We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
F&F on Repossession Shortfall
one_in_6billion
Posts: 2 Newbie
Hi All
My husband had his house repossessed in 1999 (before he met me) and walked away from a shortfall of £18k after Halifax sold his house for £10k (he bought it for £20k).
In 2005 (just before it expired) he was contacted by an intermediary company about the debt. To cut a long story short, we have had loads of letters back and forth, served a SARN and ultimately decided to try our luck and offer £1k in f&f.
We sent the offer direct to the Halifax but the intermediary wrote back and said their client will accept £2500 in F&f and to send it within 28 days.
Do you think we should try and get them to meet us in the middle or just send the £2500 (which we can probably raise)? The intermediary said to send them the cheque - is this OK or should we send it to Halifax?
Finally, the National Debtline website advises to send settlements via a third party - does anyone know anymore about this? Could I send the cheque on behalf of my husband?
Any advice appreciated!
My husband had his house repossessed in 1999 (before he met me) and walked away from a shortfall of £18k after Halifax sold his house for £10k (he bought it for £20k).
In 2005 (just before it expired) he was contacted by an intermediary company about the debt. To cut a long story short, we have had loads of letters back and forth, served a SARN and ultimately decided to try our luck and offer £1k in f&f.
We sent the offer direct to the Halifax but the intermediary wrote back and said their client will accept £2500 in F&f and to send it within 28 days.
Do you think we should try and get them to meet us in the middle or just send the £2500 (which we can probably raise)? The intermediary said to send them the cheque - is this OK or should we send it to Halifax?
Finally, the National Debtline website advises to send settlements via a third party - does anyone know anymore about this? Could I send the cheque on behalf of my husband?
Any advice appreciated!
0
Comments
-
If I am correct, the expiry on mortgage debts etc is 12 years not 6 as it is for unsecured debt. If that's the case I would accept the £2500 as settlement, pay up and move on.:A
:A"Everyone is a genius. But if you judge a fish on its ability to climb a tree, it will live its whole life believing that it is stupid" - Albert Einstein0 -
Yes, I think we probably will just pay the £2500 just to finally get this over and done with as its been hanging over my husband's head for so long.
Does anyone have any advice about paying the F&F through a third party??0 -
If the creditor has come to you with the settlement figure there is no need to go via a third party. However, do ask for confirmation in writing that the money is for full and final settlement of the debt before you pay it.:A
:A"Everyone is a genius. But if you judge a fish on its ability to climb a tree, it will live its whole life believing that it is stupid" - Albert Einstein0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards