Have I got a chance?greenspun.com : LUSENET : Repossession : One Thread
Voluntarily handed keys back to house in 1994, left country and remained in far east for a year. Partner and I seperated in 1992 (was joint owner). She went bankrupt in 1995. I returned to UK in 1996, at the time there was £14K of shortfall on mortgage plus I owed £54K to other creditors, including £16K to Cedar Holdings. I approached all creditors, stating my total debt and offering to pay a percentage of the debt over a three year period. All creditors including Cedar agreed to this, except the principal lender on the property (Bradford And Bingley), they wanted small regular payments and open ended so that they could review and increase payment request. In 1998 I approached them again saying I did not want to have an open ended debt (I was now remarried with kids). It was agreed (on phone) by collections dept that the ceiling of my liability could be set at a ceiling of £3000, and agreement was made that any payments made before I could make the lump sum payment would come off the outstanding debt. In 2000 I reckoned I had the debt down to £1,700 and so phoned for a settlement figure. Different department, and they were not happy to accept less than £6800. I said see you in court. Received the usual threatening letters, debt will increase to £20K if you don't pay X amount this week... Signed up to NAMV, but case passed on to London solicitor. Says I have a 50/50 chance or slightly less, otherwise a summary judgement may be on the way. Given I have made attempts to pay something and have evidence of working to sort out my commitments with other creditors. Will a judge award against me? Managed to buy another house in 1998, has increased substantially since (in value), what happens if I sell now and move abroad again? Any comments greatly appreciated.
-- Anton Clark (email@example.com), January 23, 2002