Repossession Prevention and Claims - More research needed by Credit Claims Compare into this. Watch this space. If anyone has has any experience of this we would really welcome the feed back.
This is what the companies say......
If your home is under the threat of repossession, some claims management companies could prevent this from happening. If you have previously suffered a repossession some companies may be able to help you claim compensation with its repossession unwind service. Beware though as some companies offer to buy and rent back your home which should be a last resort.
Repossession Prevention
Repossession is a painful and sometimes embarrassing situation. Tthe problems leading to repossession are often the result of a low point in peoples lives; an element of bad luck or a time when circumstances conspire to mean that good and honest people simply fall behind in their mortgage repayments.
If you contact a solicitor early enough once your lender has threatened legal proceedings and, if accepted, your solicitors will negotiate with your lender, and the courts if necessary, to try and find an alternative to repossession. Remember that the courts do not want to see people lose their homes and some companies legal experts will do all they can to negotiate a solution that prevents this.
Repossession ' Unwind ' Claims. Some Companies Offer This.
If you have been previously subjected to a repossession some claims management companies may be able to assist you in a claim for compensation.
The repossession unwind is a two stage process.
The first stage is to pursue a claim for contract irregularities relating to the mortgage involved.
If this results in a successful claim we would then progress to the second stage and look to claim against what may have been, in effect, a wrongful repossession.
How could they do this?
The following example is simplified to help you understand the underlying principles of a repossession unwind which some companies offer.
Home was repossessed due to £7000 arrears.
Claim on the basis of irregularities within the mortgage contract results in a payment of £9000. This represents a loss of £9000 as a result of the contract.
If the irregularity claim had been resolved at the time of repossession the client would still have received £9000 and could have paid the £7000 arrears. The repossession therefore would not have taken place.
In effect, the client was repossessed for a debt of £7000 when the mortgage lender ‘owed’ the client £9000.
The second stage is when your solicitor will look to demonstrate that, when the contract irregularities previously proven are considered, the repossession should not have taken place. Your solicitor will do all they can to gain the maximum level of compensation for you. A success fee of a certain percentage of the total amount received and/or written off by the provider may be payable. |
