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Old 20th April 2008, 15:56   #1 (permalink)
michaelc
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Default mortgage shortfall help

I need help. i bought a flat about two years ago and rented it out but all went wrong and the property was repossesed by Gmac.i owe my own proprety but did not hear from them till two weeks ago when they wrote to me at my present address through their solicitors Eversheld to demand a shortfall of 65k and i have not respond to the letter yet,but tried to seek advise from the National debt line who asked me to send a form M1 to ask for the break down also contacted the consumer credit service who have registered me for debt management and counselling,and also the IBAS who said they can deal with it on my behalf but there is a fee of 225 pounds. i am confused with which one to go for as i know if i am not careful i might loose my present house which i am not sure Gmac knows about.can any one give me advice or help what to do? thanks
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Old 20th April 2008, 18:09   #2 (permalink)
tiglet
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Default Re: mortgage shortfall help

I would send the MI - I certainly would be wary of paying a fee to anyone until you have seen a breakdown.
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Old 20th April 2008, 22:33   #3 (permalink)
michaelc
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Default Re: mortgage shortfall help

Thanks Tiglet for your help and concern i am seriously thinking about that as well
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Old 21st April 2008, 10:13   #4 (permalink)
sequenci
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Default Re: mortgage shortfall help

Don't use a fee-charging firm.

All the help you will EVER need is available via NDL, CCCS and of course, here.

Best wishes!
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Old 21st April 2008, 20:39   #5 (permalink)
michaelc
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Default Re: mortgage shortfall help

thanks Sequenci i will try and use the NDL but my fear is that the lenders might say i have acknowledge the debt
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Old 21st April 2008, 20:42   #6 (permalink)
tiglet
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Default Re: mortgage shortfall help

Write on your letter to them "I do not acknowledge any debt to your company".
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Old 23rd April 2008, 21:52   #7 (permalink)
michaelc
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Default Re: mortgage shortfall help

can i ask Tiglet or Sequenci if you have gone thru this type of situation and if you have what are your experiences
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Old 24th April 2008, 09:32   #8 (permalink)
tiglet
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Default Re: mortgage shortfall help

I haven't, I'm afraid - as I say in my signature, my knowledge is gleaned from spending far too many hours on this site.

Have a good look around and you may well find threads from people who are/have been in similar situations to you.
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Old 24th April 2008, 13:10   #9 (permalink)
sequenci
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Default Re: mortgage shortfall help

Quote:
Originally Posted by michaelc View Post
can i ask Tiglet or Sequenci if you have gone thru this type of situation and if you have what are your experiences
I haven't personally but I've helped hundreds of others go through it via this forum and in my day job.
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Please note that I cannot give advice via PM, however feel free to contact me in order to draw my attention to a thread and I'll do my best to assist you there!

I'm not a practising lawyer although I do have formal legal training in many debt related areas, if in doubt always seek further advice from a qualified professional.

How to get out of debt: http://www.consumeractiongroup.co.uk...-out-debt.html
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