Massive debt left from a repossed house

Sazzlebee

Hi,
Wonder if you could help?
Me and my husband split up and neither one of us could afford to pay the mortgage on our own so we handed the keys back and had a voluntary respossesion. Never of us have really kept in contact with the mortgage company since, a couple of weeks ago we both received letters at our new addresses stating the house had been sold and there was a £78k deficit that was still outstanding. Since then we have had multiple phone calls each per day from the mortgage company, neither of us have answered the phone as we dont know what is going to happen.
There is no way either of us can afford to pay that amount or even contribute more that £20 each per month to the debt. Does anyone know what will happen next or what we need to do to resolve this as it is causing many a sleepless night
Thank you in advance for any help you can give x

DS4215

Speak to one of the debt charities, such as CCCS, for the best advice in your situation. You will need to complete a SOA with all your incomings and outgoings, but you might have to consider bankruptcy to get out of a debt that size. Unfortunately you are both liable, so if one of you goes that way the entire debt will go to the other (so you will both need to).

Sazzlebee

Thank you, do you think we need to answer the calls from the mortgage company? or speak to CCCS and let them do it?

sickasachip13

You could answer them and tell them you're working with CCCS to identify the best way forward and ask them to stop calling for seven days. At least this will give you time to get your facts and figures together, talk to CCCS, and have some idea of their advice. If you don't answer them then they will definitely continue, if you do, it might slow them down a bit!

Definitely seek professional advice asap though.

MrsTinks

Unfortunately you will need professional help on this one - I guess you can ask them not to call and tell them you are working with CCCS to find a way forwards - assuming that neither of you are likely to have more than £20 for this debt going forward for a long time I think both of you need to look into going bankrupt and this will probably be brought up by CCCS when you speak to them... the good news is that will give you both a completely clean slate financially... ofcourse there are some negative sides to it too so it's not a decision to enter into easily...