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Everything posted by Parkvale

  1. Liz Had 3 houses. 2 buy to let and one as my residence. The 2 buy to let i just let them be repossessed and my own residence is in negegtive equity so the O/R was not very interested in it My partner is now looking to buy the beneficial interest from the O/R. If you have little or no equity in your property and are up to date with your mortgage it is highly unlikely that your mortgage company will repossess. Good Luck Parky
  2. That feeling of being out of control and losing everything with bankruptcy is just not true. It is certainly life changing and my own personal experience is that there is certainly life after bankruptcy. The decision to go bankrupt is yours and yours alone. You can have all the advice in the world. but it is you that has to live with it and adjust your life accordingly. With your particular problems and amount of debt involved have a look at a DEBT RELIEF ORDER. Debt relief orders Good luck Parky
  3. Cheers Lexy. There is nothing to fear from bankruptcy. The more planning and preparing you can do the better. If you can keep control. The fear factor is reduced accordingly and the light at the end of the tunnel is never far away. Parky
  4. I have just received an early discharge from my bankruptcy after 8 months. I had no choice but to declare myself bankrupt. I owed over £800,000 all to financial institutions. The very fact that i was discharged early was that the OR was satisfied that his investigations had been completed and it had been fully established i was not to blame for my bankruptcy. I co-operated fully and honestly with the OR. I was treated fairly and in my opinion sympathetically. I am now debt free and able to move on with my life and look forward to the future with hope and a clear view. I will never be a wealthy person, but i will certainly not ever put myself back into the hole i escaped from. I had no shame or embarrassment in telling friends and relations of my bankruptcy.In fact their support and understanding were amazing. The secret of handling bankruptcy is to be positive. It is a life changing decision not to be taken lightly because your life will never be the same ever again. You will be free of the shackles of your debts whilst no longer being a slave to them and you will be able to seize that second chance that we all deserve to enjoy and make the most of our lives for the short time we are here. Good luck to all past and present bankruptees. Please remember there is life after debt
  5. Have asked Steven to comment urgently. Good luck.
  6. Today is the beginning of the rest of your life. You are a different person today from yesterday. Life is about progression and you have certainly progressed. Maybe your future looks clearer now. Good Luck,
  7. Have you acknowledged the debts ? It is possible the debts are statute barred now under the Limitations Act 1980. This act outlines the time limit within which a creditor can chase a debtor for outstanding debts. The act only applies when no contact has been made between the creditor and debtor within the 6 year time limit and only applies to residents of England and Wales. Creditors are given a fixed period of time to chase their debtors, which is outlined in the act . The time scale mainly depends on the type of debt and can be extended at the courts discretion. The time limit begins when you last admitted owing the money or made a payment. Should the creditor fail to maintain contact with the debtor, for a period of 6 years or more, it is possible to claim that the outstanding debt is "Statute Barred" under the conditions of the Limitations Act 1980. The act also has additional effects, depending on the type of debt in question.
  8. Godd luck today. Read this and you will understand what other people have gone through and why CAG exists. http://www.consumeractiongroup.co.uk/forum/show-post/post-1618688.html
  9. Welcome to CAG. We have helped over 9.700 people to reclaim over 16 million pounds so we can help you. This is a self help site, but we will help you assist and guide you with any problems you may have. Please read through these first. http://www.consumeractiongroup.co.uk/forum/faqs-please-read-these/ The start a thread in the bank's forum in which you are reclaiming. Good luck
  10. In bankruptcy, your accounts are frozen and any monies in there will be frozen too. It's advisable to open up a new basic bank account prior to bankruptcy to avoid this, but be honest with the new bank and tell them you are filing for bankruptcy, and let the Official Receiver know that it's a basic account and they won't have any interest in it. There are currently two banks who allow basic bank accounts for undischarged bankrupts. The Co- Operative and Barclays. You can open a basic bank account with them as long as you have no record of debt or fraud with them.
  11. You should first complain to the Insolvency practitioner acting for you, to see if they accept any liability. I very much doubt they will and they will most probably say that you willingly entered into the agreement. That leaves you the option to complain to the Financial Ombusd man Service or the I P's own regulatory body. I am not 100% sure, but there are legislation changes with regard to the proposing of IVA’s to be put into practise shortly that will require the IP to confirm in writing the advice provided to an individual before he commences work. Those individuals will then have to confirm that they have understood the advice and the course of action which is being proposed in order to make a reasoned decision. This is required to eradicate those firms who only offer one particular solution, and especially where bankruptcy may well be financially advantageous to the debtor compared to an IVA. The points that you raised about a creditor meeting and the IVA term of 12 months. Also the mention of repossession and how did the original solicitor advise you ? Were all these points put in writing to you ? It would greatly strengthen your case. I fully understand your present predicament and the worry, stress etc you must be going through. Good Luck.
  12. Blue4ever, As gizmo says your story would also be of interest. Why not start your own thread ? "REMEMBER YOU ARE NOT ALONE:-)"
  13. phat 256 I am sure it will be a huge relief & although not the most pleasant thing to admit to. In the future it will prove to be a a benefit to you. You can move forward with a fresh outlook on life & learn to appreciate money more sensibly now. I am sure you will think twice about applying for a credit card and no doubt that if you want something, you'll save for it - like you had to in the "old days" The thing is there is nothing to be ashamed or embarrassed about going bankrupt. When it's all over you will be in a much better position than the vast majority of people who have consumer debt hanging over their heads with years of worry and anguish in front of them.
