question category: Repossession

Hi had a flat repossesed in 1996 & need somw advice
Submitted on: 27th Oct 2010 by Non-Member | Total Answers: 1

Hi, had a flat repossed in 1996, approx 2001 was contacted by debt agency saying that i owe £25k, £6k is the debt approx £19K interest??

Have been asking for the last few years to have a full breakdown of what the charges are for, but nobody seems to know? it keeps going to different debt agents but none of them want to answer any questions on it??

Where do i stand & what can i do about it?

please help as finding it hard to sleep with this hanging over me!

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Re: Hi had a flat repossesed in 1996 & need somw advice

The mortgage company, or their representatives, are able to chase you for a shortfall in mortgage debt from a repossessed property as long as they first contacted you within 12 years of the sale of the property. As they first contacted you in 2001 they are within this time frame and are within their rights to ask for payment. There are a variety of options of how to deal with this debt such as negotiating payment of a reduced amount as full and final settlement; making regular payments towards the debt; or declaring bankruptcy. The next step will be to take advice from a debt advisor from the CAB or other similar free debt advice organisations, such as The Debt Advice Foundation charity.

Submitted on: 5th Nov 2010 by TA Member

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