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The repossession process - quick guide

While the repossession process has a number of hallmarks it can have a range of outcomes..

It is difficult to be specific about timing but the following should serve as a quide guide to the repossession process.

While it used to be the case that the average time it took for legal action to start was six months..this is likely to shorten.

Why? We think this is mainly for two reasons. First, the number of repossessions in the UK has risen sharply in the last year and the upward trend is expected to continue through 2007 and 2008. As a result, all types of lenders are becoming nervous about their potential exposure and acting accordingly.

Secondly, a proportion of the people who default have mortgages with sub-prime lenders and these lenders tend to be quicker off the mark.

People of all backgrounds are being financially squeezed by a mix of mortgages and additional secure and unsecured debt...But the people most likely to take on additional debt are often customers of the sub-prime lenders. It's something of a vicious circle.

The repossession process at a glance

repossession table

Stage Approx Timing (months) Action
1 1-3 lender's letter(s)
2 3-6 letter(s) from lender's solictor
3 4-8 county court summons and court hearing
4 6+ order for possession
5 7+ issue of possession warrent

Our 'at a glance' guide to the process is indicative only. The timings and specific actions will depend on your lender and the nature of your contact with them. For example, the process can be stopped and re-started and the hearings have a range of possible outcomes. Eviction is not inevitable.

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