Terry, by making any form of payment you have effectively admitted liability of the debt. Options open to you now are:(posted 7648 days ago)1)negotitate full settlement, independently or via firm 2)go to court and argue MIG mis-selling (no case law to my knowledge?) and or incorrect/missing information following SARN, underselling of property. Lender cant provide deeds, details of property valuations prior to sale etc..... 3)declare bankrupt 4)They only have 6 years to claim interest on any shortfall debt under the case law below:
"The limitation period for the principal sum/capital is 12 years under s20 of the Limitation Act 1980 and not s8 or any other provision. The limitation period for the interest element of any shortfall is 6 years, governed by s20(5)."
This means they can only sue you for the sale minus the mortgage debt at the time, not any added on interest accrued, which is nice! This helps your settlement position if you take this route, you can argue say 10% of principal as settlement and quote this at em.
5)go to court and agree payment terms which is not recommended as you can get credit blacklisted if you miss these in the future or your circumstances change making it difficult for you to pay.
cant think of anything else at the mo.
good luck