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Original poster

house repossessed

12 replies

anyoldname76 · 01/06/2014 09:05

We had our house repossessed earlier this year, its now sold and there is a massive shortfall. We bought it in 2006 and it never recovered its value after the market crashed.
Ive got no way of repaying it, we are just treading water as it is.
Is the only option bankruptcy? I haven't slept for days, ive had some anxiety tabs off the doctor but I'm still feeling on the edge.
My dh isn't supportive, so there is no point talking to him about this, his attitude is that we can't pay it so why worry.

OP posts:
Clutterbugsmum · 01/06/2014 09:29

I know a friend of mine had to do this back in the 90's. He had know way of paying his half of the shortfall and was advised to go bankrupt. Not sure if that helps. You need to speak to cab to get some advice.

Can I ask why it it's you who can not afford to pay rather then the both of you.

Original poster
anyoldname76 · 01/06/2014 09:58

My dh isn't working atm, he hasn't for a couple of years, I work, but its fairly low paid, there is no point asking him get a job as he won't stick it anyway. I'm going go to the cab tomorrow I think, the mortgage company have given us 10 days to pay, Im trying hold it together for my dc sake but I can feel my mind unravelling.

OP posts:
Clutterbugsmum · 01/06/2014 13:55

My dh isn't working atm, he hasn't for a couple of years, I work, but its fairly low paid, there is no point asking him get a job as he won't stick it anyway. I think you have more problems then just the mortgage debt to be concerned with. Him not working because he doesn't like it, well tough he has a responsiblity to you and and your children he doesn't have the luxury not paying his way.

Original poster
anyoldname76 · 01/06/2014 15:38

I know clutter bug, we've got a rocky relationship anyway but I know he wouldn't leave as we have children together and he now classes himself as the sahp.
Ive been reading about iva's and bankruptcy, we wouldn't be able go for a dro as the debt is more than the limit.
I just don't want go down the route of bankruptcy Sad

OP posts:
ballsballsballs · 01/06/2014 15:46

Hello OP. Shelter has a great helpline, it might be worth giving them a call tomorrow to find out your options. Flowers

TalkinPeace · 01/06/2014 22:03

One of my clients is still paying off a mortgage from a house that was reposessed in 1995
he pays £50 a month. He'll be 96 by the time its gone.
Ho hum, tiddly pom. He and I ignore the damn thing frankly!

BUT
you are younger. Definitely talk to the CAB and have a look at your options.

dietcokefan · 02/06/2014 15:46

there is no point asking him get a job as he won't stick it anyway

he sounds like a catch Hmm

Original poster
anyoldname76 · 02/06/2014 18:55

Ive got enough on my mind without dealing with a break up as well tbh, I know its not ideal that he isn't working but tbh I haven't got the energy for that fight.

I phoned the mortgage company today, the lady I spoke to was really nice but couldn't really help, ive got an appointment at the CAB on Wednesday so I'll have more of an idea where to go from here.

Thanks for all your replies

OP posts:
TalkinPeace · 02/06/2014 20:06

anyold
One thing at a time.
THe mortgage / CAB / council people will jump through lots of hoops to not make you homeless.
Be willing to get a spine of concrete to make sure your rights are taken into account.
But if your DH is not willing to grow his, you have to look after yourself, bring him along for the ride and think long term for YOU.
Good luck with it.

Original poster
anyoldname76 · 02/06/2014 21:45

Thanks talkingpeace the house has already been repossessed, we're living in rented accommodation now. Its just the shortfall I'm worried about, we haven't got any other debts or credit. Just gutted that ive worked all these years and now I'm worse off than ever.
I just want Wednesday to come so ive got a clear idea what will happen about the debt.

OP posts:
TalkinPeace · 02/06/2014 21:54

Ah, OK
you may just be best to settle a monthly amount and accept it :
as an accountant I cannot go bankrupt either so know the pain

a few years of £50 a month may leave you in a better place to settle it later or change your life in other ways
but negative equity is just part of life - tens of thousands of people got hit in the early 90's as the then government did not make house prices stay up and zombie loans stay plodding on

you are free of it as its gone
now just some cash to settle (look at the debt thread of people paying for clothes they no longer own Grin)
and then you are clear

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