Advice about Bankruptcy

[gizmo111]

Cheers i can smile now or are their ways for the creditors to stop the BR ?

 

Keep smiling, there is nothing they can do:)

[tonycee]

 

But got home to lots of bills lol

 

All to be forwarded to the OR.

[rippedoff15]

just when i think its over, my creditor thats a gave a personal guarantee to the sum of £29k have called today chasing the money again, i informed them that my BR was granted in court on monday 23rd at 10.55am. but they stated that a personal guarantee can be chased after BR ? or are they trying it on again.

 

A couple of creditors hve informed me that the outstanding amount will be cleared etc etc but the large amounts ie £29k etc told me they will not stop chasing until its paid

 

iam having th telephone interview on the 11/3/09 with the OR and have inform them regarding this debt, is the creditor correct that a personal guanrantee debt is for life / until paid and not aloud to be in my BR

 

cheers

[gizmo111]

They're trying it on - what sort of debt was it?

Was it secured?

[rippedoff15]

Hi, No the debt relates to a builders merchant trade account from a company, i gave a personal guarantee so the company could trade, the company has gone under thus chasing me. and it is not secured just a personal guarantee

 

cheers

[rippedoff15]

Questions Questions but getting their !

 

I have got my telephone interview on 11th March which will take about 1hr they said, what details will they be asking and what happens after the interview, also after checking we have got a secured loan in joint names on the house no funds in the house to repay, now iam BR will they chase my wife ?

 

cheers

[gizmo111]

They'll ask you things like what you spent the money on, and go through some of your statements. They'll ask about your house and cars etc, and they'll go through your SOA and check item and let you know if there is going ot be a IPA.

 

Make sure you have as much info as possible in front of you.

 

Regards the secured loan what is happeneing to the house?

[rippedoff15]

we are in a rented house at present and our house has tennants in it, the house is in a hugh negitive and dropped £50k off the selling price and been on the market for 1 year, rent is paid by the tennant direct to the lender now.

 

cheers

[gizmo111]

So arfe you including the house in the BR as a shortfall?

[rippedoff15]

Today i have spoken to the OR regarding the house, to date we do not know what the house shortfall will be and we have had no offers at all in the last 12 months, or should i inform the OR and give them an estimate what it could be ?

 

Also with regard to the secured loans which are in joint names, now iam BR and if their is no money from the house will the loans become unsecured and chase payment from my wife ? now iam BR ?

 

Because if she has to repay that means another BR to sort out

 

cheers

[toddle2u]

Sorry to say it but as it is a joint loan and you are BR they will go after your wife for the balance

[gizmo111]

You have no idea what the shortfall will be at this stage. What did the OR say about the house - I really think you need to let it go.

Once the shortfall and your IPA is sorted you can plan for your wife to go BR.

In the meantime do not sign anything from the mortgage company.

[rippedoff15]

great news NOT, i have had today a demand from HM Customs for company tax £19k which clearly can not be paid as iam now Br the company has not traded for 8 mths and due to be cleared from company house. Thye leaflet staes that unless the outstanding amount is paid they can enter our house and remove items ( joke )

 

where do i stand as or should i inform the OR regarding this invoice ( Company )

 

cheers

[gizmo111]

where do i stand as or should i inform the OR regarding this invoice ( Company )

 

yes inform him and it will be included.

[rippedoff15]

Called the OR today and they informed me that any paperwork ie invoices can be sent to them asap, with regard to the house itself yes its gone their are tennants trenting it at present and not sure what the OR wants to do as its in neg by £30k or more, i have not informed the lender iam BR yet letting the OR sort it out, and had another CCJ confirmed today again that is inc in BR

 

Once my BR is completed and sorted out, my wife is filing for BR due to the joint loans etc, i have started the paperwork using the insolventry web filing

 

hope to have all sort soon

 

cheers

[tonycee]

great news NOT,

 

But this IS great news. You need every penny out in the open now. Forward everything to the OR, and anything else that you can think of that might haunt you later.

