should write to them or not to inform them, could it go on my debt management plan until the BR?
I'm on my own, like you, trying hard to make the right decisions for me and my girls and it's not easy. So i want to wish you well with your move !! Good luck!!!

live'n'learn

averagemummy wrote: »

I am in the same boat as you confuzzled - hope it works out for you. We've only just been hanging onto the house but I think it will all have to go, we can't carry on as we are. Does anyone know how long a repossession takes? My biggest worry is the family finding out, we're only in a v small town.

Hope it all works out for you x

From start to finish mine took about 1 year....

Maizy

Hi Idavo

Not sure why the secured loan would need to go on the DMP (not that it could) as surely if you are planning BR, your DMP would have lapsed by now to ensure you have as much money for BR as possible. Maybe you are planning BR in the future so apologies if there is a reason you are still paying the DMP.

I know its really difficult when the old conscience hurts a little but really, we stopped the DMP/mortgage and secured loan in order to secure a house and fees for BR. You may get bombarded with calls until BR but there is little all else they can do. Little point paying into anything that is going in the BR pot if you will need the cash yourself.

Be careful what you are signing to ensure you are not liable for the shortfall on the house after BR. We didn't sign a thing nor did we contact the secured loan, just sent the key to the main lender saying property empty. The OR advises them of the BR and we were repossessed a couple of months after BR, however we were on a suspended repo order and all in all it took around a year to repossess. Glad its all over and it does get easier I promise. Good luck.

confuzzled2012

hi Idavo42, woo got my keys, feels a bit strange, moving next week, took some bits down today, don't sign anything with your voluntary surrender, i've been advised against that so just leaving mine now to go through the process of courts. I feel quite sad it's come to this but nothing i could've done to stay here, it's worth 60k less than what i bought it for, can't remortgage, on SVR 5.99% plus BOE base rate, was killing me :-(

ce1

Congrats getting the keys, so exciting! We got our keys yest to our new rented house.

We are in Scotland so a bit different here but my husband is in a trust deed and signed voluntary surrender paperwork for NR last week, he received paperwork from their solicitors this week which he and his trustee has to sign and send away and they will repossess within 5 working days and the house wil go on the market. The shortfall will go on to his trust deed and his trust deed should end ina bout a year and a half. I feel beyond relieved tonight, if mega stressed trying to move lol!!

confuzzled2012

hey all, well i was quite sad yesterday, felt like crying but think it's because i went to the new house on my own, didn't feel right and came back to mine and it felt all homely but been back with my friend and it feels ok, going to clean it up today and get painting tomorrow, i'll have it feeling like home in no time, just need to start detaching myself from this place! Onwards and upwards, i hope! Please tell me i've done the right thing, i'm 99% sure i have but those little doubts are doing my head in!