•Bankruptcy Information Center
•What is Bankruptcy?
•Is Bankruptcy right for me?

•How to declare Bankruptcy?
•What happens to my assets?
•Bankruptcy and credit rating


•Bankruptcy News

Media Room:
•Press releases
•Media Coverage

•About BankruptcyHelp
•Contact us
•Debt Glossary
•Insolvency jobs

  > Browse and post on our forum
Home   |   Profile   |   Register   |   Active Topics   |   Members   |   Search   |   FAQ

Welcome to our Forum, please register if you want to post
Ask a debt question
See the last 250 posts
Watch video on how to use forum

Save Password
Forgot your Password?

 All Forums
 bankruptcy postbag for july
 Shortfall after home sold
 New Topic  Reply to Topic
 Printer Friendly
Author Previous Topic Topic Next Topic  

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?



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.
Go to Top of Page

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???
Go to Top of Page

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

Real People ..... Real Debt Solutions
Go to Top of Page
  Previous Topic Topic Next Topic  

 New Topic  Reply to Topic
 Printer Friendly
Jump To:
bankruptcyhelp.org.uk Forum © bankruptcyhelp Go To Top Of Page
Powered By: Snitz Forums 2000 Version 3.4.06