Wot will they do next!!!! (bit long sorry....)

skintx2

My other half was made br beginning of year, at or meeting was told our joint account wud not b touched and our flat wud remain ours!!!! A few weeks later bank was frozen and they took half the money out, Initial debt for br was £10k, last week we received letter from a company acting on behalf of credit card company saying it was now £13.5k bad enough, then yesterday we received letter from a trustee saying the debt was now £22.5k, we are both tottally confused and it is all getting too much for us (worried other half will do something stupid) we own our property and have good equity in it. The only way i can see out of this is selling up and paying off the debt then rentin till we can get another mortgage, but don't know if it is as straight forward as it seems. The lady i spoke to at the truustees office said we can sell and want be made to sell less than market price, but after the or told us lies about bank account and not loosing our property i don't know who to believe. The only thing keeping us both sane is our son otherwise i don't know wot we wud do!!!!! Any advice wud be very much appreciated x

tigerfeet2006

Are you in Scotland or England? Did you take any advice from one of the free debt charitees?

Please don't panic. There is a lot of people on here who will help and support you.

tigerfeet2006

Ah! yes good thought Max.

Debt_Monkey_3

skintx2 wrote: »

My other half was made br beginning of year, at or meeting was told our joint account wud not b touched and our flat wud remain ours!!!! A few weeks later bank was frozen and they took half the money out, Initial debt for br was £10k, last week we received letter from a company acting on behalf of credit card company saying it was now £13.5k bad enough, then yesterday we received letter from a trustee saying the debt was now £22.5k, we are both tottally confused and it is all getting too much for us (worried other half will do something stupid) we own our property and have good equity in it. The only way i can see out of this is selling up and paying off the debt then rentin till we can get another mortgage, but don't know if it is as straight forward as it seems. The lady i spoke to at the truustees office said we can sell and want be made to sell less than market price, but after the or told us lies about bank account and not loosing our property i don't know who to believe. The only thing keeping us both sane is our son otherwise i don't know wot we wud do!!!!! Any advice wud be very much appreciated x

Assuming you are in England. Who's your trustee and who advised you initially?

If your partner has sufficient assets, the assets will be realised until the debts and costs of the bankruptcy estate have been paid in full. This may account for the increase.

The cash at bank was an asset and the trustee has taken the 50% that was part of the bankrupt estate.

Assuming the property is jointly owned, it is also an assset of the bankruptcy estate. If you have equity in the property, the trustee will value it and calculate your partners half share of the equity. You will be able to purchase this if you can afford it, or you could agree to sell the property voluntarily if you want.

skintx2

maxmycardagain wrote: »

was the CC bill just in yr OH's name? if not then you are liable for the whole amount .....

just a thought.

The cc was in his name, was originally for one off purchases but he walked from job at time (i work part time) and we ended up using card for day to day living.

skintx2

Debt_Monkey wrote: »

Assuming you are in England. Who's your trustee and who advised you initially?

If your partner has sufficient assets, the assets will be realised until the debts and costs of the bankruptcy estate have been paid in full. This may account for the increase.

The cash at bank was an asset and the trustee has taken the 50% that was part of the bankrupt estate.

Assuming the property is jointly owned, it is also an assset of the bankruptcy estate. If you have equity in the property, the trustee will value it and calculate your partners half share of the equity. You will be able to purchase this if you can afford it, or you could agree to sell the property voluntarily if you want.

Our trustee is a guy called Mr N J Miller from Kingston Smith & Partners. We have only had contact with the OR up until this week, we have about £70k equity in our property but cannot remortgage to pay off as we wouldnt be able to afford the repayments. As for the money in the bank when account was frozen both the bank and the OR denied authorising the money to be taken, and wen i spoke to the trustees office this week she said the money taken out of the account has been taken by the OR to pay for the meeting we had with them when he was first made bankrupt!!!! Today i went to citizens advice for help - absolutely no help at all, constantly looking me up and down and just told us to sit tight and wait for the OR to contact us.. easier said than done. I just cant believe that in one week someone can put another £9k in fees on top of wot is owed, dont know if we are been taken for a ride or wot!!! he got made bankrupt cos he couldn't pay £10k debt so how do they expect him to be able to pay £22k???? wot do we do????????????

tigerfeet2006

Please ring either National Debtline or CCCS in the morning and get some professional advice. Also might be worth a chat to the Insolvency Service Helpline (numbers and links in my signature.)