Hi, I'm wanting to no my house has gone for reposession and been sold for £50.000 less than the mortage on the property, what will happen with the shortfall? are we going to have to pay this ex husband works and i'm on benefits, how are the lenders going to redeem their money. Thanks
Should be included in your Bankruptcy unless specified otherwise (very unlikely).
Unfortunately where people are sent down the bankruptcy route the particular lenders have to suffer the loss. Thats life though and must be one of the main considerations when lenders decide whether to vote in favour of an IVA or against it.
Bottom line is check with whoever done your BR.
I came into this world with nothing and still have most of it left!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
