Repossession of any valuable asset or item including a property or vehicle is something which must follow a set legal procedure – from the very first sign of trouble, Repossession Support Wales can help you – click here to enquire
The Repossession process is similar for any asset that gets repossessed.
You can negotiate with your lender at any time throughout the process – HOWEVER they are not obliged to accept any offer from you.
It is important that should you put a proposal to your lender, it needs to be appropriate to the level of debt outstanding and what you can afford to pay.
1. Your Lender Needs To Communicate In Writing To You…
If you have arrears on a secured debt, your lender will normally contact you by letter to chase your payment.
*It is important that you respond to any communication (particularly in writing) – even phonecalls remember what you said and then replay via letter and/or email. You need to restate your circumstances and ability or inability to pay.
If you fail to respond or if your lender does not accept your explanations or agree to a payment plan then they will need to write to you again, informing you that they will be starting court action to repossess your secured asset.
2. Your Lender will Apply for a Possession Order with the courts…
It is illegal for your creditor to try to repossess your asset without the permission of a court
*There are different court processes for the 3 jurisdictions in the UK.
Repossession Support will continue using the England & Wales jurisdiction in this repossession explanation, as a model – however please contact us if you would like to discuss the other jurisdictions.
- England and Wales – County Court
- Scotland – Sheriff Court
- Northern Ireland – Courts and Tribunal Service
3. The Court Will Set A Hearing Date
At this stage the court is only writing to you to fix a date for a court hearing –
*PLEASE OBTAIN ADVICE ON YOUR REPOSSESSION SITUATION NOW – We would love you to contact us because we have massive experience in helping people in your situation however, even if you don’t contact us – we cannot stress how important it is that you get help or advice at this stage
The Application to the county court will usually be placed at the claimants locality – you (defendant) are able to apply to the court to change the location if it will create a financial hardship to yourself – however the court does not always have to adhere to this request.
Contained with your “Served Notice” will be:
- the particulars of claim (setting out the reasons the lender wants to repossess your home).
- a defence form for you to complete and return to the court