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In 1996 I voluntarily had my house repossessed because I was…

In 1996 I voluntarily had...
In 1996 I voluntarily had my house repossessed because I was on Income Support and could not see a time when my earnings would improve. The house was sold for £38,000 less than I had on mortgage and, since then, I have been paying £30 monthly (all I could afford) to pay off the deficit to Mortgage Express.
I am now 60 years old and on State Pension. I am finding it very difficult to keep up the payments on such a low income.
My son tells me that it might be possible to stop paying as it has been 14 years since the re-possession. Is this true?
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Answered in 2 minutes by:
6/28/2010
Senior Partner
Senior Partner, Solicitor
Category: UK Law
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Experience: 30 years experience in business law and related topics such as employment law
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You cannot just stop but you might consider bankruptcy which would wipe out the debt and if you have no other assets or income other than your pension then i would consider that
Senior Partner
Senior Partner, Solicitor
Category: UK Law
Satisfied Customers: 13,330
Experience: 30 years experience in business law and related topics such as employment law
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Customer reply replied 8 years ago
How would I go about claiming bankruptcy? And how would it affect me personally, financially or otherwise? e.g. bank account, credit rating, etc.
you have to file a petition most of the information you need is available form the governments insolvency websitehttp://www.insolvency.gov.uk/

Of course you will lose your credit rating, this i will also happen if you default on the payments and they sue you and whether it is a good idea depends on whether you have any assets ( apart from personal possessions) which you would lose.
the alternative is to default on the payments let them sue you and ask the court for time to pay.

If you only have your pension as an income then you might think about telling them you are going to file for bankruptcy unless they agree to a sensible settlement
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