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dont know what to do now?


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we handed the keys back to our house in sept 2007 then 3 months ago had a letter from DLC demanding we pay 46'000 shortfall. as you know we have no assets i dont work as we have two disabled children. we noe live in a rented housing association property. ignored letter from DLC and heard nothing for 4 weeks then yesterday recieved a letter from a company called past due credit. it said i should contact them regarding an important matter but it does not say who they are working for and what its regarding! i can only assume its GE money have got another debt collector on to it? surely they are supposed to tell you in writing who their client is and how much is owed?! and can banks keep selling off their debts like this? which makes me think that they havent actually sold the debt off to a DCA. can they chase us for 12 years? the last contact i made was when i sent them the keys back in sept 07. they found me cos i wanted to do avon for a bit of extra cash but when avon told me they were going to do a credit check i told them i was going to leave it. it seems they ran the credit check anyway! but none of the letters have my husbands name on mortgage was in both names. seems they can only find me on credit check! i know i have asked alot of questions but please can someone advise us what to do? CAB reckon they wont pursue it as its impossible we could ever repay 46'000. thanks for your help.:)

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I agree with CAB; they can't get blood out of a stone.

 

However, they will look to the future and wait for your financial situation to improve. Debts in relation to mortgages become statute barred after 12 years, if no payment have been made and no acknowledement of the debt.

Thus you must have not contact whatsoever with them or, you could inadvertantly restart the clock ticking.

 

Both CAB and National Debtline are extremely helpful in relation to your situation.

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Is there not legal precedent that the shortfall becomes an unsecured debt once the property is sold / mortgage terminated etc? - help me out here brain boxes!!!

 

You and your husband are technically both liable seperately.

 

I would write to any and all who contact you along the lines of we have no money and no assets so either take us to court or sod off. Also chuck in the telephone call and doorstep visit letter you'll find on here somewhere. Everytime you get a first letter from a twonk then send it to them. After that chuck all you get in folder to be ignored.

 

Given the amount of the debt and the time frame you MAY want to look at formal get stuffed options such as bankrupcy. Depends on your circumstances and what your plans are but that would be over with in 3 years or so. Not a route to take on a whim but just a thought to consider.

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I thought first time bankrupts with no fraud were discharged in 1 year (or sooner if the insolvency agents decide so)..

 

Regards

Bigandy

The Grand essentials of happiness are: something to do, something to love, and something to hope for.

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But If I Do Write And Tell Them To Sue Us Or Sod Off Then Arent I Making Contact And Acknowledging The Debt? How Do I Know That We Owe Them 46k They Could Be Making It All Up! I Read Somewhere Else That They Cant Chase After 6 Years Is That Correct? Maybe I Should Wait To Hear From Ge Money And Then Ask For A Subject Access Request? Wot Do You Think? If They Really Want Their Money Surely They Will Take Us To Court In The End!!:(

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IVE READ ALOT OF LETTERS ON HERE REGARDING DCA'S. WHY DO BANKS ETC USE THESE PEOPLE THEIR TACTICS ARE SCARY AND DISGUSTING. DO THEY REALLY THINK BECAUSE WE GOT INTO DEBT THAT WE ARE ALL A BUNCH OF IDIOTS WHO DONT KNOW THE LAW?! DO THEY THINK THAT BY SENDING ME A LETTER ASKING ME TO CALL THEM REGARDING AN IMPORTANT MATTER WITH NO EXPLANATION AS TO WHAT MATTER THEY ARE REFERRING TO, THAT I AM THEN GOING TO RUSH TO THE TELEPHONE AND ADMIT I OWE THE DEBT AND OFFER THEM SOMETHING STUPID LIKE £200 A MONTH FOR THE NEXT 40 YEARS! COS THATS HOW LONG IT WOULD TAKE TO PAY OFF AND I COULDNT AFFORD 200 A MONTH anyway more like 25 quid.

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