Mortgage shortfall advice

ohdeardebt

Hi,

This site is really useful, thanks guys!

My house was repossessed in 2011.

In 2013, Skipton sold it and a shortfall of £47,000 was left.

I was rubbish at handling the situation and got to the point that they got a CCJ.

Since then (beginning of last year), I have been paying £177 every month.

The problem is twofold, I struggle to afford the £177 every month, ad, at this rate, I'm going to be paying it for a long long time.

I've looked at my credit file and was a little confused as my mortgage account is marked as 'satisfied'... Is this just because they have the CCJ now?

I live pretty hand to mouth, although I am employed, don't own anything but couldn't go bankrupt as my job has financial responsibilities that would mean my job was in danger if i was bankrupt.

Do I have any options to get out of this situation?

Thanks Guys

Tixy

Welcome to the forum.

Is bankruptcy definitely ruled out with your job? Just that you say it would be in danger, rather than that you would definitely lose your job? If the reasons are down to your employer rather than due to membership of a professional organisation then it might be worth speaking to your employers about the situation and see if there is any scope to retain your job if you were declared bankrupt.

The £177 that you are paying - was that after a court assessment of your income/expenditure? if not, or if your finances have changed since they you could go back to court for a redetermination to look at possibly reducing the payments.

That only helps with the short term problem though, obviously it would then take even longer to repay.

If the £177 was based on a court assessment of your finances then perhaps other areas of your finances need re-jigging. Have you been through your outgoings looking to see if you can make any reductions?

Is this your only debt? I wonder if there would be any scope for an IVA, which at least then would have an end in sight in a few years rather than going on for 20years plus.

Perhaps worth speaking to one of the debt advice charities to see if they can make any suggestions.