Facing repossession?

Facing repossession is potentially one of the most distressing things that will ever happen to you. But it’s important to remember that you’re not alone. According to the Royal Institution of Chartered Surveyors, repossession figures may be as high as 43,000 during 2008.

Here at K&D Property Buyers, we can’t give you any advice to substitute that of a solicitor – and recommend you seek legal help as soon as you know you’re having difficulties. But in the meantime, we’ve written these five simple steps to reassure you and perhaps ease some of the worry.

Avoiding the threat of repossession is often the most tempting thing to do. Throwing letters away and not answering your phone can seem the easiest options – although in reality burying your head in the sand can lead to you owing even more. Most lenders aren’t ogres and will be helpful if you do speak to them. They’re especially understanding if you forewarn them of any problems you may be facing, giving you a period of grace to sort out your finances.

Deciding on a realistic budget and telling your lender what you can afford to pay will ease the pressure greatly and stop you from incurring late payment fees. Most lenders would prefer to receive reduced payments for a while than have the trouble and expense of taking you to court to get their money.

Talk to your mortgage lender. It might be possible to switch to an interest-only mortgage for a while to reduce the amount that you have to pay. You might also consider extending the length of your mortgage. The Consumer Credit-Counselling Service is a charity set up to provide free and confidential help.

There are many organisations, websites and helplines in the UK that can help people with financial difficulties: check out our help directory for some useful links.

Once you’ve got the big things under control, challenge yourself to cut costs in your day–to–day life. Do you still need that second (or third) car? Can you claim help for school meals or nursery fees? Would it help you to move your credit cards to ones with better rates, or even a 0 per cent introductory offer? moneysavingexpert.com has plenty of saving tips and advice.

At K&D Property Buyers, we’ve helped many people out of their financial difficulties by purchasing their houses and then letting them rent them back – meaning they never have to move house, and the neighbours never need to know.

If this sounds like an option that could help you then give us a call on 0121 369 0000 or fill in our contact form today.