IVA declined!

[phat256]

hi red shocker have you contacted the natinal debtline for advise . they are really good and non judgemental.

 

National Debtline – Free, Confidential Debt Advice – Call 0808 808 4000

[phat256]

hi jane dont be scared of BR , it get easier and you will feel a lot better once the deed is done.

regarding the car if you can show to the OR that you need it then you will be able to keep it.

regarding the house dont sing a deed of acknowledgement.

 

if you have uqestin on your own please start a thread we will help you.

[phat256]

hi jane this is an extrac from the Or technical manual which explained what do a deed of acknowledgement

 

33.154 Deeds of acknowledgement of debt – Solely and jointly owned property (January 2009)

A secured creditor may request a bankrupt to complete a deed of acknowledgement of debt when the sale of the property results in a shortfall. They may also request such a deed be completed by any non-bankrupt joint owner/borrower when the property was jointly owned. A secured creditor may request this transaction so that no dispute will arise as to the amount of the shortfall or so that proposals to repay the unsecured portion of the debt by instalments can be settled. However, the secured creditor is entitled to claim in the bankruptcy for the unsecured balance of its debt and it will be up to the trustee to deal with such a claim. If the bankrupt completes such a deed, a new debt might be created on which recovery action might be based at any time within the limitation limit. It is not for the official receiver to influence the bankrupt about how to proceed in this matter. If the debt is a joint debt, any non-bankrupt joint owner will be liable for the appropriate portion of the debt whether a deed of acknowledgment is completed or not. The official receiver should not object to the completion of a deed of acknowledgement of debt and if he/she becomes aware that the bankrupt has been requested to provide such a deed, the official receiver should suggest that the bankrupt seeks his/her own legal advice.

 

 

this is from this link

Dealing With Property With Minimal/No Equity

 

basically it is a document ( or a contract)issued by the creditor in which you are promising to repay the shortfall on the sale of your house when you signed say document. It is a sneaky way from creditor to squeeze you out even more moeny from you when you cant afford it ( this is my opinion).

i ho pe this heal please jane start a thread so we can answer more directly your question.

[phat256]

Thankyou so much for your help.How do i start a new thread & what do i have to say in it,please i am so bloody thick,sorry

 

AA99 answerd it for you .

 

and you are not stupid nor thick ! there is no stupid question to ask only those who dont ask are stupid

 

another thing dotn ask for advise by private post as we may get some bad advise or unsolicited messages. and it is against the rule.

Edited October 2, 2009 by phat256