Bankruptcy

Hi2021

Hi,
I hoping to speak to people in a similar situation. 15 years ago I got a mortgage with an ex. We split up, I paid him £10,000 to have nothing more to do with the house. We both agreed. He fell behind in payments and cutting it short, he went on an iva I think as he paid so much for 4 years now he's finished.  Stupidly I didn't take my name off the mortgage, now I owe nearly £19000 to nram and they want their money. I live in a council house with 3 children. I work part time contracted 4 hours, my current partner who I live with works full time, but he has nothing to do with my mess. 
I'm seriously thinking about going bankrupt, but terrified. It's my only way out as I cannot afford to pay this back. 
Has anyone got any advice I don't have anyone to talk to whose been through this

fatbelly

So has the house been sold now and this is a mortgage shortfall?

Or is he still in the house and this is the arrears?

Either way don't jump into bankruptcy just yet

Hi2021

The house has been sold now. It was sold years back. 

sourcrates

They may make a fuss saying they want their money, but very few people have large sums of cash to hand, they are chancing their arm, hoping you have money.
writing to them, explaining your financial situation, should deflate there ego somewhat.
Quite often mortgage shortfall debts will either be written off, or quietly forgotten about if you cannot afford to repay them.
Certainly Don't do anything rash just yet.

Hi2021

But wouldn't this affect any chance of getting a mortgage in the future. I know I wouldn't be able to get one within 6 years of going bankrupt, but at least there's a chance?

sourcrates

Hi2021 said:

But wouldn't this affect any chance of getting a mortgage in the future. I know I wouldn't be able to get one within 6 years of going bankrupt, but at least there's a chance?

Well the entry for the shortfall debt will show for 6 years as well, then it’s gone forever.
For the cost of a stamp, write and tell them your situation, be proactive, it could pay off for you.

fatbelly

National Debtline have a good selection of standard letters for mortgage shortfall debts. You should work your way through them.

https://www.nationaldebtline.org/fact-sheet-library/mortgage-shortfalls-ew/

Hi2021

I feel so thick, googling like mad. Homeschooling 3 small kids and I can't get a chance to ring anyone. The money owed is on the unsecured loan. Is this capital or interest though?? I'm so lost.

fatbelly

Sorry? unsecured loan? 
Are you sure?

It's not a mortgage shortfall then?

Was this a 'Together' loan from Northern Rock?

Have they got a ccj on it?

You're going to need to check your credit file.

Don't contact NRAM until we're clearer what this is.

Hi2021

Hi.
Unsure if it was a 'together' loan but it was from northern rock.
 No ccj.
 It's on credit karma but not on Experian. 

fatbelly

OK, Credit Karma is Transunion.  Interesting it's not on Experian. Worth checking Equifax (clearscore)

What does it give for default date?

Are there any records of payments being made to it in the past two years or is the balance staying the same?