NRAM debt problem

[FearingDebt]

Hello everyone, and may I thank you in advance if I don't manage to thank you personally with any help you may provide me with.

OK, here is my situation, I bought a house with my then partner in 2002, Northern Rock 125% mortgage. We lived together for a few years before separating. I kept the house paid the mortgage etc. Never bought her out as we were still amicable at the time. As economic times have taken a downward spiral, I fell into mortgage arrears by upto 5/6 months. These are now paid off thankfully, but I cannot afford to run the house I looked at selling but again, i couldn't afford the fees nor to keep paying the mortgage so i reluctantly 'voluntarily surrendered' the house to NRAM last week. Now the current housing market as it is the value is circa 70k with an outstanding debt of 92k. Now my ex and myself are a bit worried that when it finally gets sold my NRAM, they will come chasing us for the 20 odd thousand i(we) would owe to them, I certainly cannot afford to pay it as I live with my partner who luckily supports me... I earn about 300 a month. My ex works part time and has a child ina council house, she herself has debts or over 20k I think... When the letters or phone calls do start, what is my(our) best course of action?

[Streetwise]

Re: NRAM debt problem

Hello everyone, and may I thank you in advance if I don't manage to thank you personally with any help you may provide me with.

OK, here is my situation, I bought a house with my then partner in 2002, Northern Rock 125% mortgage. We lived together for a few years before separating. I kept the house paid the mortgage etc. Never bought her out as we were still amicable at the time. As economic times have taken a downward spiral, I fell into mortgage arrears by upto 5/6 months. These are now paid off thankfully, but I cannot afford to run the house I looked at selling but again, i couldn't afford the fees nor to keep paying the mortgage so i reluctantly 'voluntarily surrendered' the house to NRAM last week. Now the current housing market as it is the value is circa 70k with an outstanding debt of 92k. Now my ex and myself are a bit worried that when it finally gets sold my NRAM, they will come chasing us for the 20 odd thousand i(we) would owe to them, I certainly cannot afford to pay it as I live with my partner who luckily supports me... I earn about 300 a month. My ex works part time and has a child ina council house, she herself has debts or over 20k I think... When the letters or phone calls do start, what is my(our) best course of action?

Hi and sorry to here of your plight,bye the sound of things your pretty down on your luck if youv'e got nothing they cant get anything,depending on your age you could hide for 5 years if your in Scotland or 6 years if your in any other part of the U.K. and let the S.B. clock take charge,make a note of the last payment you made to them, and the date, the clock starts from then.Remember they might not pursue the debt,but if you can get through the 5/6 years you will be clean.

[wales01man]

Re: NRAM debt problem

I may be wrong being in the same position as the OP i think the time before its SB is 12 years

[Streetwise]

Re: NRAM debt problem

I may be wrong being in the same position as the OP i think the time before its SB is 12 years

Sorry Wales 01man is correct,FORGOT it was a mortgage.Sorry bum steer there.

[Celestine]

Re: NRAM debt problem

If they do come after you both for 20k the your respective incomes (or lack of) will be taken into account.
If the debt is enforced at Court, you and your ex will need to submit a statement of your income and expenditure and any payment arrangement would take into account your actual earnings. In theory you could be expected to pay as little as £1 a month.

Don't panic. The only thing that will be certain is that your credit record will be affected negatively.....though I doubt you'll be looking to borrow again any time soon.