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Recovering shortfall

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Hi All,

 

House repossessed around 3 years ago. Sale price more or less covered the outstanding mortgage. Received a letter from solicitors the other day trying to claim nearly £11,000 for what they describe as a loss following the sale. Various dubious items included but the bulk is £7,000 interest. What are the prospects of them actually starting a court action to try and recover this?

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..highly likely if they think you've got the cash/assets etc.. in which case, you have to make it sound like they're onto a loser.. why have they taken so long to contact you?...

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Got a letter from the building society Jan 2007 chasing this saying they would accept any proposal. Ignored it. Nothing then until January 2008 when I received exactly the same letter. Again ignored it now the letter from the solicitors arrives.

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..if you ignore it then it might go away... but usually they just wait long enough to justify adding another lump of costs on top of it.. it's a tricky one - if you have assets that you need to protect then it's a good idea to start negotiating in some way.. if no assets, then I'd start by putting across the idea that they're onto a loser with large amounts of outstanding liabilities and no chance of ever paying a bean.. probably go bankrupt after they'd dragged my proverbial through the courts lumping them with the costs of that too etc.. but, there's a good chance they've researched your situation, looked up credit files etc.. so tread carefully indeed..

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Thanks for that. As for assetts .....none except an elderly car. Other liabilities .....say £30K. These are on my credit file so if they have done their homework they will be aware. Might sit it out and see what comes of it. If court action starts I will enter a full defence and refer to the other liabilities perhaps?

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..if it really does look like court action is looming then it's best to try and do a deal.. negotiate the payment right down etc.. court action is something you really want to avoid.. the judge will have to find in their favour but may reduce certain elements of the amount owed.. and may freeze the interest on it if you request so and plead your indebtedness etc..

 

..is it from a real solicitors firm or a solicitor fronted debt collector?

 

..wish I could call my car elderly.. rather than rustbucket :)

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