Repossession proceedings

fatbelly

Personally I wouldn't threaten. They've clearly made a mistake and admitted it. You're just discussing appropriate compensation now.

Nevermind309

OK thanks for the advice, I will get her to ring them back and see what they come up with/to

Nevermind309

Sooooo, to open an oldish thread I started and update it with a question on the repossession...

House repo'd last August and sold, shortfall of £8.5k.
Letter arrived at my house for my wife from Moorcroft saying they would be collecting the money for BoS and they will be in touch again very soon.

Now my question is, as my wife is only working part time after our babies arrival, once she has paid her money to me for her %age of bills, bought food, 2 days childcare a week + put petrol in her car she is left with very little spare cash at the end of the month, how are these people expecting her to pay £8.5k back to them when she has about £30 to herself at the end of the month? Are they someone who would accept a payment plan of say £10 a month for the gazillion years it would take to pay off or are they these bully boys I have seen on the tv ? She has a car but would be worth £600 only at a guess, the house and everything in it are mine so I am not in the equation but she simply does not have the capacity to clear this any time soon.

Thanks

silvercar

Nevermind309 wrote: »

Sooooo, to open an oldish thread I started and update it with a question on the repossession...

House repo'd last August and sold, shortfall of £8.5k.
Letter arrived at my house for my wife from Moorcroft saying they would be collecting the money for BoS and they will be in touch again very soon.

Now my question is, as my wife is only working part time after our babies arrival, once she has paid her money to me for her %age of bills, bought food, 2 days childcare a week + put petrol in her car she is left with very little spare cash at the end of the month, how are these people expecting her to pay £8.5k back to them when she has about £30 to herself at the end of the month? Are they someone who would accept a payment plan of say £10 a month for the gazillion years it would take to pay off or are they these bully boys I have seen on the tv ? She has a car but would be worth £600 only at a guess, the house and everything in it are mine so I am not in the equation but she simply does not have the capacity to clear this any time soon.

Thanks

They will chase both parties initially in the hope that one or other will pay up. If you can't afford it then the debt stays until one or other pay it off or agree a settlement.

Now that the property has been sold the debt is unsecured, there is little the debt collectors can do to force a repayment.

Thrugelmir

Nevermind309 wrote: »

once she has paid her money to me for her %age of bills, bought food, 2 days childcare a week

Presumably you've an income as well. You cannot load all the outgoings onto her to reduce her disposable income.

John_G_Jones

Nevermind309 wrote: »

Sooooo, to open an oldish thread I started and update it with a question on the repossession...

House repo'd last August and sold, shortfall of £8.5k.
Letter arrived at my house for my wife from Moorcroft saying they would be collecting the money for BoS and they will be in touch again very soon.

Now my question is, as my wife is only working part time after our babies arrival, once she has paid her money to me for her %age of bills, bought food, 2 days childcare a week + put petrol in her car she is left with very little spare cash at the end of the month, how are these people expecting her to pay £8.5k back to them when she has about £30 to herself at the end of the month? Are they someone who would accept a payment plan of say £10 a month for the gazillion years it would take to pay off or are they these bully boys I have seen on the tv ? She has a car but would be worth £600 only at a guess, the house and everything in it are mine so I am not in the equation but she simply does not have the capacity to clear this any time soon.

Thanks

You are expecting your wife to get by on only her own earnings, you are not contributing?

Rather than trying to play games here why do you not both, as a couple, find a way to pay back what you owe and out this behind you?

And they are not bully boys, the house that she bought with money that she borrowed sold for less than she owed, so the money needs to be paid back. What do you possibly hope to gain here by being difficult about it?

For some context, you wrote this,

Also something I didn't mention, my wife likes to be up to date with her phones and pays £XX.00 odd per month to have the latest phone, I get a brand new car every 6 months that I pay for (obviously), my partner owns her own car, why should my wife incur a cost because I get a new car every 6 months? my wife is pregnant so when she does go out it's to meet her friends for a bite to eat and is always very cheap, when I go out I spend a lot more than she does as I tend to go to Newcastle/Leeds to a nightclub and generally it involves a sleep over in a hotel,

If you have enough money to buy a new car every six months then you could forego that this year, help out the woman you presumably at least like, and not stiff the lender who helped her out when she wanted to buy.

A cynical person could wonder if she has managed to find a second partner in the same mound as the first..

fatbelly

Nevermind309 wrote: »

Now my question is, as my wife is only working part time after our babies arrival, once she has paid her money to me for her %age of bills, bought food, 2 days childcare a week + put petrol in her car she is left with very little spare cash at the end of the month, how are these people expecting her to pay £8.5k back to them when she has about £30 to herself at the end of the month? Are they someone who would accept a payment plan of say £10 a month for the gazillion years it would take to pay off or are they these bully boys I have seen on the tv ? She has a car but would be worth £600 only at a guess, the house and everything in it are mine so I am not in the equation but she simply does not have the capacity to clear this any time soon.

Thanks

It's a mortgage shortfall debt so it's a non-priority debt with a high likelihood of the debtor being insolvent.

So yes, they will accept £10 per month for 850 months if that's all that is available.

Equally they will accept a settlement deal as any other option for them will cost them money. These are often lower than usual. I settled one last year for 5p in the £. (being a joint debt with her ex means your case is more complicated than mine)

And FYI the situation you described for your wife fits a Debt Relief Order.

For now, I would be running through the standard letters from this factsheet:

https://www.nationaldebtline.org/EW/factsheets/Pages/mortgage-shortfalls/mortgage-debt.aspx

Nevermind309

Thrugelmir wrote: »

Presumably you've an income as well. You cannot load all the outgoings onto her to reduce her disposable income.

I have, she gives me £300 towards our outgoings which is all she can afford, I pay the rest.

Nevermind309

John_G_Jones wrote: »

You are expecting your wife to get by on only her own earnings, you are not contributing?

Rather than trying to play games here why do you not both, as a couple, find a way to pay back what you owe and out this behind you?

And they are not bully boys, the house that she bought with money that she borrowed sold for less than she owed, so the money needs to be paid back. What do you possibly hope to gain here by being difficult about it?

For some context, you wrote this,



If you have enough money to buy a new car every six months then you could forego that this year, help out the woman you presumably at least like, and not stiff the lender who helped her out when she wanted to buy.

A cynical person could wonder if she has managed to find a second partner in the same mound as the first..

Quite simply, this is a debt that has absolutely nothing to do with me, I washed my hands of trying to sort something out so this situation didn't arise to no avail. We keep our money separate always have done, probably the most bigoted post I have ever read on here..

Nevermind309

fatbelly wrote: »

It's a mortgage shortfall debt so it's a non-priority debt with a high likelihood of the debtor being insolvent.

So yes, they will accept £10 per month for 850 months if that's all that is available.

Equally they will accept a settlement deal as any other option for them will cost them money. These are often lower than usual. I settled one last year for 5p in the £. (being a joint debt with her ex means your case is more complicated than mine)

And FYI the situation you described for your wife fits a Debt Relief Order.

For now, I would be running through the standard letters from this factsheet:

https://www.nationaldebtline.org/EW/factsheets/Pages/mortgage-shortfalls/mortgage-debt.aspx

Thanks for that info, appreciated.