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Prevent the Repossession of your House by reading this info below
House repossession works almost the same way as car repossession, but slower. The risk to the bank is less when it comes to houses than with cars.
There are many people that fall behind with repayments on their mortgages. This is
ok if you can catch up the next month. The problem gets worse if you miss more than
one payment and you are unable to catch up. It is as if every month there is a new
emergency and you cannot pay your arrears the next month. This is a sure sign that
you are over in debt. Your budget is so tight that if there is one emergency, it
seems that you are never able to catch up.
The bank will be very willing to listen
to you if you approach the bank in time. That is before you miss your first payment
to bank. The bank is more willing to listen and help you if you approach before you
miss a payment.
The bank will not be happy with you when you miss a payment, because
you have broken the agreement you made with them when you signed for the debt.
Normally
the bank will be able to give you a payment holiday or renegotiate your account when
you approach them in time. The bank can lower the percentage interest you pay or
increasing the period of repayment to lower your monthly instalment.
If the above
does not help you, you need to apply for debt counselling immediately before it becomes
too late. As soon as the bank takes legal action in the form of a Section 129 letter,
you have 10 days to apply for debt counselling. If you have already received a summons,
it is too late for this account to be included in debt counselling. So you will be
able to apply for debt counselling, but the house will not be included. You will
have to pay your house in full each month and apply for debt counselling for your
other accounts.
To lose your house to repossession can be very dramatic, but there
are steps you can take to prevent the repossession of your house.
Apply for debt counselling
as soon as you see problems ahead. Don’t leaf it too late. Sent us a email with a
'please call me' and your telephone number. One of our dedicated consultants will
contact you to help you and answer all you questions.