Stay or go

[nightwatch]

Re: Stay or go

just sit tight for now Plan B will no doubt get back to you soon xx

[samsmum]

Re: Stay or go

Will do,thank you

[PlanB]

Re: Stay or go

Should i ignore Nram or respond in any way please?

Sorry for my slow response. I've got some IT issues at the moment (that's a posh way of saying I've messed up my email system and had to send Niddy a SOS).

So what have you received from NRAM? A letter threatening what exactly?

It may/may not be a good idea to reply. Do they know/write to your current address?

PlanB x

[samsmum]

Re: Stay or go

Hi,yes they write to our new address. The letters basically offer us ways to pay ie lump sum or coming to a monthly arrangement and saying we need to go through income and expenditure with them. I'd be very grateful for any words of wisdom in dealing with this in the least stressful way. Surprise surprise, paying in full is not an option

[PlanB]

Re: Stay or go

The letters basically offer us ways to pay ie lump sum or coming to a monthly arrangement

What a silly letter. Didn't it occurred to them that if you had sufficient money to pay the shortfall in a lump sum now then you wouldn't have got into arrears and been repossessed in the first place

Since they know where you are living you can't hide out, so you might as well reply saying that you are in dire financial straights which is why you were repossessed and your circumstances aren't likely to change in the foreseeable future due to health issues. That's just a holding letter until the picture becomes clearer.

Do you have a copy of your possession summons and did it include a request for a 'money judgement'? If it did and that's in the possession order then that would be the same as getting a CCJ so this shortfall debt won't go SB. Lenders only do this if they predict there will be a shortfall after the sale. It quite often gets overlooked which means they are only entitled to collect the actual mortgage arrears payments due at the time of the eventual sale of the property (not the sale shortfall).

If the court did not make a money judgement then the lender can chase you for 12 years for the shortfall but most decent lenders have signed up to the Council of Mortgage Lenders' Code of Practice which restricts this (voluntarily) to six years.

Did the lender ask you to sign anything when you opted for voluntary repossession or did you simply stick the keys in the post? This is quite important because some try to get you to sign a form which says you agree to pay any shortfall.

That's enough questions for one day

[Never-In-Doubt]

Re: Stay or go

Can I ask - how did they get your new address? I presume you've linked it by telling your bank which means it'll now show as a link.

Buggery

[samsmum]

Re: Stay or go

Hi,sorry for delay in replying. We had no dealings whatsoever with court as we voluntarily surrendered. We told them when we were moving out,they then sold it through local estate agents and just sent us a letter informing us of the sale price. Can't honestly say if we signed anything but think we may have stupidly done so and given them our new address