Areas of Law / Debt matter

Ten years ago our house was repossessed, and shortly afterwards was sold for less than our mortgage. The insurance company has written to us several times over the years asking us to pay the shortfall. They now say that unless we make them an offer they will commence legal action. Where do we stand?

If you have no money and no assets then the insurance company will have no joy whether or not it takes you to court. The insurers will probably take this into account when deciding whether to incur the further cost of legal proceedings. However if they do take you to court you will also become liable for these legal costs, so your debt will increase. There are a number of debt charities which may be able to help you reorganise your finances.  

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