Just been Repo'd .... not sure where to start

boysie77

Hi guy's 'n gal's

I've no idea where to post this so I am starting here and as a (confuddled) newbie i'm sure i can ask forgiveness

I currently live with my partner in 'her place' - all is good

Tonight I went to use my debit card to find I was denied cash, so phoned RBS to find out they'd sent a new card out to my address (missed changing bank account when I moved) and my card had been cancelled - sold to Santander

Toddled off to my old place to find a repo notice on door - Q the sick to stomach.

I moved a yr ago and told my lender in a conversation in May and sent the letter they wanted to change address for letters etc - confirmed my phone no etc.

YES ... I should've checked my account things were being paid

ANYWAY ... I digress, what I would like to know is what happens next ... yeah they'll sell the place etc

I have a couple of charging orders against the place and not exactly a charming credit record - i need to re-examine that one!

Basically what do I do now???? Do I sit back and wait or should I go bankrupt - really don;t like the sound of IVA's

The missus - well yeah she's p*ssed off with me for being daft ... I am with self for not going back and checking post a bit more often - Its happened and I can only live with consequences now

Some advice please collective

Thanks in advance

Boysie77

fermi

Well, no need to panic or rush into things. You can afford to wait, see what happens with the property and if there is a shortfall. Then you can decide. No-one is going to come after you in a hurry, and with 12 years to chase mortgage shortfalls they usually move glacially slowly.

What is the situation with other debts etc?

boysie77

Thanks Fermi for the reply!!!!

12yrs - is that the payback or how long they can hound me? If there is a shortfall (thats a given as I know property prices round there) and I can't give a lump sum whats the normal cause of action to repaying? (excuse my ignorance)

At present there a few loose ends which are getting sorted and in a couple of months are back on track - the present is happy and sorted.

As for the past well mine is rather chequered - few CCJ's and a couple of charging orders against the old place - totaling about £10k! (£3.5k dispute with ex included)

I need to get a hold of my experian/equifax credit and see whats afoot on there and start making some sense of whats in there.

I've got to call mortgage co and get access to old place as there are bits I want out of there - they say 14 days and it becomes the mortgage co's - can I get access afterwards - I now only have 7 days after being away with work this weekend - and i was only back on thurs (just gone)?

Wish me luck as I've got to face parents and let them down tomorrow

Your advice is much appreciated

Regards

Boysie

Lensman_2

From what I can gather you have just had possession granted and the warrant of execution has been granted too.

If you have the claim and the judgment (and don't mind posting up) let us know what is said about the money.

The next stage is for a bailiff to physically take possession (i.e. change the locks and secure the property). Then they will market the property and hopefully sell it for a reasonable price.

As Fermi said - don't hold your breath. It could take another 9 months.

It is also worth noting that you ceased to be responsible for the council tax, ground rent, service charges etc on the date of the repossession hearing.

boysie77

Thanks Lensman for your reply,

The bailiff's have been and taken possession of the property so now its gone.

When I find out what mortgage co say i'll post it

Thanks

Boysie

sulkisu

I would suggest that you and your partner ensure that you are not connected financially in any way. She may be !!!!ed off with you now, but she will be even more so if her credit is now screwed as well.

boysie77

Thanks Sulkisu

We've not had a chance to join ourselves financially which is one saving grace

Boysie77

Lensman_2

A couple more answers:
They have possession and allowing you access is now a concession. You could possibly ask for an extension but at some point soon they will empty the property and charge you for the convenience (this will go in to the shortfall).

They will (at their leisure) market the property. Either it will sell during that process or (probably after 6 months or so) it will go to auction.

Once the sale has been concluded they will send you a summary of the costs, the sale price and the outstanding on the mortgage. This is the point where all the sums come together as either a surplus or a shortfall.

I think that the mortgage will have priority over the other charges. If there is a shortfall those will probably become "live" again. I am not certain on this though.

In my case the shortfall (£50k) was assigned to the in house collection agency who I started payments with.

boysie77

Thanks Lensman

Is it worth paying (as much as affordable) to the mortgage co to pay as much as possible until the final statement comes out?

Thanks in advance

Lensman_2

That is one option.

Another is to save what you would be paying towards the mortgage in to a savings account for a full and final settlement offer when the shortfall does come in.

Personally I had financial meltdown at the time and only started paying when the bill came in. My situation had settled down a bit by then.

This is a serious matter. I sought the advice of CAB (Citizen's Advice) at the time. I recommend that you also seek advice from a debt charity.

You need to know what your options are based on the worst case - as above my shortfall was £50k. That was a lot more than I expected and the advice was to go bankrupt.

boysie77

HI

50k - ouch!

Going bankrupt is something i've been reading about and if it ultimately pulls me out of the proverbial smelly stuff and once discharged can start a 'fresh' ... even with draw-backs of getting credit etc

I'll be speaking to mortgage co tomorrow and see what they say when I speak to the repo dept.

Had a quick look on rightmove earlier and its already on the market - about £20k shy of what its worth and about £7.5k what I think I owe them.

ARRRRHHHH!!!!!! Madness!