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Mortgage/house repossession
j-d7
Posts: 1 Newbie
Hi all, newbie here. Hope i've posted this in the right forum.
In 1993, my, now wife and her partner had their house repossed, i know it's usual to say, "it's not her fault" etc etc, but she wasn't living at the house when this happened, but that's by the by, her name was on the mortgage. (incidently, i didn't know about the repossession until we applied for a mortgage in 1997). The solicitors, acting for the mortgage company got in contact with my wife in 1999, asking, obviously, for their money back.
The sum was £40,000, split in 2, so £20,000 debit each, and my wife was told, albeit, in an unofficial capacity that her former partner had been contacted. Of the £20,000, the solicitors told my wife that they would settle for a £7,500 lump sum. Not having a spare £7,500, my wife agreed to pay a monthly, and over the course of 6 years (until 2005) i approximate that she paid back about £5,000. (incidently, in 2003, we offered a lump sum of £4,000, figureing that she would have already paid about £3,000, but they rejected that, saying that they now wanted £8,000, more than the original agrred lump sum, excluding the money she had paid monthly for 4 years).
In 2005, we had our first child, my wife had to give up work, therefore we lost one wage.My wife informed the solicitors and we didn't hear anything for nearly 2 years, then out of the blue, 2 weeks ago, my wife recieved a letter claiming back £33,000, then today she recieved another letter. My wife phoned the solicitors, informing them that she isn't earning a wage, they requested that she beg, borrow, steal from the family and have given her until next week to come up with a lump sum she can pay. They will now no longer accept a monthly contribution and if she can't come up with a lump sum by next week they say that they will take her to court.
So, basically, as the only wage earner in the house, and dispite it not being my debit, i'm going to have to help pay the debt.
Has anyone else had dealings with this? Is there a certain amount of time the solicitors have to claim the money back?
If it does go to court, could they take any equity out of the house? They claim that my wife is on the land registry as part owner, but i'm convinced that we put the house in my name only. Has anyone got any useful advice. I'm getting to my wits end over this, it has hung around our necks for the last 10 years, and my wife is on the verge of depression.
In 1993, my, now wife and her partner had their house repossed, i know it's usual to say, "it's not her fault" etc etc, but she wasn't living at the house when this happened, but that's by the by, her name was on the mortgage. (incidently, i didn't know about the repossession until we applied for a mortgage in 1997). The solicitors, acting for the mortgage company got in contact with my wife in 1999, asking, obviously, for their money back.
The sum was £40,000, split in 2, so £20,000 debit each, and my wife was told, albeit, in an unofficial capacity that her former partner had been contacted. Of the £20,000, the solicitors told my wife that they would settle for a £7,500 lump sum. Not having a spare £7,500, my wife agreed to pay a monthly, and over the course of 6 years (until 2005) i approximate that she paid back about £5,000. (incidently, in 2003, we offered a lump sum of £4,000, figureing that she would have already paid about £3,000, but they rejected that, saying that they now wanted £8,000, more than the original agrred lump sum, excluding the money she had paid monthly for 4 years).
In 2005, we had our first child, my wife had to give up work, therefore we lost one wage.My wife informed the solicitors and we didn't hear anything for nearly 2 years, then out of the blue, 2 weeks ago, my wife recieved a letter claiming back £33,000, then today she recieved another letter. My wife phoned the solicitors, informing them that she isn't earning a wage, they requested that she beg, borrow, steal from the family and have given her until next week to come up with a lump sum she can pay. They will now no longer accept a monthly contribution and if she can't come up with a lump sum by next week they say that they will take her to court.
So, basically, as the only wage earner in the house, and dispite it not being my debit, i'm going to have to help pay the debt.
Has anyone else had dealings with this? Is there a certain amount of time the solicitors have to claim the money back?
If it does go to court, could they take any equity out of the house? They claim that my wife is on the land registry as part owner, but i'm convinced that we put the house in my name only. Has anyone got any useful advice. I'm getting to my wits end over this, it has hung around our necks for the last 10 years, and my wife is on the verge of depression.
0
Comments
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The best advice I can give you is to go and get some legal representation. checking on your buildings and contents insurance policy if it offers legal cover, quite a lot do, and this could help you pay the legal fees. There may be some hope for your case due to the fact you retained contact with the solicitors.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Further to what MortgageMamma said, some bank accounts have free legal advice (I think my Llyods TSB one does off the top of my head) and if you are in a trade union your union fees may entitle you to some free legals too. I know mine does (Unison) so it's well worth checking.
If you have all the past paperwork even better. Hope you get it sorted.0 -
Hi
A couple of points briefly:
Your wife has acknowledged the debt so time limits do not apply.
It is not your debt but your wife's and ex 'jointly and several'.
If your house is in your name only then do not offer anything at this point, check your mortgage statement and see if its single or joint.
There is nothing going to happen quickly and if your wife does have equity in your house that area is where the solicitors for the previous lender will be looking.
Your wife should remember that she could consider banksuptsy and you may have to buy her equity but this is a good starting point in your negotiation.
It is crucial whether she has any equity?
You do need help in getting rid of the debt taking into account the fact that your wife has tried to deal with it.
http://forums.moneysavingexpert.com/showthread.html?t=5284210
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