bluedogx
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Everything posted by bluedogx
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Have you asked for interest only ? Looked into mortgage support schemes? B
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It's interesting that they threatened an attachment if earnings. Are you sure it's secured? They would normally threaten to repossess B
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Please help me with my Debt Problems :(
bluedogx replied to crm84's topic in Dealing with Debt in Scotland
Generally I always advise an up to date valuation before seeing an IP. Your share of the equity will generally have to be paid over to the trustee by a third party - partner, family member etc. The good ones discount an amount equal to selling costs and ask you for the remainder so that would be about £4k in your case if all the equity is yours. The house returns to your ownership when trust deed is discharged. You also need to be able to make a reasonable contribution to the trust deed every month for 3 years. B -
Have you had any court papers or is it just a threat? An English court does not have jurisdiction over debt if you live in Scotland. They should know this and are in breach of oft guidelines by telling you otherwise. How much do you owe them? You have to owe an individual creditor £3k or more before they can make you bankrupt in Scotland. Council tax depts and HMRC are the only creditors who this regularly. Are you a homeowner?
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They can take action in Scotland but they will have to do certain things before hand. The method of recovery is different ie the chances of an exceptional attachment order which allows sheriff officers to enter your house are very remote. Never happened in my area as far as I know. If she has a low income, no assets then she shouldn't worry. Try to get her to visit her local CAB to put her mind at rest. B
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I think you should phone cccs or payplan or national debtline. Your budget surely doesn't cover all your needs. They have calculators for income expenditure. No point making an offer you can't afford B
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Repossession Process - Bankrupt
bluedogx replied to Scottish Roddy's topic in Dealing with Debt in Scotland
Whether the trustee revives his interest in selling will be dependant on RBS now. However they are generally ok. The homeowner and debtor protection act makes sure that banks have to take all reasonable courses of action to avoid repossession. It should only be a last resort. This includes getting time to sell. If you get the house on the Market soon, no sheriff sill grant possession or eviction until a reasonable time has passed. If RBS let the trustee take over it'll be fine. no reason why they wouldn't. Also remember that a payment arrangement to trustee will have to take into account the mortgage payment. B B -
Repossession Process - Bankrupt
bluedogx replied to Scottish Roddy's topic in Dealing with Debt in Scotland
Found this out today A trustee in bankruptcy should lodge a notice of their intention to sell with the secured creditor. This then stops the creditor from enforcing their security - unless the trustee has not been pro active in dealing with the sale in which case the secured creditor can call up the security. In which case the trustee only has the right to any free proceeds from the sale B -
Tingy Yes you can do that no problem. It's not counted as income anyway and that's what I do for clients B
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Also- if your income is benefit only, a trustee in a bankruptcy cannot take a contribution. £20k is a lot of money to pay back when on benefits. B
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Repossession Process - Bankrupt
bluedogx replied to Scottish Roddy's topic in Dealing with Debt in Scotland
The secured lender takes priority. If you didn't have mortgage arrears it would be as already advised. Have you had housing advice? RBS should have sent a section 11 notice to your local council advising of potential homelessness when you got the calling up notice. You could apply as homeless or find a private let. You could also consider walking away and not waiting for the sheriff officers to arrive. Although it's not as scary as some of the posts on here from people in England. -
I'll see what I can find out for you. Meanwhile you could phone the FOS and ask their opinion on your queries. Payments should be stopped now though while the estate is wound up and you try to figure out what to do next. If no one else replies tonight, bump your thread in the morning. I'll get back to you if I can. B
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Repossession Process - Bankrupt
bluedogx replied to Scottish Roddy's topic in Dealing with Debt in Scotland
Sorry. Meant mortgage arrears. Typing on a phone - not ideal with predictive text! The trustee has no powers to stop a repossession but will hold an inhibition usually. The homeowner and debtor protection Scotland act 2010 can help. All cases must call in front of the sheriff, pre action requirements must be carried out etc. I think you should find a money adviser locally to help you. Is there equity? Would you get anything back once creditors have been paid ? B -
Repossession Process - Bankrupt
bluedogx replied to Scottish Roddy's topic in Dealing with Debt in Scotland
Hi Read your post but dont have a definitive answer. I can find out more tomorrow. Who sent the calling up notice? Do you have northwest arrears? -
That is shocking! Make sure you complain to the FSA. Redstone are part of the council of mortgage lenders who have a code for members to follow. The FSA has a web site - money made clear- which has info on complaints re mortgage lenders. Apologies if that's one of the links above. B
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Good luck
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Sounds dodgy to me. Cccs, sime CABs and payplan do free debt management plans. B
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The debts should be written off by the creditors unless there is an estate - house with equity, life insurances etc. Funeral costs are priority though. The creditors will need a copy of the death certificate. The solicitors may deal with it for you but will charge. Hope you're coping ok B
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You and your wife don't have to take the same option but with so little disposable income between you it probably would be best. You can do it yourself - aib.gov.uk will give you info but I think it's better to discuss with a money adviser. If you can make a contribution you can pick an IP to deal with it but please don't pick one from the yellow pages. There's lots of pitfalls you need to be aware of. B
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Sorry- cccs or payplan let you do income expenditure forms on their web site and will tell you what is acceptable. B
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A payment plan would be too long then. If you get working tax credit you would be eligible for a LILA if you dont have assets worth £1000 or a total of £10,000. Otherwise you could do a certificate of bankruptcy. Find your local money adviser on money Scotland web site and make an appt. They will sort you out. Cost is £100 each for bankruptcy and a possible small contribution but they will check your level of expenditure. You could go onto cccs or payplan and do your own income expenditure
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Are you sure? Read info on money Scotland and national debtline (Scotland) as it's easy to make a decision you will regret. I think you should see a money adviser - cab or council - to discuss your options. You would need 2 trust deeds. If you could tell me more I could give you more info? B
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Don't think so. Your gross wages have to be 40hrs times min wage or less so £1027.86 pm. You would need a money adviser to do a certificate of bankruptcy for you. If you have some disposable income you could think about a DAS? Debt arrangement scheme payment plan http://www.moneyscotland.gov.uk or a trust deed? B You might have to make a contribution to a bankruptcy anyway.
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Yes. There is a five year rule here, not sure what is in England. There are 3 ways in 1. Having an expired charge for payment or stat demand 2. Qualifying under the low income low asset route 3. A certificate of bankruptcy Do you have wages, assets worth £1000 or more? B
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Please help me with my Debt Problems :(
bluedogx replied to crm84's topic in Dealing with Debt in Scotland
Hi there Any joy with a money advice appt? B
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