In 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.
