Interesting Reposession Scenario, what will happen

[bombay121]

Hi Folks,

 

First time i've posted in this forum so bare with me. My parents have got themselves into a lot of debt over the past 10 years, remortgaged the house countless times, loads of credit card, loans, failed business etc. They had a DMP with payplan but due to the amount they were trying to pay back it pretty much ended a year ago. Last year my dad gave up on the mortgage payments and hasnt paid since August last year. Northern Rock have arranged a repo hearing on 28th feb, with me so far?

 

The situation is my parents left the country 6 years ago and currently live in South East Asia, they have no ties to the UK anymore apart from me (moved out of said house last year). They both work however they work for foreign companies and do not get paid in the UK, they don't pay any UK taxes or NI and haven't done so for years. I now only visit the house once a week to collect the bucket loads of collection/solicitors letters that come through. Basically when they grant reposession to NR what will happen, will it be a case of me going there one day to find the locks have been changed? The house is pretty much empty apart from some personal effects I am collecting this Monday. Obviously once they change the locks I will not be able to keep tabs on whats going on. Will they try and locate them to collect any short fall on selling the property, can they be made bankrupt without being in the country and their whereabouts unknown?

 

They currently owe 315k on the mortgage, the house was last valued at 265k 2 years ago. They have around 60k in charging orders applied to the property and a quarter of a million in unsecured debts (credit cards/ loans) which have no CCJs as of yet.

 

Any advice is greatly appreciated as I want nothing to do with any of this, its their mess and i'm sick of being the puppet on the end of their strings.

 

Thanks

Dan

[dave121]

Im no expert but at a guess, they will not want to spend money investigating where they are, and put it down as a dead loss, they will have to watch it if they ever come back to reside... as it may come back to haunt them, i think there is a law about the time they can do this ? 11 years? then it is statute barred or something like that...good luck anyway, if i have got it wrong im sure someone else will correct me..

regards dave