Reposession Proceedings

[Skint77]

Hi. I have a reposession hearing next month. Sadly, I will have to let it go as i'm not in a position to offer anything substantial to clear the arrears, nor can I, due relationship & work issues, afford the mortgage alone. There are other debts secured against the property, so selling is not an option due to neg equity. Do I actually have to attend this hearing, or can I submit a letter to the court or the solicitors handling the case? Although, I am not physically unwell, the very thought of having to attend is making me ill with worry. I've been advised to go bankrupt, but cannot afford it. Will any of my lenders make me bankrupt - the total debt i'm in is now circa �170k - this is spread out among various lenders, (not credit cards) & utilities. I've made preparations to move on, so would it just be easier to give the keys also to the lenders solicitor? Any advice will be appreciated. Thanks in advance

[sandmaster]

I am sorry to hear of your problems. Many people will be in similar circumstances this year - through no fault of their own. Losing your job when trying to buy a house is everyone's nightmare.
Unfortunately if there is a shortfall on the sale of the house you will still be responsible for the remaining debt.
I suggest you make an urgent appointment to see your local Citizens Advice Bureau that will help you contact your creditors and perhaps write to the hearing on your behalf.
Best of luck for the future.

[themas]

Yes - do go to the CAB for help. The amount of debt you have is very large & bankruptcy is almost certain to be the best option for you. Sometimes it is possible for charities to provide help with the fees - CAB can advise on this.

You are not required to attend the Court hearing - many people in this situation don't do so. If you do hand over the keys, do so with a letter stating you are giving up possession voluntarily. Make sure you keep a copy & that you get a receipt for the keys (with a legible signature and date on it).

[NiceCupOfTea]

Put the house up for auction yourself. Attend the court hearing and tell them when the auction is. Ask the CAB how to go about this.

[Uzoma]

Hello there. This website may help you also - www.cccs.co.uk. They are extremely helpful and keep everything confidential. This website may also help - www.uzomasolutions.co.uk .

[jb190281]

Have you enquired with your local authority as to the Mortgage Rescue Scheme? It does have certain criteria to meet, but a possibilty. Ask your local council or CAB. all the best x