Post repossession mortgage debt proposals help

julesjulesjules

Hi there

Its a long story and I wont bore you but we have had our house repossessed due to my redundancy and now have a whopping £70k debt to contemplate. Its very sad but there is life after.

My question is what happens now, can anyone point me in the right direction? I acted for myself and have limited my legal costs and believe me it was unavoidable. We are now in rented.

I am at the stage where the sale has completed and I have a demand letter from the Lender and a form to fill in with my incomings and outgoings. Our situation is that my hubbys wage (I am not working) only covers rent food and bills with no extras at all in fact we have a £1250.00 overdraft which we max up on every month.

I cant see we have much to hide so I've no objection to filling in the form but I can see we have anything to offer either, and I'm not being daft we dont have any spare money for clothes for the kids or holidays or any kind of extravagance whatsoever. Can anyone advise? Has anyone been in a similar situation? My parents have offered to pay £100.00 per month till we can find me work but after applying for nigh on 300 jobs I havent as yet secured one - the job situation in Bradford is dire an average of 50 applicants per job I heard yesterday.

Anyone who can point me in the right direction would be most grateful. We dont have any assets and our savings have been obliterated just keeping our heads above water they didnt amount to much anyway.

Help Guys!!

Thrugelmir

Sorry to hear your predicament.

You'd get better advice on the Bankruptcy & Living With It board.

Radiantsoul

You could try and get a family member to offer a token sum in full and final settlement. But realisitically your only other option is bankruptcy.
It is not as bad as it sounds. All your debts will be gone and you can start afresh...