Bailiffs?

[ste_bla]

Just wondering;

If you owe money and items get taken for payment (via auction) and they sell more than the original debt do you get the left over balance?

Or even in the case of housing and not paying you mortgage do you get the out standing balance?

 

[ste_bla]

are things really that bad?

No I was watching bailiffs on uktv people and the guy goes they are worth nowt at auction so they have to take loads to cover a £200 fine etc

Just thinking! I owe nowt at the moment (well except a "interest free" sofa and a £2000 car loan soon maybe)

Yes, if an item was very valuable and it was sold at auction and covered the entire debt and any charges associated you would get the balance.

You mean if the house is repossessed? Yes, as long as the property is sold for a greater amount than was owed on the mortgage you would get that sum less any charges incurred, if the property was sold for less than the value owed on the mortgage then you would still be held liable for the balance of the remaining mortgage as well as any charges incurred.

That makes sense however wasnt sure if things that makes sense happens

 

[ste_bla]

As doofer says, yes in both cases.

Given however that the typical auction value of the average household stuff is about 10% of what you paid for it, getting a refund isn't particularly likely.

I need to find some auctions 10%