I appologise in advance if this seems a liitle long winded. Here's the background as to how I have come to owe a mortgage shortfall.(posted 7493 days ago)I took out a joint mortgage with my ex-partner when I was only 18, he was 32. We had the property for a little under a year when our relationship ended, that's when the financial difficulties began. He left and beteen us we just couldn't afford the mortgage. I kept in touch with the TSB and in March 1999 I handed the keys back to them in a voluntry repossession. I subsequently kept in touch with them informing them when I changed address etc. I had tried to sell the property for 7 months before the voluntry repossession, I recieved a letter from a solicitors acting on behalf of the TSB in the July of 1999 stating that I owed them £18,000....My property was valued at £38,500 and they, after only 4 months of marketing my property had sold it at auction for £26,000 !
I at only 21 and very scared by the whole situaion contacted a local solicitor. I had nievley thought that I would only owe half the amount of the shortfall as it was a joint mortgage, only to find out that I had apparently signed a "Joint, but seperate liable aggreement". Since they couldn't find my ex they were content to chase me for the full amount, as in their own words "I was good for the cash, my ex wasn't" ! I was about to start university and my solicitor "unofficially" advised me that If I could keep out of sight for 5 years the debt would not be persued. It's 4 years 6 months now, I moved, changed my name (Legitimately, as you can do in Scotland)and haven't even whispered for credit, I turned down a switch card that went with my current account !. I have stayed off the electral role and I do not pay council tax as I am a student. So if I can last the next 6 months I should be ok it would seem ?, wrong this is what I had originally thought but a friend of a friend recently informed that if my ex, has either made written contact or a payment to the mortgage lender the 5 year period begins again from the last date that he made any contact !
qu: Is this really true ?, even although I have made a damn good job of dissapearing, its all for nothing if he has paid them anything say last year ?
qu: Does this justafiably effect me as it was a joint but seperate liable aggreement ?
qu: I don't know where my ex is, is there amy way that I can find out if he has made contact with the mortgage lender ?
qu: Considering that I am now finished Uni and working for a decent enough wage, about to get married next year and will obviously want to buy a property again in the future, if he has contacted them, should I either, :
*Try to raise some cash to offer a settlement ?, if so how much would the minimum that they are likely to accept be ?
OR
*Should I fight them ?, If I did would I have any grounds ?...The mortgage was a complete dead horse from the start, I had no proof of income, my ex had just changed jobs and we had a county court judgement against our names from a previous landlord, which was settled just before, i.e one week before we got the mortgage to the managers knowledge, may I add. They sold us the most horrific deal that you can imagine, being as how I was young and nieve and he was basically stupid !
I am very distressed with this situation it has hung over me for over 4 years and the stress of it all has cost my health to suffer, with frequent trips to my GP because of a bowel complaint induced by stress and dramatic weight loss, I would appreciative of any help or advice that anyone could offer me, I just don't know what to do ?
Thanks in advance, much appreciated.
Catherine.