This is an interesting topic, Hasan.
Where people find themselves in dire situations, because they have lost their job or for some other reason, it is often difficult to know what to do or who to turn too.
We would always suggest that if anyone find themselves in this predicament then they ought to seek legal advice whether that be from a proper debt company or the citizens advice bureau.
Here at Goddard Smith Solicitors we can try and assist debtors where the lender seeking possession of a property has borrowed a sum of less than £25,000.00, before April 2007. This may either be in the form of a remortgage or a secured loan.
What we have found , is many of these loans entered into before April 2007 are unenforceable. This effectively means that the lender is prohibited from enforcing the loan agreement and cannot take possession of the property..
If we can obtain a declaration of unenforceability from the court then this is an effective means to stopping any repossession claim, and in certian situations, there also may be arguments that compensation should be awarded to the debtor.
If you would like Goddard Smith Solicitors to complete a loan agreement check for your clients please feel free to contact us or if anyone else would like some further advice on this topic our telephone number is 0800 160 11 44 or email us atenquiries@goddardsmith.co.uk.
If the worst came to worst, Hasan, and your clients had to aution their property, we would of course offer our conveyancing services to them at a favourable rate.
Goddard Smith Solicitors