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Hi all,

 

Some time ago I had a secured consolidation loan on my house (pre divorce) with Endeavour Personal Finance for £50,000.

 

I went bankrupt in November 2007, discharged for over a year now, and the loan was included in the bankruptcy.

 

I have just been handed a letter from my ex wife (they dont have my address!) from Lightfoots Solicitors a standard 'pay up now or court action' letter.

 

I have recently checked my Experian credit file, and there is no record whatsoever of the Endeavour loan.

 

I thought this forum would be my first port of call - i do not want to ring them, am intending all corresspondance (if any) to be via recorded delivery.

 

Any ideas/experiances/advice i can take on board to try and clear my name?!!!

 

My ex wife also went bankrupt but i can only assume she never included the loan for some reason?

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If this was secured on your house then it won't have been included in your bankruptcy. Secured debts are not included in bankruptcies.


I really do appreciate all those 'thank you' emails - I'm glad I've been able to help. Apologies if I haven't acknowledged all of them.

You can also ding my gong if you prefer. :)

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although when they become unsecured they fall into the bankruptcy as long as nothing further has been signed to agree to the liability

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So, is this correct:

 

The house was repossesed, and then because the house no longer mine, the secured loan then technically becomes unsecured?

 

Just want to get an idea if they can actually screw me for this cash? Was confused because absolutely no record of them on my current credit file.

 

Cheers for your help so far..

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If there was any surplus after the house was sold and the Mortgage Company (1st charge holder) had been paid off then the balance would have gone to Endeavour (if they were the 2nd charge holder). When the house was sold, as you say, they then technically became an unsecured creditor as they did not hold any security. The liability for this happening should have been included within your bankruptcy by the OR

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The house actually went for less than we paid for it! Contacted Northern Rock, they said the file says it was voluntry repossession.

 

Also, just a thought, we paid 95,500 for house. When we applied for - and were accepted - the loan, house was worth only 109,000!!???

 

So there was never enough equity in the house to begin with lol!

 

You feel i should just ignore there demands and hope for the best, or, write to them or maybe my OR for advice?

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I'd send their letter to the people who handled your bankruptcy and ask for their advice, if this was included then they are up the creak without a paddle.

 

Sadly this seems to become more common, once people are out of bankruptcy they are still being chased.... that was the whole point of being bankrupt wasn't it!

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