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JGM, Solicitor
Category: Law
Satisfied Customers: 12188
Experience:  30 years as a practising solicitor.
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a property that was a buy to let that I owned over 5 yrs ago

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a property that was a buy to let that I owned over 5 yrs ago was repossessed because the tenants caused 10 thousand pounds of damage to the property that I couldn't afford to put right. now the mortgage company want me to pay the shortfall of 39867 pounds. what can I do?. I am now in a rented one bedroom flat with a job paying minimum pay.
Thank you for your question.
You do have a right of damages against the tenant. However assuming the tenant has no assets and you have no assets I think you may have to take insolvency advice. If you declare yourself bankrupt if the bank do take enforcement action and you have no assets and a job that doesn't depend on you being solvent, once you are discharged from bankruptcy the debt is deemed to be discharged and you can start again. It would take about six years for your credit record to recover but that is the trade off for being discharged of this debt.
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