Voluntary Repossession

CrystalIzzy

Thanks so much for all this advice, it's really helpful.
I am certainly not in a position to buy a new home any time soon, so that won't come into the equation.
I'm getting conflicting advice about whether to contact the mortgage people or not. I am starting to lean towards contacting them. I am the sort of person that will never relax until I know. I just can't believe that I left my husband because of his debt problem and spending and almost two years later I am going to be saddled with a debt he caused and he gets away with it. I have always been careful, apart from a large loan I got to bail us out when things got really tough.
With an excess of £36k to find plus costs, missed mortgage payments and council tax, I could be lumbered with a whopping debt for the rest of my life.
Just realised I have been ranting...sorry.!
Should do some work really but hard to concentrate!

SouthCoast

can they go for the house i am living in myself or any of my assets

Yes.
I know folks who are still paying for properties repossessed in the early '90's.

silvercar

ami1 wrote: »

hi i have already had one property repossesed i was renting it out but because of credit crunch couldnt pay and tenants never paid i am having same problems now tenant not paying cant pay mortgage or secured loan they going to reposess going to have large debt what can i do can they go for the house i am living in myself or any of my assets

I think you need to vet your tenants a little more carefully!

If they do repossess, they will sell the property. If that doesn't yield enough to cover the mortgage and any secured loans on it, they will turn to you to make up the shortfall.

If you can agree a repayment plan with them then do so. They may well seek a charging order on your home, so effectively you have a second mortgage on your home.

asandwhen

skint_chick wrote: »

If the bank finds you and takes out a CCJ for the shortfall and costs etc you will not be liable to pay this if you go bankrupt but it wil never show on your credit file as settled and will not fall off your file after the 6years like the banrkuptcy. So you will find it very very tricky to get finance in the future with a CCJ still showing on your file.

You would be better posting this on the bankruptcy board - those guys have encyclopaedic knowledge of the workings of bankruptcy and just because you can pay your debts now doesn't mean that you shouldn't go bankrupt before you are taken to court by the bank. I would wait and if they find you then act quickly so personally I would make a decision about what you will do if they do catch up with you so you are prepared and not caught unaware.

Good luck

A CCJ will fall off your credit files after 6 years EVEN if it is unpaid.