Help with shortfall on repossesion

thesimondsfamily10

Hi Can anyone give me some advice? I was declared bankrupt last year, seperate to that a house my husband had morgaged in his name and rented out he fell behind with payments and did a voluntary repossesion, he owed £96,000, the house was valued at £90,000 and it was sold at auction for £71,000. The bank have now contacted us asking for the shortfall of £34,000 including there fees etc,

W ework 3 jobs between us as well as having a 2 year old boy, we dont have any spare cash we manage to get by and anything spare we do have we buy clothes for our little lad - how do they expect us to pay £34,000? Would bankruptcy be an option for my husband and is he actually liable for this shortfall?

confused76

hi there

as far as i can see yes your husband would be liable for the shortfall

best thing to do is take some advice from one of the free debt charities such as national debtline, cccs or the cab and they will be able to help you out with info, implications etc

if br is an option come back and we can help out with more info

take care