Contact from Lender’s solicitors
Lenders will usually wait until 3 months to see if any efforts have been made to pay the arrears before referring the case to their solicitors. The solicitors representing the lender will write to the borrower, this is the Solicitors notice, and demand full reimbursement of all missed payments and the legal charges and extra interest which can be extortionate.
They will also inform them that failure to make these payments and improve their account could result in repossession of their property.
Don’t forget that the Solicitor acting for the Lender is acting in the lender’s best interest and their job is to get as much money from you as they can – They WILL NOT advise you of your legal rights and will use the threat of Court and the Repossession process as a way of forcing you to either pay a large lump sum or commit to a payment plan that is not affordable.
What can be done about a Solicitors notice?Borrowers in this situation should talk to the solicitors and follow the same process as with Stage 1 – i.e. reach an agreement on how to catch up with the missed payments over a period of time in addition to meeting the regular monthly payment. Notes should again be taken regarding any discussions that take place and details of any agreements reached should be requested to be sent in writing.
Not all Solicitors are as helpful as they should be and many of our clients have struggled to secure an arrangement that really is affordable and sustainable. Whatever you do it is important not to over commit yourself to a plan that you cannot maintain as this will go against you in the future.
Have You Received a Solicitors Notice?
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