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Voluntary Repossession
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Skint102
Posts: 7 Forumite
Hello there and thank you in advance for any advise 😊
After many many years of struggle we have made the decision to apply for voluntary repossession. We have had independent advice and researched to come to this painful decision.
I had previously seen a letter template on mse of what to say when sending keys back to mortgage company but can't find it now. Does anyone know where to find it or can advise what to say?
We do not need to go bankrupt as we have spent 6 years paying back through Iva all credit and loans. That finished in December 2015. Our mortgage costs are £900 per month. We have another 17 years to pay. We will be in our late 60s by then. In the meantime we live hand to mouth and kids are nearly grown and my husband and I are completely worn down.
We have moved into a rental property and are ready to send letter. Should we send it registered?
Thank you
After many many years of struggle we have made the decision to apply for voluntary repossession. We have had independent advice and researched to come to this painful decision.
I had previously seen a letter template on mse of what to say when sending keys back to mortgage company but can't find it now. Does anyone know where to find it or can advise what to say?
We do not need to go bankrupt as we have spent 6 years paying back through Iva all credit and loans. That finished in December 2015. Our mortgage costs are £900 per month. We have another 17 years to pay. We will be in our late 60s by then. In the meantime we live hand to mouth and kids are nearly grown and my husband and I are completely worn down.
We have moved into a rental property and are ready to send letter. Should we send it registered?
Thank you
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Comments
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Hi,
Been there myself, I just sent a short letter, explaining what I was doing and why, and included the house keys.
Best to send special delivery to guarantee next day delivery, and you can also track the package.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Hi
I'm afraid I can't find the sample letter but following sourcrates' advice should be fine.
Do you have an idea of whether there is any equity in the property or whether there is likely to be a mortgage shortfall?
James
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Shortfall of about £20,000 🙁0
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The lender will most likely ask you to repay the shortfall but remember you can treat it as a non-priority debt and offer an affordable payment plan. You mentioned that bankruptcy wasn’t necessary as you’ve cleared your other debts in an IVA but I wondered if you had considered bankruptcy (or a DRO if you meet the criteria) to clear your liability for the mortgage shortfall.
Don’t sign a Deed of Acknowledgement if they ask you to as you could end up being liable for the shortfall even if you did decide to go bankrupt.
James
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Thank you sourcrates..would you have posted anywhere about your experience? It would really help to hear about your personal experiencex0
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