Northern Rock - I'm one of those statistics .....

CarlGTO

Hey guys,

Long story short -

Me and the wife took the leap of buying our first house in 2007. And yes, we fell for the 125% mortgage from Northern Rock (advised to us by The Mortgage Selector)

Mortgage/loan repayments where £980 per month. A lot, but whilst both working, fine.

Pregnancy - illness - partner can't work - recession kicked in - in July 2009 after requesting help but getting nothing from them, we were advised by Financial Helpline to find somewhere to rent and send the keys back, essentially taking 'voluntary repossession'.

Northern Rock swiftly sold the property (this would be 3 or 4 months into the recession I think) and then sent me a bill for £85,000 ?

We had bought the house for £135,000 2 years earlier.

Debt management - another child :-) - and nearly four years on ........

So the question is, what to do ? Clearly it's never going to be paid off ?

Thanks for any advice guys

Carl

opinions4u

I'd suggest posting on the bankruptcy forum.

http://forums.moneysavingexpert.com/forumdisplay.php?s=&daysprune=&f=136