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dorset1
Starting Member
1 Posts |
 Posted - 10 October 2008 : 20:57:03
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| hi i bought my flat for 130k in late 2005 and went back to my bank a month later looking for a credit card. they said no as i couldnt get an unsecured loan but i was told i could borrow more on my mortgage. they said the value of my flat was 158k so i had plenty of equity and they lent me another 10k. in the 90s i was a gambler and i got tempted, started again and blew the lot! i went back to the bank a few times and the value had gone up to 185k according to them so they kept lending me more and i even got secured loans from other companies. i quit gambling in march 2007, deeply regret everything of course, but i cant afford these repayments any more. i rent the place now and live with a friend rent free but i have nothing left each month. ive missed payments and i want them to re-possess but i know deep down that they must have made a mistake and had the wrong valuation of my flat, its worth about 135k now so i would have a 50k shortfall. i would like to go for bankruptcy but i fear prosecution, i never lied on a form but still, deep down i''m sure there was a mistake on their system. im so worried about the consequences but is bankruptcy a possible way out? |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 10 October 2008 : 21:07:45
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Hi Dorset and welcome
I cnat really answer your question as i don thave enough knowledge but someone who can will be along soon, you could always if you wanted to call the helpline at some stage and see if they can steer you in right direction, the number is 0800 078 9367.
Good luck with it all. :-)
Jo x
Your Mother Hen :-)
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Mother Hen's New Debt Free Life with Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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RHB
Senior Member
1159 Posts |
Posted - 11 October 2008 : 07:40:20
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| I would think that your flat could well have reached the higher value you borrowed against at the time so don't worry unless you knowingly gave a false valuation? |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 11 October 2008 : 08:57:47
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Hi Dorset
I had a similar problem with value with my home and LLoyds TSB. They valued us at a lot more than what i thought at the time and gave us a lot more on our remortgage now the house is obviously worth less, but i dont think we did anything wrong, they used there own independent valuer and they said it was ok. So im not worrying about that bit.
Take care
Jo x
Your Mother Hen :-)
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Mother Hen's New Debt Free Life with Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 11 October 2008 : 10:44:45
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Thanks John,
That has put my mind at rest i had visions of reprocussions when it came to our last valuation for our remortgage.
Have a great weekend
Jo x
Your Mother Hen :-)
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Mother Hen's New Debt Free Life with Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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i fear prosecution
