Repossession Debt

waf123

Hi,

In August last year my apartment was repossessed by my lender as I hadn't managed to meet my monthly payments for several months. I had taken a wage cut and ended up in a real financial mess and ended up burying my head in the sand and ignoring all correspondence. I even threw away all my mail. I owed approx £160,000 at the time. The apartment was sold for £100,000 in January of this year, leaving a shortfall of £60,000. I did receive a letter from their solicitors at the time advising me of the sale and charges but have heard nothing since. I moved in with my parent approx 2 months ago and have not notified them where I live yet.

I am now trying to get back on track with all my finances and debts and am arranging to clear most of them, however, the mortgage shortfall is causing me a lot of stress. I do not have £60,000 and would not really be able to meet any other payments if I entered into an arrangement with them to clear the debt.

My father believes that the mortgage company sold my flat/debt to a third party and that I therefore do not owe the mortgage company any money, and that I actually owe the third party. My credit file still shows the outstanding debt as being owed to the original lender.

I have not contacted the lender about this yet as I do not want to alert them as I cannot pay them anything yet. I have been thinking about bankruptcy too but the long term affects of this appear to make getting any future mortgage incredibly hard.

Is there a way of finding out who my debt is with without contacting the lender?

Thrugelmir

waf123 wrote: »

Is there a way of finding out who my debt is with without contacting the lender?

With what purpose in mind? You are between a rock and a hard place. There's no easy solutions available.

Jonbvn

OP,

You still owe the lender £60k for the shortfall.

From the information you have supplied I think bankruptcy may be your only option.

I would suggest you head over the bankruptcy forum for more details.

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

Finally, do not ignore this debt thinking it will somehow disappear.