Areas of Law / Bankruptcy Debt

My house is due to be repossessed in a few weeks time, will the loan company be able to take any of my other assets, or go after my savings?

If you have any savings I would advise against letting your house be repossessed. Although it can appear to be a way out of debt, the repercussions of defaulting on a mortgage can go on for years. You will certainly find it difficult to borrow money to buy another house, and credit of any sort will be hard to come by. If the loan company thinks you have savings or other assets it may well go to court to seize any other property you own or to intercept part of your wages. I recommend you discuss the situation even at this late stage with your lenders, and take further advice from a debt counselling service.

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