Newbie - Where do we begin

katsplat1

Having been recommended to these forums by several folk, I have made the first step to dealing with our finance problems.

My own history has not been great having been on a joint mortgage with my ex partner 10 years ago. That partner declared himself bankrupt after we seperated but before we had chance to put the mortgage solely in his name. I then went travelling not realising about his bankruptcy. Years passed, I got married and began renting property as we couldn't find our ideal home. Out of the blue last month I got a letter from the original mortgage company asking me to pay the £12,000 shortfall that thay have following the sale of the house after repossession. This is when I found out about ex's bankruptcy. What can I do about this. The repossession happened in 1999 and I have heard nothing until now and I am quite shocked. Someone somewhere has worked hard to find me because i have moved 4 times since 1999 with work, married & changed my name and 6 months into living at our new address I get this letter. What would you advise? I have not contacted the mortgage company acknowledging receipt of the letter as I don't know what to say. Hubby already has major financial problems due to a failed business venture and we are in no position to even make small payments.

Any help would be appreciated.

K
x

p.s. what is CCCS that I often read about on here?

Janey51

Hi K. What a nightmare for you. I can't give any really helpful advice but why don't you phone National Debtline? It might take you a while to get through as they are so busy but they give free advice and it is a starting point.
CCCS is the Consumer Credit Counselling Service who are a charity giving free debt help. We have just started a payment plan with them for our debts of £84000+
Good luck.

briona

katsplat1 wrote:

Having been recommended to these forums by several folk, I have made the first step to dealing with our finance problems.

My own history has not been great having been on a joint mortgage with my ex partner 10 years ago. That partner declared himself bankrupt after we seperated but before we had chance to put the mortgage solely in his name. I then went travelling not realising about his bankruptcy. Years passed, I got married and began renting property as we couldn't find our ideal home. Out of the blue last month I got a letter from the original mortgage company asking me to pay the £12,000 shortfall that thay have following the sale of the house after repossession. This is when I found out about ex's bankruptcy. What can I do about this. The repossession happened in 1999 and I have heard nothing until now and I am quite shocked. Someone somewhere has worked hard to find me because i have moved 4 times since 1999 with work, married & changed my name and 6 months into living at our new address I get this letter. What would you advise? I have not contacted the mortgage company acknowledging receipt of the letter as I don't know what to say. Hubby already has major financial problems due to a failed business venture and we are in no position to even make small payments.

Any help would be appreciated.

K
x

p.s. what is CCCS that I often read about on here?

Hi Kat

Welcome to MSE!

My understanding is [and I'm sure others will correct me if I'm wrong], that as the debt is outstanding from 1999, which is MORE than 6 years ago [just!], they cannot chase you for it.

In any case, the mortgage was in joint names originally so you couldn't be classed as being responsible for the full £12K – shouldn't half belong to your ex???

Hope this helps [or that someone who comes along later can be of more help].

Briona

UPDATE: Sorry, it would appear that I have been wrong in regards to the 6 year rule – it appears [see linked article] that they can claim for up to 12 years! CAB may be able to better advise, though I still maintain that as it was a joint mortgage you are not solely liable for the debt.

http://money.guardian.co.uk/print/0,3858,4987473-113023,00.html

skintchick

You could try posting on the mortgage board as they may have better specialist knowledge.

freeclimber

I think mortgages are subject to a 12 year bar rather than 6 years, but I wouldn't like to comment in this case as I don't know enough about how all this works - particularly with the OH bankruptcy element thrown in. I'm sure someone qualified will be along shortly to help.

Aside from that, sorry to hear of your difficulties - it's never nice to be confronted with these things, especially when you thought they were dead and buried. You have my undivided support, and I'm sure that goes for everyone else here too. :grouphug:

nrsql

I believe for mortgages they can go back up to 12 years but even if that's correct it doesn't mean it's enforcable.
I suspect it also depends on how you seperated from your ex.
Think also for a joint mortgage they can go after either partner for the full amount (jointly and severally liable).

You need to get some legal advice about the situation before making any response.

CLAPTON

unfortunately it all depends upon the circumstances.
what actually happened to the house and mortgage...was there a court order or was the house sold?

if there was a court order then they can chase you without limit of time,
otherwise mortgage debt expires after 12 years if no action has been commenced; however if your mortgage provider is part of the mortgage council (or something similar ...i've forgotten the exact title) then they voluntarily limit commencing action about 6 years

you need expert advice because the key is about date of commencing action and i'm not sure exactly that consists of.

CLAPTON

also...i meant to add that you may want to check your credit file to see whether or no this has reached it.