We bought in 2007 with a 100% together mortgage and borrowed extra on top as a secured loan to clear debts etc. Had a family, outgrew the house massively, but they wouldn't allow us to borrow any more and the value of the house had crashed, leaving us about 30k in neg equity plus the loan. Due to various other factors we felt no choice but to hand back the keys in 2016.

It was a voluntary repossession. The house was too small and in massive negative equity.

Thanks both for the replies. Much appreciated. I've had a look at my credit file and it looks like it's split into two entries, one for the secured loan we had alongside our mortgage and the mortgage shortfall, both with NRAM, totalling around 52k. The default date was July 17. I thought mortgage debts stayed on file for 12 years? Is that not the case? Many thanks

Hi. I would be grateful for some advice, please. We have an outstanding mortgage shortfall debt of approx 50k. N Rock haven’t chased us for the balance other than one letter initially confirming the balance outstanding after sale and asking for intentions. We haven’t heard from them since. This was 2016. I eventually want to repair my credit and hopefully obtain another mortgage but don’t have 50k to pay the debt off. Im considering making a full and final settlement offer of maybe 5k, on condition that the debt is marked as satisfied. Has anyone any advice as to whether this is likely to be accepted, and if doing so would this restore my credit sufficiently? Alternatively, is there a better way to go about this? I wish to avoid bankruptcy if possible. Thanks in advance.