UK Bankruptcy Law

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Hi my question is as follows: I have a mortgage worth 270K…

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Hi my question is as...
Hi my question is as follows:

I have a mortgage worth 270K on a house that costs 285K.
I have made payments without fail for the last 5 years which has totallled 60k and 9k of this has come off the principle. The house now has fallen in value to about 115K and still falling. Been single and in full employment i can't justify paying good money for bad anymore since i don't see this as my home anymore and i rent closer to work due to commuting costs.
What I need to know is how aggresive the banks will be once I default on my debt and pay a reduced monthly payment to them.?
At what point will they get a debt collector?
I want to vuluntarily hand the house back to the bank but will i have to go bankrupt and leave my job to get out of the debt? By the time they get around to court prceedings it may take 3years and my house will be worth about 85k with the current trend. I wonder what extremes they will go to collect the balance after i surrender the house?
Submitted: 6 years ago.Category: UK Bankruptcy Law
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Answered in 2 minutes by:
2/1/2012
Solicitor: UK-Justice, Barrister replied 6 years ago
UK-Justice
UK-Justice, Barrister
Category: UK Bankruptcy Law
Satisfied Customers: 16,193
Experience: Called to the Bar in 2007
Verified
Thanks for your question. Please remember to click ACCEPT once you get my answer.

A. Once banks have judgment they have 12 years to chase you for the debt.

B. Depending on the lender some are more relaxed than others

C. The banks will collect the debt themselves and unlikely to instruct a debt collector

D. If you went bankrupt with little or no equity you would be unlikely to lose your home.

E. If you want to leave the property then stop payments, wait until it is repossessed and then go bankrupt to get the debt written off.

Please remember to click accept so that I am credited for my time. Thank you.
UK-Justice
UK-Justice, Barrister
Category: UK Bankruptcy Law
Satisfied Customers: 16,193
Experience: Called to the Bar in 2007
Verified
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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