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Do you agree with the amount owing?Do you have any assets?
Is there enough equity in your home to cover the amount owing to them?
I was going to suggest that you consider declaring bankruptcy, but as you have equity in the house it would not make sense because you would end up losing your house.
I suggest that you try to settle this by stating that you will put in a defence and this will take a lot of time to resolve and that you simply do not have the ability to pay, but if you cannot settle because they won't agree or because you simply cannot pay anything then it does not really make sense to put in a statement of defence because buying yourself some time will not really matter.
I am sorry that I do not have a better answer for you but as you have equity in your house and as you really do owe this money there really isn't any good legal solution or practical solution if you cannot borrow the money.