I owe lots of money, and my husband and I are separating. Can anyone let me know how long it would take to get repossessed by Northern Rock and what happens? We simply cannot live under the same roof together anymore and we know it's inevitable as neither can sustain the house. We were going to leave it a bit, but I'm thinking the quicker the better to be honest. And can they attach any demand from earnings once I have been repossessed?
Hi there and welcome to the forum. I'm sorry to hear about your seperation, it must be a very hard time for you. I don't know about Northern Rock in particular, but my friend and her husband seperated last June. The mortgage was last paid in May. My friend stayed in the house until December and then moved out. The repossession notice went up in the window in January, so I would say that you're looking at approx 6 months, however, I'm sure an expert will be able to advise more specifically xx
These things can take time and there are schemes available to avoid repossession. If the property does go you will both be jointly liable for any shortfall so you should try and get some advice beforehand.
Hi Oliver - life changing news. Speak to a couple of professionals before making any decisions. www.iva.com has a list of trusted firms and customer reviews. Whatever you chose to do, keep posting and we can all help as much as possible.
So sorry to hear your news Oliver. Do visit the link that BOL posted and the advice will be free and impartial.
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Thanks for the replies. There is not really any other way than to lose the house it would seem. I will have no income, and my husband earns less than 14k a year and the repayment is 840 a month, so no way either of us can afford that. Bankruptcy will no doubt occur eventually too once we have both sorted ourselves out with new accomodation. Just wondered realistically how long it would be before an eviction notice as I will then be able to be classed as homeless and be able to bid for a social housing property!
You probably have quite a bit of time before solicitors get involved, a court date is scheduled and possibly adjourned, possession to be granted and the eviction date arranged. Speak to your local council housing officer who will be able to assist you more.
