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Mortgage shortfall debt

from Patricia Bolger (Trish@dbolger.freeserve.co.uk)
I had an endowment mortgage with the Abbey National, unfortunately I could not make the payments so returned the keys allowing a voluntary repossession in 1992. I had no arrears.

The property was subsequently sold by the Abbey National for £35,500, the market value at the time being £54,950.

Four years later I received notification that the Abbey wished me to pay a shortfall of £29,566.48.

My mortgage was £58,735.69, I had made repayments to a total of £30,908.78.

The sale plus repayments comes to £66,408.78. In addition I believe (original figure never disclosed) that the Abbey received £10,000 via the MIG.

They have now put the matter in the hands of company solicitors EVERSHEDS. I lost everything in 1992 and the Abbey made more than I originally borrowed. The solicitors state that the repayments I made amounted to interest and the outstanding amount is capital.

I have no way of repaying anything, a settlement figure of £3,500 is now acceptable to them or they will commence legal proceedings. This is the third time that EVERSHEDS have threatened legal action.

Am i liable and for what, can anyone assist?

Thank you

(posted 7823 days ago)

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