Mortgage Shortfall Help

sourcrates

A21 said:

sourcrates said:

A21 said:

Hi has anyone successfully managed to wipe off or renegotiate a big mortgage shortfall debt (over 40k) without an IVA or bankruptcy? Or anyone have experience of ignoring letters chasing shortfall and the consequences of doing so long term? Thanks in advance.

I did mention that my liability went into an IVA, my wife was also liable, she couldn`t pay, so the debt was written off in the end.

Seems silly I know, but a £500 credit card debt will be chased more vigorously than a 40k mortgage shortfall debt is, they may posture a lot, but in reality, if you don`t have the money, or any assets they can potentially take, then there is very little they can do to you.

Sorry I didn't mean to seem like your advice wasn't useful. I just wondered if someone else also has some experience. How long did it take before they left your wife alone?

Around two years, then it all went quiet, I don`t honestly know what happened to the debt, but it is statute barred now anyway, and they never wrote again.

A21

sourcrates said:

A21 said:

sourcrates said:

A21 said:

Hi has anyone successfully managed to wipe off or renegotiate a big mortgage shortfall debt (over 40k) without an IVA or bankruptcy? Or anyone have experience of ignoring letters chasing shortfall and the consequences of doing so long term? Thanks in advance.

I did mention that my liability went into an IVA, my wife was also liable, she couldn`t pay, so the debt was written off in the end.

Seems silly I know, but a £500 credit card debt will be chased more vigorously than a 40k mortgage shortfall debt is, they may posture a lot, but in reality, if you don`t have the money, or any assets they can potentially take, then there is very little they can do to you.

Sorry I didn't mean to seem like your advice wasn't useful. I just wondered if someone else also has some experience. How long did it take before they left your wife alone?

Around two years, then it all went quiet, I don`t honestly know what happened to the debt, but it is statute barred now anyway, and they never wrote again.

I have been chased on and off for years now, I wish they would have left me alone after 2 years but they seem persistent. Thanks again for your advice.