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Robin.72
Starting Member
4 Posts |
 Posted - 08 July 2011 : 10:04:18
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Hello
My partner and I lived in Spain for approx 16 years we bought a house there approx 6 years ago. We returned to the uk 2 years ago as we now have a son and wanted to be closer to family. We have negative equity on our spanish house so selling it is a definate no, along with all the other taxes and insurances etc we simply cannot afford it. If we simply stop paying it and write it off how will this affect our new life in the UK I realise this is a desperate measure, but we are getting quite desperate-something has to give. We use barclays in Spain. Any help/advice would be very much appreciated.
Thanks |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 08 July 2011 : 10:19:51
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Hi Robin,
Do you have other debts? Can you come to an arrangement with Barclays for any shortfall? Do you have any disposable income? Any assets?
I suggest you speak to an expert and chat through your situation.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Robin.72
Starting Member
4 Posts |
Posted - 08 July 2011 : 17:26:32
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Hi Viki
We have no more Spanish debts - just the mortgage we have approx 27 years left to pay.
We do have a few small debts here for furniture etc , nothing major.
We have no other assets and at the moment no disposable income. If we walk away from the mortgage that will free up approx £250 a month.
Thanks
Rob
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RHB
Senior Member
1159 Posts |
Posted - 08 July 2011 : 19:55:00
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| Any chance of renting it out to cover the mortgage or some of it? |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 09 July 2011 : 07:37:29
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Hi Robin,
If this is your only real debt and you want to walk away, then you can do, have the house repossessed and wait to see what the shortfall is. You may be able to come to an arrangement at that point with the mortgage company to repay any shortfall.
Or, As RHB has asked, could it be rented out?
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Robin.72
Starting Member
4 Posts |
Posted - 10 July 2011 : 20:20:45
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Hello
We rent the property at the moment and have done for the last 2 years but the situation in Spain is so bad the current rental value is much lower than our mortgage repayments. We currently owe approx 170,000 euros, if we walk away and have it repossessed and the bank raise lets say 120,000 at auction, are they going to bother starting a long, drawn out procedure to try and re coup approx 50,000 euros ?? Surely they will have bigger fish to fry !
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 10 July 2011 : 20:42:50
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I doubt they will write the debt off.
When they chase you for the shortfall and you really can't afford to repay it, bankruptcy could be an option.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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What would be the effect of writing off our Spanish house ?
