Hi I returned my keys to Northern Rock via my solicitor after the sale of my house fell through after I moved to Australia. I had not paid the mortgage for a number of months due to being off sick from work (work related injury). We left the process in the hands of the solicitor. Anyway, the solicitor returned the keys with a letter from us stating that we could not afford the repayments and the sale had fallen through. We have received a reply (6 weeks later). They want us to sign a form, there is a paragraph that I am not too happy about....it says that they reserve the right to pursue me for the shortfall. It also says if they have not received this form back within 7 days they will repossess it anyway. What should we do? Sign the form and wait for them to come to us for the debt or just ignore it and let them take us through the courts. Thanks for any advice Regards

Can someone cast their eyes over this letter and tell me if i've missed something or put something in I shouldn't have. Thanks you lovely lot Voluntary repossession.doc

The rental price would not cover the mortgage price. I think the only thing we can do is reduce the price every week in the hope that someone comes along that can buy. Near the time we are to leave I'll ring the mortgage company to seek their advice and to keep them informed. If i end up selling to a "buy and rent back" company, I'll just have to offer the mortgage company some sort of monthly payment to cover the shortfall, if they'll accept that. If they won't, what would be the outcome. They would take me to court here in the UK, but then what would happen?

Both the mortgage and the secured debt is with the same company. I want to negotiate with them about how much they will accept, instead of chasing me around the world and going to court etc. So, which is the best way to do it. Hand in the keys if it won't sell and let them auction it, or sell it as a loss ourselves and hope that due to our circumstances they take whatever we get as full and final settlement?

We'll be in Australia. I know its unlikely we'd be chased for a small debt. But it might be a different story if its over 20-40 grand!! It still wouldn't be worth their while, I'll be a student and hubby will only be working 20 hrs a week, so I still wouldn't have any money to spare. Maybe I should explain this when offering them the money from the sale of the house. If they know there's no chance of recovering the money are they more likely to accept a settlement?

Hi We have reduced the selling price on our house by £29000.00, and still no interest, this is the lowest we can go to cover the mortgage and secured debts. We are emigrating at the end of Feb, I have not told the mortgage company this but they are aware we are struggling and cannot afford the monthly payments so have agreed a reduced amount, due to illness. I have asked the mortgage company if they would take less than what we owe as full and final settlement of secured debts if we sold the house for less. Their response was to agree to another couple of months with reduced payments. What is the best course of action now? Sell it for a big loss i.e. £20000 and hope that they take that as settlement. Hand the keys back and let them auction it and chase us for the shortfall. Sell to a "sell and rent back" scheme, at a reduced price, and let them take us to court for the shortfall (even though we won't be in the country). Thank you Tracy

It is that hard to read. And i don't know why there is someone else's signature written along the top and a date. Is that when they've actioned it?

I'm trying again!!

Okay, I hope this comes out okay. Apart from this there is an attached copy of current terms and conditions that have been printed out.

Hi everyone I owe MBNA approx 5 grand. I did have an agreement with them paying a small amount each month. I'm ill off work and have wrote to them asking if they'd write off the debt as I can no longer afford anything as I am now not receiving any wages and are about to have my employment terminated due to ill health, I have gone into great detail by letter ref Post Traumatic Stress Disorder. They refused to write off the debt. They did produce a CCA, which I think is in order. I have now received a letter saying that if I do not make contact ref paying the full amount off my account will be written off as a bad debt at the end of December. And they will then seek an order to repay my debt from equity available in my home. Where do I go from here? Shall I get in touch and offer them £1 a month? Thanks in advance Tracy

I'm sorry I can't give you any advice. However i too have been off sick. I have kept Northern Rock informed, and after telling them I am going onto "no" pay this month, they have given us 3 months of half mortgage payments. They did this after i rang and told them i wanted to pay something rather than nothing. We are already on interest only and the house is up for sale.

Hi everyone This is my first post, however I have been following advice and information given on this forum for a while, so firstly I must thank all those that take time to reassure and help those in financial trouble. I'm currently sick from work and have been on half pay for some time. I informed all creditors and began paying them a reduced amount 3 months ago. I have sent off CCA request to 3 Credit Card companies. I have received one back and this is in order. The other 2 have not replied, requests were sent 1st October. So i have now typed up letters to these complaining and saying that the account is now in dispute, template letter off this site. Okay, now yesterday I have gone on to "no" pay. But I do receive incapacity benefit. My mortgage payment has been halved by Northern Rock for 3 months, I have been paying my full mortgage up till this month. House is on the market. I will be receiving an amount from work as compensation when they finish me due to ill health. What i'd like to know is - shall i offer creditors some of my money as full and final settlement. Or shall i ask them to write off the debt due to ill health and i can't afford anything at the moment. Debts are: Northern Rock £10000 unsecured Black Horse £3000 unsecured Barclarcard £3000 MBNA £5000 Halifax CC £5000 Approx Any advice greatly appreciated. I'm in control at the moment. I do get the every day calls from Mercers though. I just ignore them. Thank You Tracy:)