Pending debt and Possible Redundancy

[one20]

Hi all

 

I'll try and keep this short.

 

Last year my house got reposessed and now I am in receipt of letters from the lenders' solicitors. I have asked for details of the deficit, how they sold the house, how much it was valued at etc and they have replied after about 6 weeks of my letter.

 

I have yet to respond to them. I'm employed fulltime and my ex (party to the mortgage) is not.

 

I have the option to take voluntary redundancy and the amount received would be less than the defecit the lenders have declared.

 

my question is, would the lender be able to take that money, or would it be dependant on when I receive it and when (if at all) they apply tor wither an attachment of earnings order or apply to make me bankrupt? If it is a matter of 'when' or 'if it is timed correctly' then I know that there is a certain amount of time litigation can take,

 

basically my concern is, there is no point me trying to make a clean start with the VR payment if they're just going to take the whole lot!

 

any advice would be highly appreciated, i've asked friends, but no one seems to know the answer.

[Pinky69]

What did they say in their reply?

[one20]

Hi Pinky69

 

They sent me a reply to the effect that they acknowledged my letter. Sent a bundle of papers which had valuations etc, detailed when the account went into arrears, when the house was reposessed and the fact that they were unable to advise if there was any mortgage protection on the account. and then just the usual, we look forward to hearing from you..

 

Ps the house was valued at roughly 40k less than what it was bought by us (2 years prior). I believe it was highly undervalued, but they sent some other valuations of 'similar' properties in the region.

[Pinky69]

Firstly, you want to check through what they have sent you very carefully and ensure that the defecit is what they say it is. I have to say house values really crashed - my cousin's flat sold for £30000 less than its value at the same time. In addition, houses that are reposessed go for even less - all the lender cares about is a quick return and if you are left to pay the defecit, so be it as far as they are concerned. Your ex was party to the loan so she is responsible for 50% of the defecit and I would make that clear to them. Once you have worked out what your half is, make them an offer of a monthly payment based on what you can afford and stick to it. If that is accepted, there is no reason why you need to hand your redundancy money over.

[cerberusalert]

Your ex was party to the loan so she is responsible for 50% of the defecit and I would make that clear to them.

Yes & no. Both parties are held as 'joint & several' which means if they can't collect from one party they'll try with the other for the full amount.

[one20]

That is true, we are both jointly and serverably liable. The sad reality is that because she's on state benefits, it is unlikely they will chase her. In essence, I don't mind taking the VR (so long as I can secure the funds) and then this would put me in the same boat?

 

The problem is however, that the VR payment would most likely not come through prior to the end of September, and in the interim I am worried that I wouldn't be able to hold of the court action through litigation. That said it did take them a good 6 weeks to come back to me with the information I had requested.

 

If I agree to a monthly repayment figure now, and then take the VR, then declare no earnings, maybe that would work?

[one20]

bump.. any one else able to shed some light on this please?