Help & Advice - Mortgage Shortfall

AuntyJean

I am posting this mainly for information to others who are under the impression they have to pay back what they owe if full for the rest of their working lives!

After signing up for a company to deal with my OH to go bankrupt voluntarily I needed to stall the solicitors pursuing him so sent off a letter offering £7k in full and final settlement not thinking for one second they would accept it.

We had a call whilst we were on holiday from the mortgage co solicitors who after negotiations agreed settlement at £8.5K. The company who were going to deal with his bankruptcy said his earnings attachment would run for three years and would be circa £150/£200 pm. So I worked out that with the £700 to go bankrupt and £350 for the company to deal with it for us, by paying £8.5k he was quids in, knew it would be over and no stigma of bankruptcy attached. (In case you are wondering I had the £7k saved towards paying off my mortgage and he has set up a DD to refund me at £200 pm and we did not send a cheque with our paperwork so no payment made to the company who was going to act for us).

National Debtline gave us no hope and suggested, like some on this forum that he could be paying off for the rest of his working life.

There is light at the end of the tunnel!

kepar

Can I ask how you are quids in?

36x200 = 7200
7200+700=7900 and if you really wanted to use a company +350 = 8250.

That is if the maximum of £200 a month was paid for the whole 36 months.

AuntyJean

I think they were being generous when they said £200 pm and because he has very little in the way of outgoings it would have been more.

The main benefit is not having to become bankrupt.

Thanks for your advice and help

charlea

im not 100percent sure as the laws may have changed but in the past the moment you make a payment and possibly even an offer of payment in writing the 12 years clock starts ticking again for them to chase you

they use to be able to chase you for 12 years from the last payment made (this may be different now and it may be 6years im not sure )

but anytime you make a payment it starts the clock ticking again giving them more time to chase you again should you stop paying that why initially they will accept low payments to keep tat clock ticking h
its right that if he goes bankrupt then they will chase the other half for the full amount

freddy911

charlea wrote: »

im not 100percent sure as the laws may have changed but in the past the moment you make a payment and possibly even an offer of payment in writing the 12 years clock starts ticking again for them to chase you

they use to be able to chase you for 12 years from the last payment made (this may be different now and it may be 6years im not sure )

but anytime you make a payment it starts the clock ticking again giving them more time to chase you again should you stop paying that why initially they will accept low payments to keep tat clock ticking h
its right that if he goes bankrupt then they will chase the other half for the full amount

The op states they made the payment as full and final settlement, the dent is now settled and they cannot be chased!