Hubby's potential Insolvency / bankruptcy

[reduk054]

ty gingerheid, hoping it won't have to come to that, but its good to know what would be possible, and "beneficial" Red

[reduk054]

I have noticed a lot more threads regarding Statutory demands, which has got me pondering:

Could I still receive an SD for my personal debts (which are over £1k each time)?

I am sure that I know the answer, but just wondered where that would leave all my OCs? And whether action would be more or less likely in my situation!?

Just to clarify, I have not yet taken any further formal action regarding the BI, other than providing my IP with paperwork

Red

[Josie8]

I have noticed a lot more threads regarding Statutory demands, which has got me pondering:

 

Could I still receive an SD for my personal debts (which are over £1k each time)?

I am sure that I know the answer, but just wondered where that would leave all my OCs? And whether action would be more or less likely in my situation!?

Just to clarify, I have not yet taken any further formal action regarding the BI, other than providing my IP with paperwork

Red

 

 

Yes if the debt is for more than 750.00. As to your other creditors if they're unsecured they will have to wait in line. A secured creditor or say the Inland Revenue would take priority

[Goldlady]

No longer the Inland Revenue:D They have lost their priority status.

[reduk054]

Thank you for the swift replies Gold lady and Josie8.

Bit confused now tho, J8 pls can you clarify that a statutory demand could be served whether the debt is secured or not? I have not got any secured loans/debts over and above the mortgage....

Goldlady, I bet that inl.rev. were not too happy not to be a priority any more!

Thank you again

Red

[reduk054]

Does anyone know how a company called Debt Angels (manchester tel no) could have got my mobile no? They offer solutions for debt issues, particularly repossessions. Not sure if this is related to BR or not?!

I dont give my mobile out very much, so a bit worried.

Any help appreciated.

TY

Red

[Goldlady]

Weird - I am the same red - only trusted people get my mobile number. I changed it after Abbey got me to agree to a payment I couldn't afford while I was driving:mad:.

[reduk054]

I am stumped Goldlady, could this co have gone via Land Registry and then somehow found me that way? And why not phone the house? In case they get the OH perhaps?

Bit disconcerting, none of our info is safe it seems!

Your reason for mobile no's made me smile btw!

Red

[reduk054]

I did not contact Experian/Equifax to check my credit report following sosumi's scary findings, so I am certainly not too happy. Only company who have my mobile are Sharkleycard......

[Goldlady]

I doubt you will ever know - unless of course they call you again. I would think they would have to disclose where they got your number from even if you use the data protection act.

 

My OH has a cunning plan which is paying off with our business callers. When he registered our details with Yell he gave them a false name. You would be amazed how many time wasters ring and ask for that person - so we know exactly who has sold our information on.....

[reduk054]

I will definitely ask them as and when they call me again Goldlady! And I will be asking them to kindly remove my number from their data base.

LOL re OH & YEll! I did the same with Thomsons, and they nearly caught me out, as when they asked for Ms Not Red UK, I used to ask "Who?", and then quickly go into role play.

It is a very clever way indeed of seeing who sells your info on to which company, and also working out who to spend your money with the next time round!

Red

[rory32]

Is your mobile phone a contract? If so it was probably quite easy to get hold of your number.

[Mr. Kipling]

Mr K, I have never been so petrified, while waiting for something to happen. It was agonising, and almost felt like a criminal! And i was there for moral support! At least we were the only people there and did not have to wait all day.

It feels like a long time ago now, but I did shake before during and after.

Have you been in a similar situation?

Red

 

Very nearly. Basically I`ve had DCAs say I was being taken to court as well as the council actually taking me there. They always try to make out that it`s an offence to be in debt when it isn`t. I do hope you manage to get everything sorted out though

[reduk054]

TY Rory - so my contract mobile number was found using straight forward search! It was just putting the two and two together regarding the house (which is not being repossed atm!), and me being the solvent party.

Mr Kipling, hope that you are getting through your troubles! And you are correct, being in debt is not a crime!

Red

[reduk054]

Little update. The trustee (now another insolvency practioner in B'ham) had sent various paperwork to both me an OH regarding general BR affairs, including my interest in the property.

We went to see our IP, and he said that he would reply to trustee on our behalf. Jolly good we say!

