ohave been told that if I can find £18,000 or make an offer very close to that , that it may be possible for them to accept that. But there is no way we will get that kind of money without security. As we have nothing of value, I guess bankruptcy would be the only route. I am just trying to ask you what would be the best thing to do. When we purchased the property in Spain we invested all our savings, we both found jobs there and debts in UK were also being paid monthly from our incomes. After 6 months I had cancer for the second time, which involved chemotherapy, radiotherapy and an operation which were all done in Spain. I was unable to wok during this time. Because of my health we decided we would have to come back to UK. We sold our furniture and belongings to get us back home. We rented the villa out for 6mths and paid the difference between that and the mortgage. After that we paid the mortgage in Spain and rented a caravan in th UK. When the GBP and the Euro became equal, although we were both working we were unable to cover our debts. We advertised the property but due to the publicity at that time could not even sell it for enough to cover outstanding mortgage.
We couldn't continue and handed the keys back to our bank before we were in arrears. I have had an IVA to cver my debts in UK and this has now completed. My husband works full time and I am retired. We have no assets, second hand cars, and manage to pay our way and keep our heads above the water. Is it possible that they will make us bankrupt even though we have nothing to offer? If they go that route will we lose our own personal aand household items?
Thankyou for that, it was very helpful. would our cars be considered as assets, one is valued about £950 and the other at £2,000.