Posted: Mon Jan 21, 2008 11:49 am
what u mean dis Outstanding balances after home or vehicle repossession
Hi
When the home or vehicle are sold the proceeds are used to repay the loans secured on them.If the proceeds are not enough to repay the loans in full there is a shortfall and this amount would still be due and you would still be liable for it.
Regards
Andy Davie
IVA.co.uk Spokesperson and Website Manager
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp