GE Money house repossession 2009

Lensman_2

There are a few things you can do.

1. Ask for a breakdown of the debt, how the property was marketed, what offers were achieved etc. This is your right to make sure that they have not sold at undervalue.
2. If they look like they have sold at undervalue you can dispute the amount owing and ask for a settlement at what a fair amount would have been.
3. You can negotiate an amount to discharge your liability. This could be 50% - if you follow steps 1 and 2 it may be less. Your outcome will be a letter to state that your liability for the debt has been satisfied.
4. Turn the screws as much as you can with steps 1 and 2 and then offer a full and final.
5. Ask them to write the balance off due to hardship. See Mortgage shortfalls; Please write off the debt at http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6


I am on step 1 with a view to going through step 2 and then step 4. I am earning and paying against it, so I thought step 5 would be a guaranteed No so I didn't do that.

If you want a letter to do step 1 with, a good starting point is in my mate Bandit's thread on CAG:
http://www.consumeractiongroup.co.uk/forum/showthread.php?360791-Mortgage-Shortfall-do-I-have-any-rights&p=4024549&viewfull=1#post4024549

Please keep us posted.