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advice needed
lkman
Posts: 46 Forumite
Advice needed please....
In 2011 a property I co-owned with my ex-partner was repossessed. We had been split up for 2 years at this stage and she obviously just didn't bother to pay the mortgage after we split up. The property was rented out and it was a buy-to-let mortgage (non-reg) with TMB which are part of the Lloyds group. The shortfall on the sale price and remaining mortgage balance was 55k.
For approx 3-4 years later I continued to receive numerous phone calls and letters from solicitors that Halifax had instructed. I did not acknowledge the debt nor did I return any monthly budget calculations these people want from you. Then for about the last 3 years I have had no communication at all. Today I got home at lunchtime and there was a letter from Halifax advising me that Moorcroft Debt Collectors had now been instructed to handle the account.
I have heard some stories from the internet about Moorcroft, so just need to know what they are likely to do and can do.
Thank you
In 2011 a property I co-owned with my ex-partner was repossessed. We had been split up for 2 years at this stage and she obviously just didn't bother to pay the mortgage after we split up. The property was rented out and it was a buy-to-let mortgage (non-reg) with TMB which are part of the Lloyds group. The shortfall on the sale price and remaining mortgage balance was 55k.
For approx 3-4 years later I continued to receive numerous phone calls and letters from solicitors that Halifax had instructed. I did not acknowledge the debt nor did I return any monthly budget calculations these people want from you. Then for about the last 3 years I have had no communication at all. Today I got home at lunchtime and there was a letter from Halifax advising me that Moorcroft Debt Collectors had now been instructed to handle the account.
I have heard some stories from the internet about Moorcroft, so just need to know what they are likely to do and can do.
Thank you
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Halifax have sold the debt to Moorcroft, who are likely to pursue it as it is for a large amount. The statute barred period for mortgages is 12 years, so they have quite a while yet to chase it. They will probably start court proceedings, so if and when you hear from them you might want to engage a solicitor. They can't get blood out of a stone, so will probably settle for a reasonable deal, as they would have bought the debt for much less than the £55K.I used to think that good grammar is important, but now I know that good wine is importanter.0
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and what is a reasonable deal?0
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Ok thank you0
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Moorcroft do not buy debts.
They are managing the account for the Halifax.
They cannot do anything but advise their client.
If you cannot afford to make a reasonable offer to them, tell them so.
I do not know your personal circumstances but they will not be keen to pursue a debt they have little chance of recovering.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
I was thinking half of what is owed?0
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I was thinking half of what is owed?
Use this template letter, and do not pay anything until you have agreement in writing:
https://www.nationaldebtline.org/EW/sampleletters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspxI’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Let's take one step back before you offer anyone anything (and for these sort of debts you would not start at 50% - more like 10%)
Take a look at this and maybe work through the standard letters that are linked to.
https://www.nationaldebtline.org/EW/factsheets/Pages/mortgage-shortfalls/mortgage-debt.aspx0 -
Thank you all0
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Would you advise that i need a solicitor to handle this or is this something i can do myself?0
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