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Hello, welcome to the website. My name isXXXXX can assist you with this.
The lender will usually give an opportunity to pay the loan back, perhaps by instalment arrangements etc., before looking to repossess the house and sell it.
Currently I am paying the loan but it is a joint matrimonial debt and my wife is living in the house. Would the lender approach us both as the loan and house is in joint names.
Yes, it would, as you're both liable under the mortgage deed still.
Any agreement you might reach between you does not affect the lender - it has the right to look to both of you when you fail to pay sums due.
That is really helpful to know as I thought as I was paying it out of my account they would only approach me. For a debt of £7300 are they likely to try and repossess the house?
I doubt it - they will give you chance to repay over the remaining terms of the mortgage usually. In fact, if this went to court on a repossession hearing, if you made reasonable proposals to repay the areas over the term, the court is highly likely to decline them obtaining possession.
Ok, thank you for the clarity on this. This has been helpful to me no end.
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