Then last week we got a letter from the trustee saying that he would have to instruct a solicitor as we had not responded to his correspondence! :o

So spoke to our IP who had forgotten to send a letter on our behalf!

OH phoned the trustee and explained and apologised, and today I sent a letter confirming the name and authority of our IP to deal with this on our behalf! What a nightmare!

Then I ended up speaking to the trustee today (who was lovely!), as OH keeps getting hassled by DCAs accusing him of owing them money! Aggghhh. Stress!

Any way all in hand now, and will wait for the next chapter!

Red

[reduk054]

Next chapter - already!!

Another update, through the post this morning, I received a fab letter from my IP. He has written to the trustee arguing, using facts, that there is no beneficial interest in the equity of the property for OH. Therefore my IP has advised me that I should be applying for the trustee's interest to be transferred to me for a nominal fee!

Even if the trustee does not agree, I am so pleased with the arguments so far!

Red

[rory32]

Looking good Red. Hope it works out

[reduk054]

Thank you Rory, I know that it is too early to get too excited, but I feel really positive today having read the IPs letter. The house was always going to be the stressful part, but so far so good!

[reduk054]

Contacted the trustee (an insolvency practitioner) about the DCAs who are trying to contact OH about his now long gone debts. I have tried to be a rock, and deal with these things, and hope that i can make the difference.

hopefully the trustee will be able to stop these DCAs contacting us. I know that i have to be strong, and with CAG i will get there!

[rory32]

Red you are a rock honey. You know that any help you need all you have to do is ask. Keep fighting, you're doing great

[reduk054]

Thank you Rory, I appreciate the support. Shame that I am the other end of the country, as the CAG Scotland get together sounds good!

[reduk054]

UPDATE: Hubby was automatically discharged from BR, that year flew by! He feels a lot happier now, but the house issue is still outstanding.

The trustee has not been in touch since I spoke to him last about OHs DCAs who kept chasing. The IP at our end has written to say that OH has no interest in the property, and is pushing for the house to go to my name for the nominal fee. Still waiting, trouble is the trustee could be waiting as he has up to three years from date of BR to make a claim should he wish.

Bit of an awful waiting game really! And these things are not moving fast!

Will update as and when....

Red

[Gingerheid]

Hello

 

A year doesn't seem like that long ago! However I can't remember the exact details of the story, do forgive me for vagueness!

 

The way the property market is going a delay may be no bad thing in terms of seeing any value in the house diminish (if you want to keep it to actually live there that is!).

 

If it was that you are arguing that your interest in the house is bigger than the 50/50 share suggested by paper, you might want to look at some property auction websites, and see if you can find something similar that has sold in your area, or watch for one selling and see what it goes for. There are vast amounts of property being auctioned these days at prices much lower than estate agents would like to think properties are worth, or even not being sold at all. This would help you with establishing a realistic forced sale valuation.

 

If it was that you are arguing that your interest in the house is bigger than the nil suggested on paper, you might want to suggest that the mortgage will no longer be paid if you aren't going to be able to buy the interest (probably discuss with 'your' IP first to see if he thinks it's a realistic threat). Your husband can say this now that he is discharged, as it won't lead to income available to pay an IPA from (it's too late for that), and as the shortfall won't affect him anyway (it would fall into the bankruptcy, what does he care?), and as if you have no interest it wouldn't affect you either.

Edited June 25, 2008 by Gingerheid

[reduk054]

Hey Gingerheid, glad to see you! There have been times along my route with the BR, that I have felt that your advice has been so spot on, and so spookily along the lines that me and the OH have been deliberating!

With regard to the housing market, a house in my street has been dropped by about £50K (nice road where I live!!), which does suggest that estate agents have been too hopeful with their insistence on the housing market still being bouyant (spellling!!!)

I did look at some auction sites, but there was very little in the area, and certainly nothing that I could use in my favour. However, with more and more people struggling financially, this could change over the next few months!

I did contact my IP with the suggestion of non-payments of mortgage to speed things up with the trustee, which was something that we had discussed many months back. He seemed quite favourable, and is considering his next letter to the trustee!

I will let you know!

Thanks again for your support!

Red x

[Gingerheid]

Well, if you're not being told wildly different things, and if you're being told what you're thinking, that's a good thing!

 

Keeping searching property auctions; there's alwaysva house that's been repossessed near you, you just need to find it!