Hmm. If you haven't mistyped your figures it sounds like you've been ripped off by the surveyors and other 'professionals' whose services would have been needed to sell the property. Well, item one of the good news is that whoever sells it can only claim reasonable fees - for example a selling agent would charge maybe 1.5-2.0% - so any excess on these can be queried and reduced. Viz the massive shortfall they are claiming, they will claim most of it is interest on whatever fees they laid out in order to sell. The good news here (item 2) is that they can't claim any interest on the principals they expended unless they submitted a bill at the time, giving you an opportunity to pay those fees immediately. [consider, for example, if I were to send you 10 CDs, but no bill, then in a years time sent you a bill for the 10 CDs plus £100 in interest because you hadn't paid... same principle applies].(posted 8376 days ago)Just on what you've said, there are demonstrably a number of issues you can take up with them, and we've barely scratched the surface.
Final comments is that it was very kind of them to offer to let you off with £50 per month (an open ended commitment) plus a charge over your new property. How generous! The bastards. One very good reason why you should stop paying is that a court may see your payments as an acknowledgement/acceptance of the debt.