DCA, Repossession and Divorce! Please Help!

Farawayhorizons

MrsTine wrote: »

If you have no assets other than a car then yes... bankruptcy may be a possibility you should discuss with her. It will limit your ability in the future to get a mortgage together etc and if you have ANY financial products together you need to seperate them. If you ARE thinking of going BR then why not pop over to the bankruptcy board and speak to the people there before you make any choices

Thank you MrsTine, I think with the repossession alone that itwould be impossible to get a mortagage anyway. Bankruptcy would be a last option - I will call a debt charity tonight.

Maybe it was wishfull thinking that there may have been a simple solution to dealing with this debt.

gfplux

When you received the letter from GE money asking for the £35000 did it explain how they had arrived at that amount? You are entitled to a full run down as to how that figure was arrived at.
If your ex wife included the mortgage debt in her bankruptcy she is now free and clear, you are the one they are coming after.
In my opinion they will not back off they will want their money. However they have to prove the figures.
You should discuss this with all the free counselling services.
If you have no assets then you may be better to go the same route as your ex.
Do discuss the exact arrangements you have with your new partner to make absolutely sure she can not be involved.
I am no expert but you may wish to make your monthly contribution at home go through a bank if you are presently just handing over cash. This will prove at some later date how much you contribute.
Others on this board may have more knowledge of this.

For additional advise and help why not look here http://www.cccs.co.uk/ and here www.nationaldebtline.co.uk/ They both offer help for FREE.
Also here www.payplan.com/index.php




Good Luck

fatbelly

Hi

I think you should start to take some control away from dlc - have a look at the National Debtline factsheet and send the letter M1

Factsheet | Mortgage Shortfalls

And the statement of affairs calculator is here:

http://www.makesenseofcards.com/soacalc.html

DarkConvict

I'm sorry Farawayhorizons, but this isn't good news as the above is correct. By your ex going bankrupt the joint debt now solely falls onto yourself.

I presume that after the split you did not have the mortgage transferred fully into her name, and her name alone. My brother split and paid off an ex, but she never returned the paperwork unknowing to him and she still owned 1/2 the house many years later. Although she did resubmit it without hassle since.

Do talk to the debt charities suggested above. If you really have a small income and no real assets, then due to the size of this debt and the past history bankruptcy maybe a the most suitable option. Although remember bankruptcy is a last resort, an option not to be taken lightly.

Due to the size of the debt, i do not believe it will be wiped out but that they will chase you for it, for as long as they legally can.

Farawayhorizons

gfplux wrote: »

I am no expert but you may wish to make your monthly contribution at home go through a bank if you are presently just handing over cash. This will prove at some later date how much you contribute.
Others on this board may have more knowledge of this.


Good Luck

Thank you for your reply.

I have been doing the monthly contributions through the bank as you suggested for some time. However I was wondering if this may actually be a disadvantage and they could come after my DW equity in her house?

Farawayhorizons

fatbelly wrote: »

Hi

I think you should start to take some control away from dlc - have a look at the National Debtline factsheet and send the letter M1

Unfortunately I jumped the gun and rang DLC last Saturday (the day I got the demand letter) and agreed to pay them £19/week and they have already sent me a letter confirming the week payment arrangement. My first payment is due this Monday.

Can I go back now and not admit the claim and ask for a a breakdown of all the details of the debt? I am so confused and not sure what to do.

fatbelly

Farawayhorizons wrote: »

Can I go back now and not admit the claim and ask for a a breakdown of all the details of the debt?

Yes - you do not have to dance to their tune.

The phrase in the sample letter about not admitting the claim is there because people are often approached about these debts after a period of many years and 'admitting' the debt at that point may prevent the debt from becoming 'statute barred' (or unenforceable under CML rules).

If you prefer (though if you have not yet made payment nor acknowledged the debt in writing I'd stick to the original text) you could replace the paragraph with something along the lines of 'Payment of this account is conditional on a satisfactory response to the following.'

Are DLC just collecting on behalf of GE or have they bought the debt? Do they refer to GE as 'our client'?

fatbelly

Just realised that might look confusing without seeing the National Debtline letter:

Dear Sir/Madam

Without prejudice

Account No:

Thank you for your letter/telephone call concerning the above account.

I/we do not admit the claim. This letter makes no admission to any claims relayed in previous letters.

Please supply me/us with a full breakdown of the balance claimed under the above account.

In order for me/us to deal with the matters you raised, I/we should be grateful if you would supply me/us with answers to the following points:

•when did the arrears begin?
•when was the last payment made on the account?
•when was any possession order given?
•when was the house sold?
•what valuations were made on the property before the sale?
•what costs were involved in maintaining the property during the period between the repossession and the sale?
•how was the house marketed and sold and at what price?
•what costs were involved in selling the property?
•has a claim been made against the indemnity insurance and how much was recovered?
•how has interest been calculated from the start of the arrears?
Please supply me/us with a full breakdown of the balance claimed under the above account.

I/we look forward to receiving your reply as soon as possible.

Yours faithfully

Farawayhorizons

fatbelly wrote: »

Yes - you do not have to dance to their tune.

The phrase in the sample letter about not admitting the claim is there because people are often approached about these debts after a period of many years and 'admitting' the debt at that point may prevent the debt from becoming 'statute barred' (or unenforceable under CML rules).

If you prefer (though if you have not yet made payment nor acknowledged the debt in writing I'd stick to the original text) you could replace the paragraph with something along the lines of 'Payment of this account is conditional on a satisfactory response to the following.'

Are DLC just collecting on behalf of GE or have they bought the debt? Do they refer to GE as 'our client'?

Thank you Fatbelly.

Just looked at the letter, GE is referred to as 'our client'.

What difference, if any, does this make to the claim?

fatbelly

It was just that if they'd bought the debt (DLC do do that) then you know that it has already changed hands for maybe 10p in the pound and the way would be open for a full & final settlement deal.

Sometimes mortgage shortfall debts get settled for very small amounts - that's still an option