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possible bankcrupcy
sceebs67
Posts: 18 Forumite
hi all i was repod in 2010 but not heard a thing from gmac since im pretty sure i will owe around 50000 pounds on the shortfall im aware its a debt that needs to be paid and will not go away but this kind of amount id never b able to pay my whole life iv bn told its possible to go bankrupt but would this affect mine and my wifes jobs and also prob wouldnt b able to get a bank account as i need 1 for ddebits and standing orders any help would be greatly recieved its been a worry for 2 years now .
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Most lenders appreciate that you are not going to be able to find that sort of money. Generally speaking they leave you some time to get back on your feet and then start to pressure you to agree a repayment plan. They are also amenable to accepting a full and final settlement at a very low percentage of the outstanding debt.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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i wouldnt want to speak to gmac directly anyway after the way they handled the repo i was made redundant and after a while struggled to meet the full payments so i did what people addvise you to do speak to your lender which i did gmac explained my situation and they were very helpful they would accept half of mortgage for a period of time this lasted first month after that i recieved fone calls every day asking if i could pay more and letters off them charging me for not paying full payment and also charging me for letters so its not just the fact i owe them money its the fact that they were no help at all0
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Hi sceebs67 and Welcome to the Bankruptcy (BR) Board. I would contact one of the Debt charities for further help and advice.
* Blue text on this forum usually signifies hyperlinks, click on the blue links below *
Main recommended sources of help:- National Debtline - Website: National Debtline Telephone: 0808 808 4000
- Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
- Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
- Business Debtline
- Website: Business Debtline Telephone: 0800 197 6026 - Christians Against Poverty
- PayPlan
- TaxAid - Help with tax debts.
Best wishes
If...x"If wishes were horses, then beggars would ride"
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