being made bankrupt. need to get £6k asap

[biznessok]

I need to get £6500 (they originally said a settlement of £5100 but full amount is 6500. The reason is coz I have a house and it is jointly owned by me and my bro. The mortgage is 120k and house worth 220 pre-credit crunch, so prob 200k now.

 

I dont want to get repossessed for this amount and cant go BR coz I own equity in the home.

 

So I would like to know if there are companies out there who will buy up the debt and put me on a voluntary agreement. I originally had a voluntary agreement, which I defaulted on and then they agreed it again only if I put a voluntary charging order on the house, which I refused, so they are going for bankruptcy now and I have the BR petition and court date set.

 

 

Unless they agree to a voluntary charging order again and I send in the papers this time round, the BR will go ahead. So, are there companies who will buy it up for me and then I can arrange a new agreement with them?

[postggj]

hi biz and welcome

 

before we start taling about going bankrupt, can you tell us a little about the debt.

 

as you own a share in property, is it a dca after you.

believe me, there is a lot you can do to stop this.

 

realy need a bit more info though to help

[biznessok]

Hi

 

Sorry, what is a dca? It is Phoenix Recoveries (UK) who are after me. They have bought the debt off my credit card company (I phoned up my credit card company to check and they said they made a decision to sell the debt on).

 

As I say they gave me the option at first to put a voluntary charge on my house but I havent signed it and disputed I owed the debt as it is really company debt, but this was dismissed by the judge because the card is in my name ( I used to pay myself-my credit card- back when money came into the company, but I had problems and dissolved the company wihout having paid the credit card off so leaving this 6500 residual balance in my name.)

 

Anyway, so it's become a personal debt and I think Phoenix must be a debt recovery company. I don't know what a DCA is, sorry.

[biznessok]

Sorry I think I have worked out that DCA must mean Debt Collection Agency. Yes, I think they are a debt collection agency....that's why they are called phoenix recoveries. And no, I don't have a copy of the credit agreement if that is what you are going to ask next. I do owe the money but while I had a company and everything was going smooth, I could keep paying, but I have not paid since last summer (2007) until this summer (2008) when I said i could only afford £10 token payment as I was unemployed and they accepted so long as I accepted a voluntary charging order on the house. I was going to, but as it was company debt in my personal name as already stated above, I disputed a statutory demand they sent, and now since that has been dismissed by a judge, they have sent a bankruptcy petition.

 

So what do I do now? Can I get a quick loan on the house from anyone? This all shows up on my credit scoring through experian and although I had an offer of another remortgage, due to the credit crunch and my credit scoring (1 satisfied CCJ and two defaults, one of which I have satisfied last week), the rate offered was too much at 7.9% plus fees added to the mortgage again were going to be a lot (about 3K). It's a pity really, cos they were offering this debt to be satisfied for £5100 in full and final satisfaction, but I can't get the right rate as I said and now I am worried I will lose the house and my bro will kill me coz he owns half the equity in it.

[postggj]

you will get used to shortend terms

 

DCA

 

debt collection agency

and yes phoenix is a well known dca

 

tell me, which credit card is it and how old is the account, and when did you make the last payment to the credit card company

 

we will get to the next thing soon

you will have to send a request for your agreement

if they dont have it, its game over

[biznessok]

hi

I have just read your post, the account is about 6 or 8 years old I think. It is a marbles credit card (part of HFC I think)

The last payment on the voluntary agreement was made last July 2007 for £100. Then I went abroad and did not contact them til I got back. Then they said they would resume the agreement so long as I agreed to a voluntary charge on the house and they would accept £10 a month then until I get work. So I have paid £10 in August and September. I guess i still owe octobers and this months too, which I could pay.

[gizmo111]

I disputed a statutory demand they sent, and now since that has been dismissed by a judge, they have sent a bankruptcy petition.

 

If your SD has been set aside how can they continue with a petition?

 

What grounds did you get the set aside?

[biznessok]

I did NOT get it set aside. it was Dismissed. My claim to get it set aside was dismissed. i already said that.

 

I want to know how I can stop this all happening to me. What right has some edit got to take my house off me when my mortgage is up-to-date. edit whole country stinks, is run by millionaire edit who don't give a sh*t about anyone else. There should be LAWS in place to stop someone calling in your house for a debt less than say 20K. They get their money back from insurances anyway I think.

 

I would like to know anything I can do, even if it is devious. if I put the deeds in my bro's name, I think they can come after him, but there must be a way around it somehow.

Edited November 10, 2008 by saintly_1
inappropriate language

[tinkerbell20]

I did NOT get it set aside. it was Dismissed. My claim to get it set aside was dismissed. i already said that.

 

I want to know how I can stop this all happening to me. What right has some edit got to take my house off me when my mortgage is up-to-date. edit whole country stinks, is run by millionaire edit who don't give a edit about anyone else. There should be LAWS in place to stop someone calling in your house for a debt less than say 20K. They get their money back from insurances anyway I think.

 

I would like to know anything I can do, even if it is devious. if I put the deeds in my bro's name, I think they can come after him, but there must be a way around it somehow.

 

 

 

CCA them under S.78 CCA 1974 for a true copy of your consumer credit agreement. Send £1.00 fee and post it Special Delivery. If they don't comply within 12 working days then theycannot enforce the debt while in default of request.

