As you would expect, here at the www.repossession.net blog we often write about repossession and generally it’s not a ‘light read’. But now and again something on topic but a little more easy going catches our eye and today, exactly that has happened. Take a look at this BBC article about ‘the good pirate’ who repossesses… ships.
Posts Tagged ‘repossession’
A Repossession Can Be Interesting…
Wednesday, June 16th, 2010FSA Stop Repossession Being The First Choice
Monday, June 14th, 2010The Financial Services Authority (FSA) has revealed new plans to help homeowners stop repossession when they face financial difficulties. Due to be introduced in the next few months, the proposals will help to remind lenders and borrowers that repossession is always a last resort after all other attempts at repayments have been made.
As part of the new plans banks and building societies will be required to record all phone calls with borrowers in arrears and keep the recordings for three years. The FSA has also brought in measures to establish extra control over the sell and rent back industry which contains companies that buy homes of those in financial difficulty anf then rent them back to the previous owner.
Sale And Rent Back Companies Face Tougher Rules
Wednesday, June 9th, 2010New rules to control the repossession, arrears and sale and rent back market came into play this week with an aim of placing tougher standards on companies offering customer help. The rules come at the same time as plans to make all mortgage advisers accountable for their actions.
The focus of the changes is to crackdown on poorly run sale and rent back companies that target customers who are facing repossession or need cash quickly. Although there are reputable and honest organisations in the market place, there have been numerous complaints of misleading advertising, low valuations and extremely short-term tenancy agreements made regarding some of the others.
Stop Home Repossession By Creditors
Friday, May 21st, 2010It is well understood by everyone that it is a matter of stress when you have to lose your dream house simply because you have no other option left due to your financial troubles. The financial trouble makes you helpless and prevents you from meeting the monthly repayments.
The creditors start taking steps to repossess your house as the result of insurmountable arrears. As soon as you face this trouble you can try to stop home repossession simply by contacting trusted and impartial organisations such as the Citizens Advice Bureau and Homeowners Advice Centre who are skilled in offering advice about repossession.
Repossession Laws Are There To Protect You And The Lender
Monday, May 17th, 2010In 2009, around 48,000 properties were repossessed in the UK and although there are many reasons why repayments can not be made it, repossession laws are clear that it is only ever missed payments that leads to the painful process.
The arrears rectification process usually starts with a letter requesting the arrears be made up within a given time period. Another process which is advisable is speaking with your lender and discussing an adequate repayment proposal, if this isn’t done then the lender may well initiate the repossession process with the courts. All in all it’s important to get trusted impartial advice and keep open lines of communication with your lender.
You Can Stop Repossession
Friday, May 14th, 2010Buying a property is often seen as a good way to secure your future both socially and economically but possessing your own house can be of other great advantages. It saves you from the high monthly rents and if you require money in the future you can get it by simply keeping the house as the collateral. The market for housing is fluctuating but the fluctuation is advantageous as any time the market can turn into your favor.
But it can be a nightmare if you become unable to pay off the loans you have taken from the creditors as they start their process to repossess your house. Whenever find out that they are taking such step, immediately start negotiating with them and try to extend the time span and stop repossession of your home.
A Repossession Order Isn’t The End Of The Line
Wednesday, May 12th, 2010When your property is subject to a repossession order remember that you can always seek help from various impartial advice centres that are available online and in the community, right across the UK. You can take the initiative and stop repossession by contacting one of these agencies and getting help and support from them.
You and your family can be in a real danger of losing the roof over your head when repossession is looming but don’t let it drive your head into the sand, keep a clear mind and open channels of communication with your lender. In these situations, you have to be calm and cool and contact and trusted source of free advice that could help you through this tricky situation.
You Can Stop Repossession If You Stay On The Ball
Monday, May 10th, 2010Allowing your house to be repossessed is one of the most detrimental things that can happen to you or your life. Hence, you should always be careful of the fact that you do all you can to make your repayments and do not allow any lender to take ownership of your property or repossess it.
Remember you could stop repossession by contacting some of the impartial agencies who take on the responsibility of helping homeowners to keep what’s theirs. These organisations, such as the Citizens Advice Bureau (CAB) are available online and they can offer real advice and support with such problems such as the possible repossession of your property.
House Repossession Is On The Rise But There Are Precautions You Can Take
Wednesday, May 5th, 2010In today’s economy everybody has to face problems but the one problem that the public is facing on a whole is the risk of house repossession. Last year approximately 70,000 repossessions occurred in the UK with the main reason being missed repayments with no hope of a new agreement, meaning lenders had to take hold of the property.
Of course the reasons behind the missed payments can vary, whether it be illness, an increase in the repayment rate, family difficulties or too much personal debt. In this situation many home-owners can let the situation spiral instead of determining a realistic budget for their outgoings. Another thing to remember is to always talk honestly with your lender.
You Can Avoid Repossession With The Right Steps
Monday, May 3rd, 2010In the present scenario repossession is a reality for many home-owners across the UK and affects a wide range of individuals, couples and families. Repossession basically occurs when it is difficult for you to make repayments and it goes without saying that one of the best things you can do to avoid repossession is be sure that you are organized with your mortgage repayments.
If you are organized then you stand a better chance of remembering your repayments and another thing to do is always keep open lines of communication with your lender in times of difficulty. Each and every person facing the problem wishes that there was a way to stop repossession.