Mortgage shortfall after handing keys back - 10 years on

[ryansss]

Hi,

 

Wonder if anyone can help me with some advice.

 

 

Me and my partner at the time took out a mortgage for 100k back in 2004.

 

 

In 2006 my partner walked out on me and left me paying the mortgage.

We came to the agreement that she would pay £100 a month and I would pay the remaining £500 until we found a buyer.

 

 

Unfortunately we ended up in arrears as I was foolishly paying her the money and she wasn't passing this on to the lender.

I then said enough was enough and we handed the keys back as I couldn't get her to pay anything towards our joint mortgage.

She seemed to think I lived there so I should pay all.

 

Accord had the property for sale for six months and then sold cheap leaving us a 58k shortfall. 9 years later we still owe 58k.

 

 

I offered a final settlement of 5K originally that was rejected

and since have just made small payments per month as I've been out of work more than I've been in work.

 

 

My ex on the other hand has become a qualified accountant and earns good money in a perm job.

Part of my reluctance to pay back was that she wasn't making payments.

 

Latest letter from Accord is saying they want to split the debt 50/50.

I've asked for details of all payments made by both me and the ex as I'm not too happy with being given a figure without seeing what payments were made.

They are saying they cannot tell me what the other party has been paying.

I must be entitled to see this given its a joint debt?

 

I'm currently working, but due to be out of work come March.

 

The most I could offer against the 29k debt is 2.5k and I don't really have that as would be borrowing off family. I don't have any assets.

 

 

Best they are going to get out of me monthly is £5

 

Any advice?

[BankFodder]

Bankruptcy.

 

If you're going to be out of work soon and you don't have any assets – then this seems to me the be the best way forward.

 

There is no stigma nowadays – or at least very little to being bankrupt. It will allow you to bring everything back to zero and then continue with your life.

 

We don't have a great deal of bankruptcy experience here but I understand the bankruptcy councillors are pretty empathetic people and very helpful and constructive.

 

I'm not sure how much it costs but I would suggest that you have a look around and find out more about it. Maybe somebody will come onto this thread and give you some proper information.

 

However, I really see no point in wrecking the rest of your life trying to deal with a large debt which you will scarcely ever pay back and which arose before the financial crisis when all the banks and lenders were mismanaging their own affairs anyway so that they bought us all to our needs. The creditors don't care very much. They will write off the money to tax and get a big benefit there – and a year or two after the bankruptcy they will be queueing up to lend you more money if you want to go down the slippery slope again.

[dx100uk]

i'd be sending them an sar...

 

 

dx

[ryansss]

The only thing that puts me off bankruptcy is the fact I work in finance.

 

 

Current trend is to outsource all finance functions to India

 

 

currently I only get a few months here or there cleaning up the mess made by outsourcing.

 

 

Just concerned it will make life even harder for me as that's one of the things employers have checked for even on temp roles.

 

 

If I can get to March I can send my signing on book and hope I find something quick a

nd then start trying to put money away to come up with a final settlement they might accept.

 

I'm not happy with how they went about selling the property as we had turned down a higher offer the month before handing the keys back.

 

 

I just felt pushed into a corner and it's sickening the property today is worth 180k.

 

 

I have questioned this, but they eventually provided 2 estimates and some babble about how they can justify letting it go cheap.

[BankFodder]

Well you're in finance, so you probably understand all the significance of bankruptcy and doing it or not doing it so we public can't give you much advice there.

 

DX100UK has suggested sending them an SAR. I'm not sure what he thinks might be revealed but if he's suggesting it then it may well be a good idea.

[citizenB]

When did you cease making payments toward the shortfall ?

 

You could send the following letter to obtain information -there is no charge for this information using this letter.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?387500-Mortgage-shortfalls-Request-Breakdown-of-balance-owed-**Correct-as-at-October-2013*

 

or send them a Subject Access Request - this will cost you £10.00 and they have 40 calendar days in which to comply. This SAR has been drafted specifically in respect of Mortgage shortfalls.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?390014-Mortgage-Shortfalls-Subject-Access-Request-**Correct-as-at-October-2013**

 

Are there any default/penalty charges you could reclaim ? Was there any payment protection insurance that might have been mis sold that you could reclaim ?

[BankFodder]

Don't forget that limitation on mortgage debts is 12yrs (maybe 10, I can't remember)

[citizenB]

Don't forget that limitation on mortgage debts is 12yrs (maybe 10, I can't remember)

 

12 years, BF. However, if no contact from the lender in 6 years and no payment made toward the shortfall by the borrowers during that time and the company belong to the Council of Mortgage Lenders then I believe the debt can be written off.

[ryansss]

Thanks peps.

 

I'm still making very small payments as last time they chased me I was unemployed to just offered £5.

They are now chasing again, but it's not great timing as I'm due to end my current contract in March

and job market is still very much dead for what I do.

 

 

I earn well when I work, but the problem is I'm then out of work for so long that when I do work it takes a while to get back on track.

I work in Media finance (Advertising) and it's all about cutting costs and sending everything overseas or creating shared financial services in areas outside of London.

When I took out the Mortagage I was in permanent employment and my salary was increasing yearly and my train fair and living costs were half of what they are now.

 

My only hope is I can find something that lasts longer than six months and actually get enough put by to make a final settlement offer they will take.

 

If they aren't happy with my payments or the fact I'm not going to fill in any more of there expenditure forms what can they do against me? I've always paid something every month since they sold the property.

[unclebulgaria67]

Thanks peps.

 

I'm still making very small payments as last time they chased me I was unemployed to just offered £5. They are now chasing again, but it's not great timing as I'm due to end my current contract in March and job market is still very much dead for what I do. I earn well when I work, but the problem is I'm then out of work for so long that when I do work it takes a while to get back on track. I work in Media finance (Advertising) and it's all about cutting costs and sending everything overseas or creating shared financial services in areas outside of London. When I took out the Mortagage I was in permanent employment and my salary was increasing yearly and my train fair and living costs were half of what they are now.

 

My only hope is I can find something that lasts longer than six months and actually get enough put by to make a final settlement offer they will take.

 

If they aren't happy with my payments or the fact I'm not going to fill in any more of there expenditure forms what can they do against me? I've always paid something every month since they sold the property.

 

It seems to me that you just want to keep them quiet until nearer to March when your current employment contract is due to end. So just make small affordable payments and advise them in writing about your employment contract, which could mean that you will have to review your situation again. This debt company are not going to di anything, apart from hassle you into completing current income and expenses info, which you can ignore.

 

There is no reason for them to split this debt 50/50 with your ex. If you went bankrupt, they would try to get the full money from your ex.

 

You should consider submitting an SAR to this debt company to get hold hold of all info held, including payments on statements made by your ex. They only have to remove all personal info related to your ex e.g address, bank details. You are entitled to see all payments on statements, as it is a joint debt, so all payments relate to the overall account. If they refuse, take your complaint to the ICO.

[ryansss]

Thanks again all. Now got a plan of action.

Edited January 8, 2016 by ryansss
Found answer

[citizenB]

chele,

 

I am going to move you to a thread of your own. I will post a link back here and also send you one by private message.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?459844-Re-Mortgage-shortfall-after-handing-keys-back-Company-say-no-paperwork-available

 

link to chele73's thread

Edited February 11, 2016 by citizenB