Needs lots of Answers - PLEASE

japanesegirl

Hi

our house was repossessed in February and has just been sold at 100 thousand less than the original sale price. We will get a very small amount back to pay off our creditors, dont know how much just yet but will be no where near enough to pay off debts in full.

Q. does anyone know if its possible to negotiate a pay off when you have a CCJ?

Q. What percentage of the debt is likely to be acceptable.

Q. Most debts have now been passed over to debt collection agencies. Does anyone know what these agencies are likely to buy a debt for. For example how much maximum would a 5000 pound debt be bought for.

We are now in a tiny rented property and have 2 teenage sons who are sharing a tiny bedroom. We dont think we will ever get back on the property ladder and right now dont want to.

We struggled to have a nice family home and when we fell short on the mortgage because of spiralling rate increases GMAC were not prepared to do ANYTHING at all to assist us. We had asked for a payment break, for an extension to the length of time, we had asked if we could just pay interest, we did EVERYTHING we could to try and save our home but GMAC would not budge an inch.

When we went to Court for the order for the possession the Judge was very sympathetic when we explained how we had done everything to negotiate and find a solution and when she asked which mortgage company and we said GMAC, she shook her head and basically said with them you dont stand a chance.

Just now want to get on with the rest of our lives and try and live a little. This year has seen house repossession in February, Father died suddenly in March and had to arrange funeral as mum not able. Then mum was hit head on by a driver on her side of road and car was written off, so had to organise all that. Then was made redundant in July!!!!!!!

Life is hard for so many people but you have to think and move forward and dont look and what is lost but move on and make the most of life.

Any advise much appreciated.

saffronflowers

Hi there firsty a very very big hug - it has been a very very tough time for you. The solution that immediately springs to mind to me on the face of it is - have you considered going bankrupt which then would allow you a clean and fresh start. I know tht it can be a daunting prospect but it may be able to give you the bump to get on with the rest of your life without all these awful things hanging over you.

Take care

SFx

japanesegirl

Yes thought about it but until we know how much money we get out of the house its an unknown, we do know it wont cover the debts as they stand.

My husband was made Director of a company last year so he cant but I have thought about myself going bankrupt with my debts.

Will post again when I have the actual figures/facts.

thanks