Lifeline: The Repossession Helpline

Stop Repossession

How You Can Stop Repossession
There are many ways we can help you solve your financial problems. All solutions are tailored specifically to your situation – and you remain in control at every stage.

The most common routes to stopping repossessions are:

Debt restructuring
Negotiating with your lenders
Accompanying you to court
Releasing the equity in your house

Once you take action to sort out your situation by calling us, you’ll have an opportunity to talk through your situation with us, and we will go through the advantages and disadvantages of every option available to you.

We’ll then allocate you your own personal advisor who will work with you through the entire process. Your personal advisor will advise you, guide you, reassure, encourage and support you. You’ll be able to call your advisor at any time - whenever you have a question or query about your situation.

Your adviser will negotiate with creditors and solicitors, stand up for you in court and prepare all of the paperwork required for your case as a matter of course. For us, your interests always come first.

Debt Restructuring
Sometimes keeping you in your home may be as simple as restructuring your existing debt. Depending on your credit history, you may be able to borrow a lump sum at a lower interest rate to clear your arrears, or extend the term of your mortgage to lower the monthly payments.

Mr N contacted Lifeline when he found that he was losing money hand over fist on the property he was left with after a divorce. Our Personal Advisor was able to help Mr N restructure his debt so that his monthly mortgage payments were reduced by £400 per month. This was enough to help him get back on his feet, stay in control of his finances and stay in his house.

Debt restructuring does not work for everyone. If you have a high level of unsecured debt or a poor credit rating, you may not be able to borrow at a sufficiently low rate of interest to reduce your monthly outgoings. Other options are available, however, so if debt restructuring isn’t the best route for you, your personal advisor may recommend other solutions.

Negotiating With Lenders
At Lifeline, we have specialist knowledge to approach your lenders on your behalf. If negotiating with your lenders turns out to be the best solution for you, we will do everything we can to make sure your interests are represented. We know the ins and outs of the legal and financial worlds and understand how different lenders operate. We use this knowledge to ensure that you get the best deal possible.

Mr W was due to be evicted within 3 days when a relative called Lifeline. His Personal Adviser managed to legally stave off the eviction with 2 hours to spare before the bailiffs arrived to change the locks. We then negotiated with Mr W’s lenders to reduce the outstanding balance and save his home.

Negotiating with lenders may not be appropriate in cases where the arrears are extraordinarily high or where there are other specific circumstances. There are a many factors that influence the effectiveness of negotiating, and these can only be determined on a case-by-case basis. At Lifeline, we are highly skilled in this area.

Call us today to find out whether negotiating with your lenders is the right solution for your situation. We’ll be able to give you a detailed assessment based on your personal circumstances.

Accompanying You To Court
In our experience, many people who receive a repossession court date hearing tend to do one of two things:

bury their head in the sand, fail to attend the hearing, and get repossessed
they fail to put a satisfactory proposal together to show how they’re going to repay their arrears

Going to court can be a daunting and stressful experience for many homeowners. We feel that no-one should have to go through this alone. Our clients really appreciate what we can do in terms of making that process much easier.

Mr O was given a court hearing because of his mortgage and secured loan arrears. He was due to be repossessed. His Lifeline Personal Adviser successfully and vigorously argued his case in court and negotiated with his lenders to keep him in his home.

Your Lifeline Personal Adviser will accompany you to court to stop you from being repossessed. Because we are an independent group, we are able to be far more flexible and proactive. We will do everything possible to keep you in your home.

Your personal adviser will help you to prepare all the necessary paperwork, reassure you, and vigorously argue your case in court.

Releasing the equity in your house
If debt restructuring of negotiating with your lenders aren’t suitable solutions for you, your personal advisor may also discuss with you the option of selling your property to release the equity and settle your arrears. We find that some people are terrified at the thought of being forced to leave their home and view selling as the last resort. However, this may be the best solution.

If you choose we can arrange the sale of your house. We can also arrange for you to rent it back once it is sold. In such cases, the rent you will pay under this arrangement will generally be lower than your current repayments. We may be able to negotiate a rent-free period to help you get back on your feet.

In some cases, we can make arrangements for you to buy back your home at a fixed price. This means that once you’ve had a chance to take control of your financial situation again, you’ll have peace of mind in knowing exactly what you’ll be paying to buy your house back – no matter how much property prices have increased in the meantime. If you decide on this option, you will usually be offered around 75%-80% of the market value for your house, but you’ll have no legal fees or estate agents fees to pay, and you’ll have the security of knowing that you have a swift, guaranteed sale at a time when speed and reliability matter most.

Mr & Mrs P were at risk of being repossessed due to their mortgage arrears. They had arranged for the sale of their home, had a buyer lined up through an estate agent and were looking forward to getting out of debt. When the buyer pulled out at the last minute, Mr & Mrs P contacted Lifeline. A Personal Advisor accompanied them to court and presented the judge with a detailed plan. The judge allowed the couple time to sell their property without being repossessed. Mr & Mrs P were able to move their family into a larger home without a repossession on their credit record.