 

, with regard to the house itself yes its gone their are tennants trenting it at present and not sure what the OR wants to do as its in neg by £30k or more, i have not informed the lender iam BR yet letting the OR sort it out, and had another CCJ confirmed today again that is inc in BR

I agree that you need to let the house go ASAP. It could be years before you are unburdened of it otherwise.

[rippedoff15]

Cheers TC & Gizmo111

 

Still adding and coping all paperwork for the OR, if they are not on the internet copy will the OR refuse the creditor also will the OR sort out the issue regarding the tennants or should we inform them by issueing notice to leave the house? they are still within their 6 mth tennacy lease and 2 months before it ends or should i send the OR all the tennacy details and let them sort it out, They did ask to buy the house which would be great thing as then the OR can sort out the shorfall etc etc

 

cheers

[tonycee]

The OR will not give advice, only listen. They only act on what is presented to them.

 

It is up to you to give the tenants notice, and up to the Mortgage Co to see if they will allow the tenants to purchase.

 

Whichever way you play this, the OR will sort out the shortfall, but cant until you are repossessed.

 

You will not be discharged, or unburdoned of the worry until the house has gone, or the beneficial interest is bought by a third party. Even then you will be responsible for any arrears or secured loans.

 

I can think of no possible reason for you to try to keep the house.

 

Act now for a brighter future sooner rather than later.

[rippedoff15]

I think its best to inform the tennants that once the short terms lease has ended they can buy the property from the lender or move out of the house and once its empty let the lender have the keys back.

 

cheers

[gizmo111]

I think you should give the tenant notice now, and inform the OR and lender they were interested in purchasing it. Make it clear to both that you intend for this shortfall to be included in the BR.

[rippedoff15]

Hi All,

 

Just updating i was confirmed BR on 23rd feb 09 and due to have the telephone interview on 11th March, and the following creditors are already targeting my wife for the repayment of the joint loans

 

Halifax calling 6 times every day and sending letters

Welcome calling 3 times every day even calling at 9pm on mobile and home number

Aktiv Kaptial calling every few hours

 

we are arranging the paperwork for my wife`s BR and hoping that this will all end soon, iam feeling better and knowing that iam BR but not looking forward to the telephone interview.

 

Cheers

[rippedoff15]

Hi All,

 

I have checked my credit report and it now shows that iam BR from 23rd Feb 09, but one of the creditors has stated that it is not confirmed until the OR has completed their work, and they are demending to be repaid

 

are they correct in stating that until the telephone is completed, they can still be paid and chase me, and they also stated the OR can change the order ie refuse my BR order ?????

 

Cheers

[rippedoff15]

Hi All Question,

 

I have confirmed BR both on my credit report and the ad posted in the london gazette, my bank manager has called regarding the company overdraft and i told him to contact the OR ( not happy chap ), he imformed me that the debt would be passed the their collections dept who would chase the repayment again told them to call the OR . I have sent to company house details to have the company removed but is their anything else i need to do regarding the company?

 

Cheers

[rippedoff15]

Hi All

 

I was confirmed BR on 23rd Feb 09, and all my creditors information were included in the paperwork sent to the OR, having telephone interview next week, but one of the debt was a personal guarantee for a builders merchant the company have stated that personal guarantee`s are for life and can not be includeded in my BR and they are still chasing me every day, i told them to contact the OR but very worried about this debt.

 

Can they send someone to my home to take our belongings etc, after going BR some creditors just close the account straight away but this creditor seems hard and refuses to accept my BR

 

Help Needed, where do i stand legal as how long will the personal gurantee last or iam i right to include it in my BR ??????????????

 

cheers

[42man]

I'm not sure BUT these guys should be able to tell you - Company Information - Introduction to The UK Insolvency Helpline

 

If they don't know a call to the Official Receiver may help too...