chased for mortgage shortfall what next BR

crowmans4

silvercar wrote: »

They could reject your budgeting and ask you to make payments. Or they could say they will be in touch in a few months time and hope you get into a situation where you can afford to pay them.

surely if they see you pay out what you earn and reason i couldnt pay mortgage and house was repossessed is because of this.....
how they could they reject it and demand payments when its clear you cant pay ??
just wondering whats going to happen here??

rizla_king

Or you can just tell them where to shove it. What's the worst they can do? Make you bankrupt?

silvercar

crowmans4 wrote: »

surely if they see you pay out what you earn and reason i couldnt pay mortgage and house was repossessed is because of this.....
how they could they reject it and demand payments when its clear you cant pay ??
just wondering whats going to happen here??

Their objective is just to get money off you, they aren't worried how you get it.

Generally, they know people get repossessed because they have no money, so there is little point in chasing you. You asked what there likely response would be, I'm saying they are almost bound to reject you paying nothing because they want some £££. Any contact they make initially will be with this in mind, which is why it is possible that they will give you some time to get back on your feet.

crowmans4

rizla_king wrote: »

Or you can just tell them where to shove it. What's the worst they can do? Make you bankrupt?

how do they do that?
if so surely thats better than me declaring it and forking out £700?

crowmans4

ok .....so today the letter from enact arrived.
basically its asking me to complete the budget planner along with any documents for proof.
it also states the client knows i may not be in a position to pay the full amount 23k. therefoe may be willing to accept less by way of a lump sum and full and final settlement?????????
finally on back page its says i can offer a lump sum or propose monthly payments until full balance is repaid or propose monthly payments until a figure £??? is paid in settlement of my debt............

any help

do i do this budget planner.........i dont have a lump sum and cant afford really any monthly payments for a sum or full balance...
bit annoyed to its only in my name and address as my ex is in the mortgage also as in joint names?

cynicalgit_2

crowmans4 wrote: »

how do they do that?
if so surely thats better than me declaring it and forking out £700?

Depends how long you want the situation to drag on.
If bankruptcy is the best option then just get on and do it, the sooner you do it the sooner you'll be discharged.
Funny how offers are made to you when bankruptcy seems a possible route out of your problems.Don't let your ex muddy the waters,do what's best for you.
The balls are in your court.

dancingfairy

I would probably wait until you've seen a debt counsellor as your head seems a bit all over the place.
They are most unlikely to make you bankrupt. Why would they bother spending 700 to make you bankrupt (it might even cost a creditor more than this I don't know) when they won't get anything in return? They might threaten bankruptcy in order to try and get some money out of you but I think it is probably unlikely. If they were going to make you bankrupt they'd be better off waiting 3-7 years or so until you meet someone, get a new house, get some equity in the house and get back on your feet and then make you bankrupt, when there's actually something in it for them.
In relation to making an offer, well you wouldn't put down your salary including overtime as it's variable and well overtime. You can't guarantee it and you'r not going to commit yourself to a payment plan based on that anyway.
It would work like this: you make an offer, they say no way, you say well tough, that's all I have. They take you to court, the judge agrees with you and your budget (Assuming it's reasonable), they appeal and ask to see your bank statements, a judge may or may not agree with this, you show them, it supports your figures, they get 5 pounds per month or whatever. In reality they are not going to spend that much time and effort on you if you don't have any money. They will know/suspect you don't have any money and that they have little to gain taking it that far.
See the debt counsellor and take it from there. Hopefully things will be clearer for you.

df

cynicalgit_2

Couldn't agree more with dancing fairy.
You're going through a personal nightmare and the worst thing to do is make snap decisions.
Stay calm and keep talking to professional counsellors both financial and personal.
This will pass as terrible as it seems now.
Stay on the forums there's so much help here.
Good luck.

crowmans4

thanks all.....going on wednesday here so i hopefully will know more then and mean time i am just ignoring their letter for a budget plan until i seek more advice
thanks again everyone

and yea my heads all over the place is right...........as said bad enough trying to sort out life with the kids situation etc without all this

cynicalgit_2

Not much consolation but things do get better.
Stay strong for the kids,they're the most precious thing you've got.