  14. Not a legal eagle, but these might be able to help. The following provide help with motoring problems. Some services are free, others charge a fee, and a third category advises members only (m). AA – 0906 010 1300 ABS – 0800 35 85 855 RAC – 0870 5333 533 (m) Consumer Direct – 08454 04 05 06 RMIF – 08457 585 350 Scottish Motor Trade Association – 0131 225 3643 ABS – 0800 35 85 855 Good Luck.
  15. phat 256 . Well done you will soon be back in control of your life. You have drawn your line in the sand. I am sure it is not easy to go bankrupt in your own mind, but once you have made the decision then your can move forward. I am sure it is the mind making up that must be the worse. While it was agonizing in making the decision, I'm sure you can now see that the worst will soon be over and done with and you can now start to focus on your future again. As far as your CCJ and debts with your landlord. These should be included in your bankruptcy order. Good Luck.
  16. I'm sorry to say but you are really going to struggle in getting your money back. Unless you had any legal documents drawn up stating it was a loan and that he intended to pay it back. but the legality of such an agreement may be hard to prove, but these agreements are not enforcible in many cases. Before anyone lends money to anyone else they need to take a moment to think of the commitment they too are making. Is this a person you know well enough to assume that he or she will be able to pay back, is he/she likely to do so and so on. After all the money wasn't stolen, you were willing to lend it and that would include considering the possible risks. No one can assume that money lent will be paid back. I would have said that their was a possible risk from the outset. The fact that he had to borrow money suggests that they were not in the best position financially and unless they had a change in circumstances paying it back it was always going to be a difficult. Even if you got it enforced, does he even have the means to pay it back. You could end up receiving a very little amount over a very long period. Unfortunately there are many people to be found anywhere in the world that are willing to try for an "easy profit" without regard for the other person. Sorry i can't be more positive for you and wish you good luck in getting your money back.
  17. Enron this will explain about Compound interestapplied to UK cards and loans. Have we caught your interest?
  18. Have a look at this it will help you if you decide to go down the court route. Which i must admit tends to get results alot quicker. http://www.ico.gov.uk/upload/documents/library/data_protection/practical_application/taking_a_case_to_court.pdf Good luck.
  19. The majority of people who go bankrupt really wish that it wasn't their best option, but usually it is. We accept that we have responsibilities: Normally we will try our upmost to repay our debts if we possibly can . The bankruptcy laws are there for people who have genuinely dug themselves into a hole that they cannot get out of..It is very honourable to soldier on and attempt to pay back your creditors and we all agree that you should always try your best to do so but if you are in serious debt and having considered all of the alternatives there is just no way that you can manage and you are making yourself ill with worry and you can't provide for your family. Then if you consider bankruptcy don't forget it is a right that you have in Law.
  20. Please keep us informed and don't be worried to ask anything. However irrelevant it might seem. Good luck.
  21. Just to make you feel a little bit easier. Here is a list of famous bankrupts. All these persons were very successful and continued on with their careers. When bankrupcy conditions were much tougher. Good luck. Francis Ford Coppola (film maker - The Godfather) Kim Basinger (Actress) Barbara Bel Geddes (Actress - Miss Ellie in Dallas) George Best (Football star) Bjorn Borg (Tennis player) Toni Braxton (Singer) John DeLorean (Car maker - featured in Back to the Future films) Walt Disney (Founded Disney) Handel (Composer - messiah) MC Hammer (Singer) Ulysses S.Grant (18th President of the USA)
  22. I know you have not been employed with this company for a year. Which would have given you a chance down the unfair dismissal route. Yet they do seem a bit lax on their procedures So you as an employee have the right not to be dismissed in breach of their contractual terms. For example, failure to follow a contractual procedure may result in a claim of breach of contract. So have a look through your contract of employment to see if they have breached it in any way. Good luck.
  23. Once you are discharged from bankruptcy then you do not have to repay the debts you had at the time you were made bankrupt. If you are discharged and creditors do contact you , then let the Official Receiver who managed you bankruptcy know and they will deal with this for you. Once you are discharged from bankruptcy then you do not have to repay the debts you had at the time you were made bankrupt. If you are discharged and creditors do contact you , then let the Official Receiver who managed you bankruptcy know and they will deal with this for you. Good luck and look to the future. You will be able to draw a line in the sand and move on.
  24. You can be made redundant whilst on maternity if your position is genuinely redundant. However, it would be an unfair dismissal and sex discrimination to select you for redundancy because you are pregnant or on maternity leave. If you are made redundant whilst on maternity leave your employer must offer you any suitable alternative vacancy that may exist, even if that vacancy is in a group company and even if there are better qualified candidates for the position. You cannot be required to apply for any such vacancy or be interviewed for it. It should simply be offered to you. This area of the law is complex. If you are having difficulties with your employer whilst pregnant or on maternity leave, for example, you find that your employer is failing to consider your health and safety whilst pregnant, or is suggesting that you are redundant whilst on maternity leave, or your employer is refusing to give proper consideration to your request for flexible work, then you should consider taking legal advice. You should do so quickly as the important deadline to bear in mind is that you may have only three months less one day from the date of the discriminatory act or dismissal to bring a claim in the Employment Tribunal.
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