If you are in debt, you may end up losing your home. This is obviously devastating, but realistic. Despite an apparent financial recovery, national debt is increasing. Personal & household debt in the UK is on the rise. Unfortunately, many UK citizens are one pay-packet away from financial ruin, living week-to-week. This can mean having to decipher the likelihood of losing your home should you succumb to mounting debts.
Should you own the home you live in, the official receiver may want to sell it to help pay your debts. Freehold or leasehold, this is applicable. It also the case whether you own the property in joint names or outright. The receiver will pick the price & terms of any sale. Losing your home to the receiver essentially denies you of any power over the property.
If you have any dependants such aschildren or an elderly or disabled person within the property, it may be possible to delay sale. This is in effect to enable you to make other living arrangements. However, it can not halt the forced sale of the property altogether.
If you’re at risk or losing your home due to debt, you should contact your local authority as soon as possible. They will consider your circumstances to see if you’re eligible for help with re-housing. Should you have organised a sale of your home in an attempt to avoid going bankrupt, the local authority may not help you with alternative accommodation. They may decide you have made yourself intentionally homeless.
In all circumstances, avoiding losing your home is imperative. Prevention is the best mode of protection. Immediate Bank Claims has helped countless home-owners keep their homes. If you are at risk of losing your home, get the best help available. Immediate Bank Claims is your first form of defence. Our dedicated team is on hand to answer any preliminary questions you may have, free of charge. We can negotiate with the debtor on your behalf. Immediate Bank Claims can help you keep your home.
If you are at risk of losing your home, act now. Call a member of our specialist team on 020 7127 9134.
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Citizens Advice discuss losing your home: