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hlry
Starting Member
10 Posts |
 Posted - 08 May 2009 : 14:28:29
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I was declared bankrupt (by myself) in February this year. I found that I was unable to keep up my mortgage and secured loan payments and have not paid them since. I wrote to my lender (Abbey) and told them I wanted voluntary repossession and when I phoned them yesterday they confirmed receipt of my letter and said the reply would be sent out within the next week. In the meantime my secured loan lender (Paragon £25,000) have sent me a letter to say that they are instructing their solicitors to begin repossession proceedings. I rang them and told them that Abbey were about to do this anyway and there wasn't any point in them doing it as well. They said that if I did not pay them that they would continue to write and phone and that the solicitors would still proceed.
I am very worried that I will be evicted shortly as I do not have anywhere else to live at present. I am trying to save the money for a private rental, but this will probably take another 2 months or so.
My question is, is it likely that I will be evicted within the next month or so (or even before that) and will I have to go to court if Paragon do proceed with their threats?
Any advice would be greatly appreciated. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 08 May 2009 : 15:24:30
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Was the mortgage/secured loan included in the BR? If so, you should not make any further payments no matter what Paragon threaten.
It can take several months for the repossession process to go through the courts so you should be ok for 2 months. Paragon may just be using the solicitors as a threat to get you to pay but if not it would take a couple of months for the hearing to go to court and you to be evicted.
You will probably receive a voluntary repossession letter from one/both companies in the future and whatever you do, do NOT sign it as this could leave you liable to any shortfall in the loan/mortgage. |
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hlry
Starting Member
10 Posts |
Posted - 08 May 2009 : 15:38:24
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Many thanks for your very fast response. I really appreciate it. Yes, both were included in my bankruptcy so I should be OK. This has lifted a great weight of my mind. Thanks again.
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hlry
Starting Member
10 Posts |
Posted - 10 June 2009 : 08:25:40
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I have now received a letter from Abbey's solicitors saying '... shall determine upon the expiration of 7 days from the service of this Notice upon you and Abbey National Plc shall enter into and take possession of the said premises.'
I am now very worried as I am still living in the house and am trying to save up the advance rent and moving costs. Does this mean I have to vacate the property within a week, or does it mean they will be taking me to court to obtain legal possession and it will take a few months for this to happen?
Any advice would be greatly appreciated.
Thanks
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Jane.l
Average Member
511 Posts |
Posted - 10 June 2009 : 09:42:29
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You will have time to save up and find somewhere else to live. They have to take you to court first, get a Possession Order, then a Warrant of Execution, and by law, they have to give you 28 days notice to vacate, so you should be fine.
ETA: some companies are faster than others but in my case, this whole process took 13 months, even though I was not living in the house  |
Edited by - Jane.l on 10 June 2009 09:44:28 |
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hlry
Starting Member
10 Posts |
Posted - 10 June 2009 : 09:55:02
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That is good to know. I was hoping to stay in the property a few more months. Many thanks for the info. Much appreciated. I don't know what I would have done without this forum.
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I was declared bankrupt (by myself) in February
