DELAY REPOSSESSION

Cases where the borrower fails to avoid Repossession and your arrears build up from month to month eventually resulting in lender applying for a repossession order.

What should you do next?

Repossession can be very Stressing but there are ways of delaying Repossession.

There are basic pre action requirements that have to be done before applying your case to the court

Which are: giving you clear information about the terms of your lending agreement that will include the amount you owe and whether the interest and charges will be applied.

Talking to you and the cause of your arrears, your financial situation and will ask for any payment agreement that you have in mind.

Now, if the case goes to court, the judge will take into account whether your lender has followed all the requirements, which can affect the outcome of the case.

Also keep in account that if your lender starts the proceeding, it will take about 70-75 days to get the request to court.

What if the case goes to court?

The judgement could be to postpone (adjourn) the case i.e. delay repossession, allowing you to possess the property as long as you keep to an arrangement you decided to pay the due arrears. This is called as suspended possession order. When it comes to make an agreement with your lender, it is never too late.

Taking into account the court’s scenario, another three months pass by between the order being granted and the lender taking possession of the property. Another delay of 160 to 185 days before your property is possessed. Concluding, a total time span of 9 months or a year a case can be delayed from first borrower getting into trouble.

As HSBC spokesman also stated that getting a possession order is not the same as actual eviction. Many orders are not even executed due to various reasons.

If you can pay your due payment later, then no need to worry as a hearing is not similar to repossession . A hearing is all about gathering facts and to find out how much you owe and to decide if there are even grounds for a repossession. Attend the court hearing along with your method of paying as a promise to complete the dues.

HOW CAN RMP HELP YOU?

If you’re unable to stop your lender from taking your case to the court, still doesn’t necessarily apply that you will lose your property. You can still try and negotiate a solution. For detailed help you can contact Rescue My Properties.

For further query and help you can contact us on
0207 127 6536