Bankruptcy & Repossession Nightmare - Abroad PART 3

SeniorUnit1

I wanted to write more to my storey, with the hope of some help and possibly to help others in the future with my experience. learn from others etc, Im also hoping this isnt turning into ramblings of a fool.

So I left the last Part 2 at me failing to get bankrupcy due to the judge not agreeing my commong place of interest in the UK. He did however give me time to appeal with my circumstances being in such a grey area. I had no money left to go back and appeal on the date I was given, infact it was cheaper for me to travel form my current location outside of the UK than it was to travel from within the UK, again sadly I couldnt do it. So thats over now.

I decided after that I would continue to rent and tell no one as it was the only option before voluntary repossession. The lender found out and I gave up fighting with everyone and had my tennents move out and have handed back the keys, the keys ares going to be done tomorrow.

There is a date set for the repossession order in court. 13th September. The company who act for the lender I think as the repossession people have written to me to advise this date. The letter was addressed to me and stated it had no idea where the other party for the mortgage was. Ill be letting them know eitherway. Maybe she got a letter I dont know because the letters addressed to her get return to sender.

So im waiting now for them to come and get me. Im going to tell them my whereabouts as I dont want my new employer being harassed and that will only cause embarrassment. I have a couple of quesitons Im hoping someone poeple can give me more info on.

I completely understand that people cannot read the future but some experiences would be really appreciated.

What is an average timescale they will Reposses, sell/auction and then chase me for?

My mortage was 100% interest and was 122.000, The house is worth around the 110 mark. I had offers of this price. Is there an option they will try and sell with an agent before they auction this house?

Ive decided that giving them my contact details will be the best option, can anyone advise different?

Also in my mind ive got a max figure I can off them which is 10% o f30k and a payment scheme (im hoping this is worst case scenario), is it likely that they will chase the other party of the mortgage after me? im really hoping they do to be honest, but id settle with being left alone to live my life.

Hoping someone can help me with some advices. Probally sounds stupid really but at the moment its hard to see the light.


Thanks in advance

silvercar

My mortage was 100% interest and was 122.000, The house is worth around the 110 mark. I had offers of this price. Is there an option they will try and sell with an agent before they auction this house?

Round my way they would attempt to sell through an agent first, pricing for a quick sale. So possibly starting it at 105k. Only if it didn't sell after a few months would they auction.

Also in my mind ive got a max figure I can off them which is 10% o f30k and a payment scheme (im hoping this is worst case scenario), is it likely that they will chase the other party of the mortgage after me? im really hoping they do to be honest, but id settle with being left alone to live my life.

Wait until it is sorted. The only way to get a one off pay off deal is to show you can't afford to pay them monthly in anything like the amount they would want, but that someone is prepared to pay on your behlaf a lump sum to clear the debt.

SeniorUnit1

Thank you.

its very very much appreciated. Im struggling to sleep.

Hmm I have time to save! or beg.. one of the two.

SeniorUnit1

I have handed back my keys to the lender with a letter advising them I have no objection to them taking the house. Im reading through my court letter, and also a letters from the repo company acting on behalf of the lender. The letter from repo people are stating they are taking me to court, some other details about how this can be stopped if I pay up the last three months arrears and also personal budget form, however the court date is not due till friday 10:30am. In the budget form also was a part asking how much every month I could pay back. They dont even know how much ill owe surely if the house hasnt been repossessed never mind sold? Ive not repsonded to either letters other than the note telling them they can take the house which I included with the keys to the lender.

Ive copied my BK form budget and used that as a guideline and is similar to the repo budget form and im left with less than 5 quid. In reality its less.

Can the repo nastys ask and enforce to see yourBank statements?
Can the same people ask and and enforce to see your payslips?

I have my payslips ready, but surely they do not have the power to enforce me to show them my bankstatements?

My payslips will clearly show im earning very very little.

Ive logged on to the goverment website as I wanted to let them know I have no objections to them taking the house but I have less than five days before the hearing so it would not let me make any comments.

I plan to tell the repo people where I am, also give them contact details for the shortfall theyll hound me for.

Can anyone advise what I should do now with regards to forms and anything else I cannot see before me?


Thanks Again in advance anyone.

SeniorUnit1

I finally got my shortfall amount through - it is currently standing at £44.475.12. The current situation is the lender has closed my case but the paperwork has not yet been sent to one of the three debt collectors. I am to call in a month to find out who it is.

45k..... I get paid £650 a month and I cannot go BK.

alastairq

hi..you don't reside in the UK, right?

Therefore, precisely what can the creditor do to pursue you for the shortfall?

You appear to have no assets?

SeniorUnit1

Hi, yes your right - I literally have no assets. I have a flat I rent and a low paid job. I get by but that's in now - I have a young one on the way as well.


I was going to speak with the debtor in two weeks and plant to tell them where I am and see if i can get some kind of deal like pay 5% back or something. Is this a wise plan?

SeniorUnit1

The idea was to follow these guys advice and see where it takes me. I cannot stand the thought of these debtors calling me daily and harassing m at work.

http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6