Find out how to stop an eviction after a repossession hearing. If an eviction takes place, the mortgage lender will sell your home.
After the sale, the lender and any other secured creditors get their money and you receive anything left over. You may have to pay off any mortgage shortfall to the lender if what you owe is more than the amount the property sells for.
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Housing advice Housing advice. Shelter England Housing advice Mortgage repossession Home repossession process. Home repossession process. Coronavirus update Evictions by bailiffs started again from 1 June Letters received What this means Claim and defence forms Your lender has applied for a possession order. However if you use a screen reader and require debt advice you may find it easier to phone us instead.
Freephone including all mobiles. Home Debt information Debt collection Eviction and repossession. Worried about losing your home? Free, online debt advice available now Get debt help. The beauty of the rapid sale is that it can make all parties happy.
The court will have an equitable resolution to its problem. The bank gets its money. You have your debts paid off. You should not be punished for dreaming of owning a beautiful home.
Everyone has tough times. Selling your house allows you to recover value from your home. You can expunge your debt and get on with your life and mortgage again when the circumstances get better. Registration No: Any information on this website must not be taken as investment advice. TIC Finance cannot be held liable for any written information. We do not guarantee completeness or accuracy of the information on this website. House Repossession Process. Suspended Possession Order Hiring a good finance company or solicitor enables you to properly respond during court proceedings and negotiations.
Take the bull by the horns! This terminates the credit contract, and the post-possession rules then take effect. Only licensed repossession agents can do repossessions, and only between 6am and 9pm Monday to Saturday. If they arrive outside these times without your consent, you can refuse to let them into your home and ask them to leave. If they refuse to leave, you should call the Police.
Make sure you get a receipt if you do this. If no one is home and the credit contract authorises them to enter, they can enter your house and take the items. They must:. The lender cannot just sell your belongings. They must give you a post-possession order within 14 days or 18 days if they send a letter by post.
You can get an independent valuation of repossessed goods. They can only recover money already loaned to you, but not any accrued fees, charges or interest. If they sell the items for more than what you owed, you should be refunded the extra. Sales must be commercially reasonable and done by auction, public tender or private sale. Within 7 days of the sale, the lender must give you a written statement showing the sale proceeds, any sale costs, any outstanding amounts and the balance owing.
No further interest, fees or collection costs can be added at this point. If they sell the items for less than what you owe, you'll still have to pay the lender the balance, but they can't add any further interest or fees. It's best your lender knows as soon as possible. A budget adviser or free financial mentor can talk to the lender on your behalf.
They can also help create a realistic budget and repayment plan, based on your income and living costs.
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