Recent Posts

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1
Dealing with Debt / have a large debt
« Last post by pickledpepper on Mar 19, 2020, 09:26:58 PM »
Can a creditor apply for a warrant of committal again a debt owed to utility company ?
Debt is several years old and is around 4k. What is a warrant of committal anyway ?
Thank you for any help you may provide
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Bankruptcy / Re: Mortagage equity safe from trustee?
« Last post by polly on Mar 12, 2020, 08:01:22 AM »
I would have thought you are cleared of any debts and are buying with a clean sheet so there will be no claw back of equity on your new property
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Bankruptcy / Eligability for Legal Aid
« Last post by polly on Mar 10, 2020, 05:39:13 PM »
We are on a low income so cannot afford to pay for legal advice.
We are not on any benefits, but the joint household income falls below the maximum income to qualify for legal aid.
When i fill in the Gov.UK Eligibility calculator it keeps saying we do not qualify!!
I assume this is because we have two properties and assumes we have equity.
Both properties beneficial interest is owned by the IP for the creditors as we are joint bankrupts so why is this BI attributed to us therefore making us ineligible for Legal Aid?
4
Bankruptcy / Help Please
« Last post by polly on Mar 10, 2020, 05:28:06 PM »
Both my husband and i were made bankrupt in April 2016. We had joint ownership of two properties, one our main residence and the second on a buy to let mortgage. The receiver appointed an I.P as there were assets with some beneficial interest. The IP has registered a charge on both properties. I have disputed the drive by valuations obtained by the IP and after negotiation they accepted that the total beneficial interest on both properties is @ £46,000.
In May 2019 the IP served us with a Possession Order that covered both properties and we successfully got a suspension of the order as l have been left a legacy by a friend of @£175,000 but we have to sell her property first. The Possession Order was suspended for three months but the property has not yet been sold, so recently the IP has now issued us with an Eviction Order on our main residence but it did not mention the tenanted property. The tenant has received an Eviction Order at that address but we didn't receive anything about that notice at our home address.


We lodged a successful appeal against eviction for our home residence, on 09/03/20 and assumed this covered both properties. The Judge advised me that as the tenanted property was in a different county so another court was dealing with that Eviction.


Should the IP and the County Court involved issued me with a copy of the Eviction Warrant so that l could defend that eviction also?
Surely the notice should have come to us as Mortgagees, rather than the tenant.
Was this a breach of confidentiality to send the letters to the tenant?


Any advice would be appreciated

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Bankruptcy / Mortagage equity safe from trustee?
« Last post by steve hirons on Feb 24, 2020, 11:24:47 AM »
Hi all,


I went bankrupt in jan 2007. I am now in a position to apply for a mortgage with my partner who i met in 2009. Would any equity i make on the house be mine or would the trustee still want a piece ? There where no complications with my bankrupty order and no special conditions. Would appreciate any help on this.


Also hope all of you that have made it through bankruptcy are doing well ;)


cheers
steve
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Dealing with Debt / Re: Cannot get credit, don't understand
« Last post by Scrooge on Feb 14, 2020, 12:48:01 AM »
Hi. Credit reference agencies record info given to them by creditors. If an error is made and something is on there that shouldn't be, you need to write to the specific company who has that recorded and request that they remove it. The defaults and late payments are lowering your credit score which is why you are being declined, assuming you are on the electoral register. You need to get anything on their files that's wrong removed and try and pay off any debt that is still overdue, then your score will improve.
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Dealing with Debt / Re: Advice on debt
« Last post by Scrooge on Feb 14, 2020, 12:45:08 AM »
£40,000 is a high amount of debt. In your situation bankruptcy is probably a good option if you have no assets. Contact an Insolvency Practitioner for advice.
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Dealing with Debt / Re: Buy to let failure
« Last post by Scrooge on Feb 14, 2020, 12:32:12 AM »
If he's going to be liable for the debt on those 2 houses what are you waiting on? That's like sitting on a time bomb. Your house will be a problem under bankruptcy and in an IVA later down the line. Sell your house, remove the equity and RENT. When the time comes to pay the debt on the 2 other houses, pay it if you can afford to. If you can't pay it because you spent all the money taken from your own house what are they going to do? You can't get blood from a stone. It's not illegal. If you sell the house and spend the money then YOU declare bankruptcy, that would be deemed disposing of an asset to avoid repaying debts. However, if you don't declare bankruptcy you can do what you want with your house and the equity just now.


I wouldn't worry about renting. You'll have enough money to rent anywhere you want with the bonus of being able to move very easily if you get neighbours from hell next door. ;D

Obviously if you leave the money from your house equity sitting in your bank, you will eventually be sued for the debt on the other houses.
Hint nudge: don't leave the money sitting in your bank account.
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Dealing with Debt / Re: can i do this. Credit card debt
« Last post by Scrooge on Feb 14, 2020, 12:18:07 AM »
Move all the card debts to 0% interest rate cards. If you have a poor credit score or too much debt already you won't be able to though. In that case, write to them (if you are struggling to pay), ask them to accept lower payments, amounts which you can genuinely afford and to freeze the interest if you are in difficulties. Prove to them what you can afford......send them details of your income and outgoings.



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Bankruptcy / Re: General bankruptcy questions
« Last post by Scrooge on Feb 13, 2020, 11:45:35 PM »
Hi, unfortunately there are some spamming idiots on this forum, hence the reply you got above. You refer to a repayment plan after going bankrupt. Most people who go bankrupt may not have any surplus income to contribute to a repayment plan. You say you have £120 a month surplus. Technically they could order you to pay all of that except £20. However, there is a huge list of expenses you can claim you have to pay which I'm sure you would be able to use to justify not being subject to any repayment plan.


How an IPA or IPO is worked out.

Normally, if you have more than £20 disposable income per month you'll be expected to pay it all as your IPA or IPO payment. So the more disposable income you have, the more you'll have to pay.


However, your disposable income is what's left after the reasonable day-to-day living expenses for you and your family have been paid. The official receiver will always consider your views about what is 'reasonable' or necessary spending for your circumstances, but these expenses would normally include: rent, mortgage, council tax, gas, electricity, mobile phone, food, car expenses, dental treatment, clothing, pets, vets fees, prescriptions, clothing, hairdressing,broadband etc etc.


I don't know your situation so can't advise if bankruptcy is your best option. It might not be. There is a lot of mis-information online. If you want to discuss further, give me a few more details here or you can send me a private message.  The details which would help me advise you would be: your income (including benefits),assets owned (including vehicles), savings, total debt owed, number of creditors, stages of debts - ie are they with collection agencies.
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