Our house was repossessed four years ago. Now the mortgage people have been on to us to see if they can recover any more money. They have already sold the house and taken our life insurance policies and everything else they could get their hands on. What can we do? Would it be advisable to go bankrupt?
If you have no other creditors you should try to reach an agreement with the mortgage company. They may be persuaded to write off the shortfall, or reach a settlement with you and agree to a smaller sum being paid by instalments. If you have other creditors as well you may be advised to consider a voluntary arrangement as an alternative to bankruptcy. Consult an insolvency practitioner or the Citizens Advice Bureau for further advice.