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    • SeanOD
    • By SeanOD 9th May 18, 11:01 AM
    • 1Posts
    • 0Thanks
    SeanOD
    Which way to turn
    • #1
    • 9th May 18, 11:01 AM
    Which way to turn 9th May 18 at 11:01 AM
    Hi All
    My first post and really not sure if this is the right place.
    House repossessed 31.5.12 after loss of mother, cancer had wife and my business ground to a halt looking after her. Owe a lot on credit cards but they seemed to have gone away and are now covered by the Statute of Limitations. However, the mortgage. We never heared from the mortgage company after the repossession until last week when they wrote saying they had put the case int the hands of Moorcroft and that they were chasing me for just over 82K!
    I'm so fed up with life I have contemplated suicide but couldnt go through with it because of my wife and teenage daughters. Don't know what to do. Should I go bankrupt or try and offer them a payment plan. Bitter about giving them anything as the agents that repossessed us stole some of our belongings and we cant prove that. Sorry for the ramblings.
Page 1
  • National Debtline
    • #2
    • 9th May 18, 11:12 AM
    • #2
    • 9th May 18, 11:12 AM
    Hi SeanOD and welcome to MSE,

    Firstly, it is important to get the support that you need in a situation like this. Debt can be stressful, and if it is affecting your mental state, then you can talk to your GP and/or the Samaritans on 116 123.


    With regard to the mortgage shortfall, bankruptcy is a potential option, and so are negotiations. Unfortunately, this is a debt that has a longer statute of limitations (a total of 12 years) - 6 years for the interest element of the debt and 12 years for the capital - unfortunately, it is normally the case that the majority of this would be capital.


    You may be able to dispute the debt, if you feel the house wasn't sold for the best price. You can ask Moorcroft for a breakdown of the debt to understand how this figure was calculated and check what is interest and what is capital, but please be aware that by asking for a breakdown it would be considered a written acknowledgement under the limitations act and restart the 12 year clock.


    You should do a SOA, that would help assess which option may suit you better - http://www.stoozing.com/calculator/soa.php depending on your surplus and other assets will affect whether bankruptcy is more appropriate than repayments. Good luck,


    Laura
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • maxmycardagain
    • By maxmycardagain 9th May 18, 11:43 AM
    • 4,578 Posts
    • 3,717 Thanks
    maxmycardagain
    • #3
    • 9th May 18, 11:43 AM
    • #3
    • 9th May 18, 11:43 AM
    However, the mortgage. We never heared from the mortgage company after the repossession until last week when they wrote saying they had put the case int the hands of Moorcroft and that they were chasing me for just over 82K!
    Originally posted by SeanOD

    Ok, my experience..

    We had a house repossesed in 1992, we only had it 3 years

    Midshires sold it at big loss and came after us

    We had paid for a mortgage indemnity which was worth 8000 but they said they were "duty bound" to reclaim that off us....yeah, right

    they knocked the 8K off the balance and agreed to us paying a monthly sum (cant recall how much) which would have taken 5+ years to clear

    after 10 months i offered 3k and they settled (i had casually mentioned going BR which seems to have 5hit em up)
    Dont worry, be happy
    • robber2
    • By robber2 9th May 18, 11:43 AM
    • 353 Posts
    • 297 Thanks
    robber2
    • #4
    • 9th May 18, 11:43 AM
    • #4
    • 9th May 18, 11:43 AM
    Sean, sorry for your situation. Is the debt solely in your name or jointly with your wife? This could have a big impact on your best option.

    Rob
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