Orders for Sale

[AndyOrch]

What type of agreement ?

[CS75]

Hi, it's a letter reconfirming our payment arrangement offer agreeing to adjourn on the basis the terms are met each month until the debt is paid off. Any breach will result in them relisting the OFS but they want us both to sign confirming, which I am reluctant to do when the charge is in one name only.

 

The fact it hasn't been in both names is one of the defences we put forward.  I worry that if for whatever reason, we break the agreement (believe me we want to stick to it wherever possible), we are both then liable as the agreement letter has been signed. Thanks.

[AndyOrch]

Well your only agreeing to the terms of adjournment...kinda like a Consent Order...your not agreeing that the OFS will proceed...which could anyway whether you signed to agree or not.It does not admit liability to any OFS proceedings and should they proceed you defend as normal.

 

Is it an Official Consent Order they intend to lodge with the court ?

[CS75]

Ok great thank you. I will ask them to confirm they are going to lodge an Official Consent Order as this was not mentioned in the letter. 

[AndyOrch]

I wouldn't...if its not a consent order and wasn't attached to the letter...then their requested agreement is and remains informal......just agree to the adjournment and please maintain the agreed payment plan.

[CS75]

Ok great, we will leave it as it is - thanks so much for your help

[CS75]

Hi, we have managed to agree terms with this creditor, thankfully and finally.

 

Now we face another problem...

 

my husband was declared bankrupt in 2018 by another creditor.

 

Long story short, it's now in the hands of a trustee.  They have apparently completed a drive by valuation which is higher than the first creditor mentioned previously so the trustee believes there is more equity for them to take.  Our property is leasehold with a 54 year lease so tricky to value. 

 

We made an offer based on the first creditors valuation which was rejected by the trustee because, guess what, their valuation stands. So, I am now fighting again to save our home.

 

Is there anything we can do to challenge the valuation and suggest the equity isn't as high as they think it is?

Will a trustee be brutal enough to effectively push us into a homeless situation during a global pandemic because raising the funds they are seeking, is somewhat out of reach?

 

Any help is gratefully received.

 

Thank you.

[dx100uk]

are there any like properties nearby that can be used as comparison ?

[CS75]

Hi, thanks for your reply. The last house sold like ours was about 10 years which has a big extension. We did have our property valued about 18 months ago by a local agent but not sure how we would calculate what it would be worth with a short lease, as they calculated using freehold value. Also, with the fragile economy the way it is, I would have thought properties would be less now? Thanks.

[AndyOrch]

They are getting close to the limit of 3 years The provisions that require a trustee in bankruptcy to deal with a bankrupt’s family home within a period of three years from, usually, the date of the bankruptcy order.

 

Quote

my husband was declared bankrupt in 2018 by another creditor.

 

[CS75]

Yes, you're right. Perhaps wishful thinking of no news is good news but unfortunately it's raised its ugly head again!

[dx100uk]

i wonder if it might be worthy to scratch the surface of the original judgement CCJ regarding the debt litigated over ?

start fighting back a bit? to check id everything was above board regarding it and it's debt?

 

[CS75]

We did hire a solicitor at the time to challenge it as it was an old business debt and it was against an overdrawn directors loan account, now liquidated company. The solicitor failed to fight it. Is it still worth challenging?

[dx100uk]

sorry if it's irrelevant and i'm just musing

but....

 

wasn't par chance SCM or eversheds was it representing LLoyds in the claim and the CO etc was it?

 

i'm trying to reconnect with someone i've not heard from in almost 10yrs..

they almost had exactly the same scenario as you.

 

lloyds litigation dept were not fully aware of all that their sols had been upto and done

a pleading letter was written directly to the head of the dept.

 

within 24hrs someone was on the phone and the whole lot! was cancelled inc the CCJ the CO and any outstanding balance which i believe was then something in the region of the £20k mark for an initial litigated debt of of £15k.

 

reason given was that the personal guarantee was somehow defective and the gentleman considered their sols actions as very vex and unfair..had they been fully aware it would not have ever gone that far.

and yes it was a pers debt on a joint property too

 

as i say just trying to help.

 

 

 

[CS75]

Hi, it was CMS.

I am bound by confidentiality so can't discuss the content but a junior solicitor dealt mainly with the case and more senior solicitors created the witness statements and a barrister attended the hearing. 

 

I used a debt charity to help me write to them with our final payment plan offer and they accepted.

To say we were gobsmacked and relieved is an understatement. 

 

Just gutted we are now fighting with a trustee in bankruptcy and so worried we may lose the house afterall

[dx100uk]

the involvement of CMS is typically fatal to anyone.

they are bulldogs.

 

i think andyorch has a good knowledge of their previous here.

though a confidentiality order raises my eyebrows here ...why?

 

 

[CS75]

Yep they were particularly challenging.  We just had to agree to not discuss the suspended case and didn't want to tip the balance when an order for sale was particularly imminent - the Judge would have granted it, I am almost certain, he was as unforgiving as they were! The debt charity suggested we accept the terms too so here we are now defending an unforgiving Trustee instead!!

[CS75]

Can anyone help us please.

 

We have provided the Bankruptcy Trustees an internal valuation of our property which is 18 months old.

They want to do their own valuation in full PPE during lockdown.

Do we have to agree? 

 

The estate agent valued slightly higher than them but with Covid reducing property values and our short lease, we feel the house is worth a lot less. 

 

I don't trust their over inflated drive by valuation

 

am I within my rights to insist we do our own valuation or do we not have a choice?