Probable repossession, Santander'

pete39

Very shortly I will unable to pay my next re-mortgagepayment to Santander, the next step is probably repossession.
Needless to say, I have been in contact with Santander CustomerService but they are unable to help, mostly because I am 74 years of age.
What they did say however is that I must notify the Collection Department and inform them when I can’t make the payment, this to be done not later than the actual payment day and then I won’t incur any penalty charges.
When I have done the above, and only then, and to quote Santander“we’ll see what we can do”
So what is this “we’ll see what we can do” that Customer Servicecan’t or won’t tell me.
The question is, does anybody out there know exactly what Santander might offer me, after I officially tell them that I can’t make the payment.

Dave_Ham

I am sorry to hear of your situation, what happens next really depends upon the variables of your situation.

What type of mortgage, value, term and how much approximately your home is worth.

Nothing happens quickly, but after trashing your credit file; they will eventually repossess.

There are some useful funded supports such as CAB, Shelter etc. that can give you further information although it does all come down to your own unique situation.

Good luck

Radiantsoul

It all depends. You may face repossession, you may be given time to negotiate a sale, you may be able to come to a deal to refinance your borrowing over a longer period, you may be allowed to lower your payments for a period of time.

It all depends on many factors. Key ones are probably your income, why you are falling into arrears, whether this is a temporary reason, how much the property is worth, how much the mortgage is for, interest rates, your other assets and liabilities, your expenditure.

witchy1066

contact, age concern,or CAB, they deal with people in your situation everyday
you DO have options

pete39

Thanks for your helpfull comments but what I wonder is, what is it that Customer Service won't say that the Collection Department will?

Thrugelmir

pete39 wrote: »

Thanks for your helpfull comments but what I wonder is, what is it that Customer Service won't say that the Collection Department will?

The onus is on you to have a proposal of your own. The bank isn't an advice centre. As would be in conflict with it's issue of securing recovery of the debt. Customer service will have a team that handle cases of this nature.

Depth_Charge

pete39 wrote: »

Very shortly I will unable to pay my next re-mortgagepayment to Santander, the next step is probably repossession.
Needless to say, I have been in contact with Santander CustomerService but they are unable to help, mostly because I am 74 years of age.
What they did say however is that I must notify the CollectionDepartment and inform them when I can’t make the payment, this to be done not later than the actual payment day and then I won’t incur any penalty charges.
When I have done the above, and only then, and to quote Santander“we’ll see what we can do”
So what is this “we’ll see what we can do” that Customer Servicecan’t or won’t tell me.
The question is, does anybody out there know exactly what Santander might offer me, after I officially tell them that I can’t make thepayment.

Hi

You may have a number of options depending on your full circumstances.

If you put up further information on your overall circumstances it may help people guide you further

If your home is at risk then also best to get independent advice asap preferably from one of the free agencies

In the meantime it might be worth having a look through the user friendly Citizens Advice link below -

http://mymoney.nedcab.org.uk/moneyadvice/mortgagearrears.asp

opinions4u

pete39 wrote: »

Thanks for your helpfull comments but what I wonder is, what is it that Customer Service won't say that the Collection Department will?

One department has general knowledge. The other has more expertise.

If you sit around wondering you won't find out.