Recovery of Shortfall Following Voluntary Repossession : LUSENET : Repossession : One Thread

I have been contacted, after 5 years, for the recovery of #23,610.62. I gave back the keys of my flat following a spate of burglaries to my flat - I was burgled 6 times in 2 years by a tenant in another flat who the landlord would not evict even though he was a known drug addict (he was not there when I bought my flat) I was a single parent with a goodish job and a 8 year old daughter. The stress got too much and I had a mini nervous breakdown, quit my job, sold my car and moved into a council flat and started a diploma at University. Nationwide wrote to me in 1997 and I explained my circumstances, ie, I was a student, no savings and on income support. They wrote back not to worry they would review my case again in a year (my bank account is also with Nationwide so I was not hiding) I did not hear from them until 2 June 2000 when Eversheds the solicitors wrote requesting the shortfall. I have contacted them and they inform my that Nationwide are not in the policy of blacklisting people and are looking for a lump sum settlement in the region of #7,000 to #8,000 to write off the debt and close the file.

I now have a new partner and would like to get a mortgage and therefore it is in my best interests to get this paid. However, I already have loans and, although I am now working, I do not have any savings. I have heard that I should be able to reduce the amount and get them to accept a lower sum. Is this true? Any tips on how? I am quite naive to this game and would welcome any helpful suggestions.

-- Susan Desai (, June 05, 2000


Having read your message i would consider that you are in Quite a Fortunate Position compared to others-in that they have already reduced the Shortfall Payment-without you asking! They could ,as you state work ,so if not, self employed could go for a ATTACHMENT OF EARNINGS on your salary Stating you have other loans and service these and that you also wish to apply for a new mortgage with your Partner all these points infact although you have been very honest go against you-as you will see from the Horror stories on the web site! Why are you applying for a joint mortgage? On the plus side if they are reducing it already there must be some reason-so perhaps it would be advisably to go and see a CAB debt advisor or Solicitor to question the orginal shortfall?

You many not like my reply but having seen so many of these cases and outcomes and fights!!! There is no point in beating about the bush Wish ytou well and also for your honesty in your orginal Question


Charles Twford

-- charles twford (, June 06, 2000.

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