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| claire25 |
Posted - 11 September 2008 : 15:53:42
Hi
I wonder if anyone in the forum can help.
As some of you who have already helped my know, i am thinking about VR.
Is it true that the lender may not even contact you for 6 years to
inform you of the shortfall payment?
thanks
C xx |
| 5 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 15 September 2008 : 05:28:48
Hi Claire,
The Statue of Limitations on this type of debt is actually 12 years. However, the lender will want their money back asap. Therefore, they will try and sell/auction the property asap and will be straight back to you with the shortfall.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| claire25 |
Posted - 11 September 2008 : 17:03:56
Oh i see,
i never though about it like - "i wouldnt need to think about whatever the figure because it is included in the BR"
I asumed that i would need a figure to declare bankrupsy. I didnt think could say "..and whatever the shortfall is" i though they might want to know that. xx |
| 369 |
Posted - 11 September 2008 : 16:52:39
Hi Claire,
Your SOA - Statement of Affairs, is basically the forms you fill in when you go Bankrupt... so you would write your address and previous addresses, all of your creditors details, your income and expenditure, your details about your mortgage, amongst other things and then there is a section where you have to explain why you are going bankrupt...
Hope that helps... |
| claire25 |
Posted - 11 September 2008 : 16:31:35
To be honest im not sure what a statement of affairs is. x |
| John |
Posted - 11 September 2008 : 15:59:21
Hi
don't know where you heard that from it's a knew one on me.
Out of curiosity, if you have added the potential shortfall to your SoA, why would you feel you need to know the figure, any particular reason?
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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