Repossession of your home is the LAST resort.
We don’t believe that any debt issue is more stressful than an issue with your mortgage debt. Let us assure you that repossession of your home is the last resort, so please do not stress.
What is the best way to avoid repossession?
You may think that saying "don't stress" is easy for us; we aim to make you understand why we say that. Firstly, you have several options to tackle the situation without getting to the stage of repossession. These aren’t just options like selling your property; the mortgage company needs to provide suggestions you may not know about. The Financial Conduct Authority (FCA) guidance states that the mortgage company should do everything it can to help you get back on track or come to an agreement that means you can still keep your property.
TRDG has your back with a dedicated article about "What to do if you can't pay your mortgage." It's in the purple box at the bottom of this page. This should help you get back in control and avoid repossession. If you’ve already gone past this point, i.e., your home has already been repossessed, read on.
Mortgage Shortfall - Am I liable?
You might think, “I could have done with this before my home was repossessed; now I have a shortfall.” We hear that a lot. The great thing is that we have you covered on this as well.
Understanding the change in your debt type is essential when you have a shortfall. Your debt is no longer secured to an asset, so as you may have guessed, it is now unsecured.
We don’t know how long you’ve had this shortfall, but if it is unsecured and at least six years old, your first port of call should be to establish whether the debt or at least part of it is statute-barred. If so, you can tackle your debt with a straightforward letter.
If you have had the shortfall for more than 12 years, the whole debt may be statute-barred. Below, you will find a purple box where you can find out if your debt falls into this category.
If your debt isn’t statute-barred, no stress; head to our unsecured debt section, where you will learn options to handle the shortfall.
Statute Barred debt
The more knowledge you have the better
We totally get that your home is your security. That’s why it’s so important that you do all you can to protect it. Arm yourself with knowledge; it’s your best tool for protecting yourself, your family, and your home.
This site isn’t just for when you get into financial trouble; it’s designed to help you avoid that stage in the first place. This is why we encourage you to visit our Financial Education section to build your knowledge and protect yourself from serious financial difficulty.