 

Also do a S.A.R - (Subject Access Request) under S.7(1) Data Protection Act 1998 for ALL information they hold on you to the Original Creditor - again post by Special Delivery. They have 40 days to comply and should produce a copy of your signed comnsumer credit agreement (if they have one). Post whatever agreement they send on forum and find out if its enforceable., If its not enforceable then Bankruptcy Petition will fail.

Edited November 10, 2008 by saintly_1
quoted an edited post

[biznessok]

And what if they DO have these credit agreements? I would imagine that they must have them, otherwise they wouldn't go for a bankruptcy in the first place.

 

Who do I have to CCA? The DCA or ther original creditor?

What's the point of getting a SAR done? Is this just an enforceable wat of making them send out a credit agreement?

[biznessok]

And why do I need to get a credit agreement from both of them? (the debt company (phoenix recoveries) and the original creditor?)

[biznessok]

I just read another post somewhere and it says that if the DCA send the agreement after 12 days, they can still take you to court because this 12 day ruling is just the matter for the OFT not the courts.

[42man]

You'd be surprised, how many don't have enforceable agreements, bear in mind they have to contain the prescribed terms too...

[42man]

This is the relevant piece of legislation - have a read -

 

Consumer Credit (Prescribed Periods for Giving Information) Regulations

1983 (SI 1983/1569)

2 Prescribed period

The period of 12 working days is hereby prescribed for the purposes of each provision of the Act specified in Column 1

of the Schedule to these Regulations relating to the duty indicated in Column 2 in relation to regulated agreements

 

 

SCHEDULE

SECTIONS OF THE ACT IN RESPECT OF WHICH A PERIOD OF 12 WORKING DAYS IS PRESCRIBED RELATING TO DUTIES IN

RELATION TO REGULATED AGREEMENTS

Regulation 2

Section of the

Act

Duty

(1) (2)

77(1) Duty to give information to debtor under fixed-sum credit agreement.

78(1) Duty to give information to debtor under running-account credit agreement.

79(1) Duty to give information to hirer under consumer hire agreement.

and section 78 for running credit

 

 

78.

Duty to give information to debtor under running-account credit agreement.

— (1) The creditor under a regulated agreement for running-account credit, within the prescribed period after receiving a request in writing to that effect from the debtor and payment of a fee of [F1 £1], shall give the debtor a copy of the executed agreement (if any) and of any other document referred to in it, together with a statement signed by or on behalf of the creditor showing, according to the information to which it is practicable for him to refer,—

(a)

the state of the account, and

 

(b)

the amount, if any currently payable under the agreement by the debtor to the creditor, and

 

©

the amounts and due dates of any payments which, if the debtor does not draw further on the account, will later become payable under the agreement by the debtor to the creditor.

 

 

(2) If the creditor possesses insufficient information to enable him to ascertain the amounts and dates mentioned in subsection (1)©, he shall be taken to comply with that paragraph if his statement under subsection (1) gives the basis on which, under the regulated agreement, they would fall to be ascertained.

 

(3) Subsection (1) does not apply to—

(a)

an agreement under which no sum is, or will or may become, payable by the debtor, or

 

(b)

a request made less than one month after a previous request under that subsection relating to the same agreement was complied with.

 

 

(4) Where running-account credit is provided under a regulated agreement, the creditor shall give the debtor statements in the prescribed form, and with the prescribed contents—

(a)

showing according to the information to which it is practicable for him to refer, the state of the account at regular intervals of not more than twelve months, and

 

(b)

where the agreement provides, in relation to specified periods, for the making of payments by the debtor, or the charging against him of interest or any other sum, showing according to the information to which it is practicable for him to refer the state of the account at the end of each of those periods during which there is any movement in the account.

 

 

(5) A statement under subsection (4) shall be given within the prescribed period after the end of the period to which the statement relates.

 

(6) If the creditor under an agreement fails to comply with subsection (1)—

(a)

he is not entitled, while the default continues, to enforce the agreement;

 

(7) This section does not apply to a non-commercial agreement, and subsections (4) and (5) do not apply to a small agreement

[42man]

And have a look at this thread too...

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/154693-1st-credit-connaught.html

[biznessok]

I dont understand all that jargon. Can you tell me what it means in simple terms. I dont have time to go through all this. Anyway, the DCA have said they will accept another voluntary charging order on the house, which will then cancel the bankruptcy petition.

[tinkerbell20]

Don't you think you're being a little rude? It is a self help forum

[Lula]

Sorry? you dont have time to go through all this? these people are trying to help you to keep your house, they are giving up their time to help and advise you , MAKE TIME!

[biznessok]

well I read on another threads somewhere that it doesn't matter whether or not they respond within 12 days, they will still bankrupt you after if they want to. My creditor's solicitor have even said in one of their letters that their client will send me a copy of their SAR if I send £10 and a request for it.

 

I guess this means that they have got it? What is on the SAR anyway and what does that have to do with being enforceable or not?

[havinastella]

Use google!

 

Lets hope you don't lose your house

[42man]

In simple terms if they cannot produce your agreement within 12 working days then the debt is totally unenforceable by law.....and there is case law in the high court that supports this - so a county court has to abide by higher court law.....

[42man]

Having fought my own bankruptcy case with help on here, I can assure you if you spend some time reading through these forums you will find some incredibly useful information......