1. Do you need to suffer repossession?
Some repossessions are unavoidable. But the Mortgage Victims
Association reckon that many of them can be avoided.
Some claim that interest errors are frequent when interest penalties
are added to mortgages which fall into arrears. So it will probably
be worth while to have a mortgage
interest check.
It is also claimed that the size of interest penalties charged
is unfair in itself.
2. Don't just take a new mortgage - but don't just rule it out
Even though you are in arrears you may be able to get a remortgage.
This may well be expensive, but it may be better than repossession.
Take very careful advice. Talk to the National
Association of Citizens Advice Bureaux (0207 833 2181) or
an IFA.
You could try Crystal Clear Mortgages (see banner at the top
of the page) if you are a UK residential homeowner with adverse
credit; the Loan To Value ratio is no higher than 90%; you are
still looking to remortgage; and are contactable within 5 days.
3. Repossession may not be the end of it
If the lender sells your home for less than you owe them, they
have several years to start chasing you for the balance - between
6 years and 12 years.
Interest still piles up.
Sometimes you can negotiate a reasonable repayment plan. Again,
talk to the National
Association of Citizens Advice Bureaux (0207 833 2181).
Or again IDC may be able to help you. To
contact IDC click here.
4. Read the
A detailed, quality site about repossession.
If you want to get the interest checked, click
here.
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