big shortfall, no credit no money!!! : LUSENET : Repossession : One Thread

We were repossessed in June 1995, we moved around quite alot due to the private renting leases but eventually qualified for council housing. On 16 February 2000 we received a letter from Eversheds lawyers representing Abbey National requesting repayment of a shortfall of #31 500 or a repayment schedule. I sought advice from an independant financial adviser who suggested we offer a final settlement of #750 which is what it would cost us to go bankrupt or we would file for bankruptcy. This offer was rejected and they have come back with for #3000 they will accept this as full and final settlement.

We have no savings, we are unable to borrow the money as we have been turned down by every financial institution we have applied to and because this past year my husband earnt #26000+ they are assuming that this is the norm. My husband started with a new company just before christmas and he has no guaranteed hours, he can work 40 hours one week, 75 the next and then 35 the following so we do not have a set income as he is hourly paid but as far as eversheds are concerned he earns excellent money and that is that.

We have three young children and I would love to return to work but childcare costs make this an impossibilty and my husband does not work regular hours so I could not rely on him to care for them whilst I work.

So the bottom line is where on earth do we find #3000 or are we better of going bankrupt. The other factor is that the property repossessed was bought on a 60/40 equity and we still have the 40% outstanding which stands at #22000.

If anyone has any bright ideas please pass them on before we are added to the divorce st

-- samantha young (, March 19, 2000

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