Mortgage Default on Credit Report, please explain this to me

Sciamo

. . .

Hello and thank you very much for reading.

I lost my job in 2010, and ignorantly believed I would find a new job quickly. I didn't. I had a mortgage, however, I could not meet my responsibilities. After struggling to pay for two years, the Citizen's Advice Bureau advised me to turn the keys back to the bank (which I did).

For the sake of background, I did ask the bank to leave me on 'interest only,' which I could have afforded, but they declined. Also, I was unable to rent the house out for anything near the mortgage payment.

The bank sold the house for a lot less that I owed, as is the bank's right. I was then issued a shortfall of £45,000. I have remained unable to pay this; I, due to personal reasons (mental health issues), have been unable to secure substantial employment. Furthermore, I could not/did not respond to the (surprisingly few) letters they sent about this.

I decided to check my credit report. I was surprised to find the below, and have no idea what it means.

• Under the Noddle Report tab, "closed accounts," my mortgage appears. There is no mention of it in the "open accounts" tab.
• Updated on 31/10/2013, the Status is "Satisfied." There are no other entries after this date.
• It states: Date of default 17/07/2013; Default balance £ XXX,XXX (full amount owed before shortfall).

The dates above represent about one calendar year from the date I turned the house over to them. There is no mention of the shortfall amount.

My questions are:
- Is it still possible for the bank to pursue this loan?
- Would it make any sense to claim bankruptcy?

I thank you very much for your time...

Sciamo

fermi

Probably means the shortfall has been sold on, as satisfied is how that is supposed to be marked until it appears again under the debt buyer's name.

Bankruptcy is the extreme solution if all else fails, but if you are pursued for it you nay be able to negotiate a write off or settlement.

See: https://www.nationaldebtline.org/EW/factsheets/Pages/11%20EW%20Mortgage%20shortfalls/Page-06.aspx