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 bankruptcy postbag for july
 Shortfall after home sold
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Delboy
Junior Member



United Kingdom
189 Posts

Posted - 09 July 2009 :  14:15:09  Show Profile  Reply with Quote
Hi Everyone,

My wife and I went BR last year, myself in June her in September, in November last year, we voluntry let the Northern Rock repossess our home, they have sold it for less than we paid for it, and we have today had a letter from a debt collection agency demanding that we pay over £22,000 due to the shortfall.

Should this not be covered by the bankruptcies, or are we going to have to pay it?


Regards

Delboy

gettingoutofdebt
forum expert



2418 Posts

Posted - 09 July 2009 :  16:14:52  Show Profile  Reply with Quote
If you put the details on the SOA then the shortfall will be included in the BR. Forward the letter to the OR/RTLU and they will contact the debt collection agency.
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adelebw
Starting Member



United Kingdom
39 Posts

Posted - 21 July 2009 :  14:19:46  Show Profile  Reply with Quote
Hello delboy
Just wondered because you went bankrupt before the house was repossesed, would this mean that the house shortfall wuld not be included in the BR???
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Reviva UK
Advanced Member

United Kingdom
2452 Posts

Posted - 21 July 2009 :  15:15:16  Show Profile  Reply with Quote
at the time of bankruptcy the equity - or indeed shortfall - will rest with the bankruptcy estate.

In the event that you have not purchased the Beneficial Interest back from the OR then it still rests with them and will be included in the Br

Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com

Real People ..... Real Debt Solutions
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