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How to get repossessed goods back
When a lender has repossessed mortgaged property from you they must give you notice in writing within 14 days. When you receive this notice you have 21 days to do one of the following, otherwise the lender can sell the property:
- pay the amount of money specified in the notice;
- pay out the credit contract;
- nominate someone who is willing to buy the property.
The notice will also indicate an estimated value that the lender believes the property is worth. Any person that you nominate to buy the property must be willing to pay at least the estimated value. If this happens then the lender must offer to sell the property to the nominated person.
After the property is sold the lender will use the money raised to pay out the debt. If the sale does not cover the debt completely then you must pay the difference.
