I went BR on 1st Sept and my husband on 8th Sept. If we let our house get repossessed (we are in negative equity) then the unsecured amount will go into our BR (I have put it on my form). If we don't pay our 2nd charge but pay our 1st then the 2nd charge lender will go for repossession but the 1st charge lender has to be paid back first which will leave nothing for the 2nd charge lender. Do you think they will go for repossession if they won't be getting any money back. Thanks
The 2nd charge lender will need the permission of the 1st charge lender to go for reposession. Quite often, they will even if they don't get any money back!
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
Edited by - JulianDonnelly on 02 October 2008 12:08:57
repossession
Posted - 30 September 2008 : 15:45:05
