Are you faced with repossession?

If you are being threatened with repossession, and genuinely can’t afford to meet your contractual mortgage repayments, there are a number of options available to you.

It may be possible to prevent a repossession, but in the case where your incomings will not stretch to cover your mortgage repayments, it is likely that one of the most beneficial actions you can do is to turn your secured debt (your mortgage), into an unsecured loan. Your lender may already have processes in place to enable this, and may take the following course of action if you have fallen into arrears with your mortgage:

• Your house will be put up for sale at its current market value
• If, after 3 months, the property is not sold, the lender will offer your house up for public auction
• Auction sale will typically reduce the sale price by up to 30%
• The difference in remaining mortgage balance vs the sale price will be converted into unsecured debt by your lender

This is quite a common occurrence, and is not always a forced sale. In fact, sometime you can negotiate this process with your lenders in order to retain control over your living arrangements, and adjust your debts to enable you to put an effective debt solution in place.

The remaining unsecured debt can be managed with an IVA or debt management plan, or in some cases bankruptcy may be the best option available to you.

Our experienced team of Debt Consultants can guide you through this entire process, and give you impartial advice to ensure that you take the best courses of action dependant on your specific circumstances.

Call today for FREE, impartial repossession advice - 0800 781 7878.

Home Rescue / Equity Release

Another alternative to consider if you are faced with repossession is a home rescue scheme (also know as equity release).

A Home Rescue Scheme is designed to help you release the equity in your home by selling it on to a specialist company who can then rent the property back to you for as long as you require.

Is Home Rescue right for you?

Selling your home will not always be the right solution for you, but it is worth considering if you have mortgage arrears or face repossession of your home.

There are many advantages to a Home Rescue Scheme including:

• Stop any pending repossession
• Pay off any mortgage
• Clear all arrears
• The possibility to buy the property back in the future

Are you interested in home rescue?

Call one of our Debt Advisors on 0800 781 78 78 now!

Any information you provide will be kept completely confidential.