Advice needed RE inhibition orders

lisad21

Hi there, am new to posting so sorry if this is long. I am looking for advice about old inhibition orders, i think it's best to start at the begining.

In 2003/2004 we had 3 inhibition orders placed upon our house due to us falling behind with payments due to my partners business not going as well as we hoped. March 2006 after no longer being able to keep up with the mortgage repayments our home was repossesed. At the time it was a huge releif to us, as 1. the weight felt like it had been removed and 2. we could get these IO paid. The house sold for £40,000 more than we paid for it so we had more than enough to pay the IO and pay off our remaining debts.

The solicitor who was dealing with this seemed to be very slow with clearing the debts even though they recevied the money on the 1st october 2006. We finally recevied a sum of £23,000 on the 6th March 2007 only after lodging a complaint with the Law society. After we recevied this money we asked and asked and asked for a copy of the the statement of account to show what had been paid and to who. With false promises of us being sent it we never ever did and due to illness in the family seeking a copy of it fell to the side.

Fast forward 3 years to this week when we again emailed the solicitor as we are looking to fix our credit ratings(which we are doing very well) and want to take a copy of this into a financial advisor to show these have been paid. We recevied this statement today. It shows that there is still £11,666 sitting in the solicitors account. he says he is reveiwing the status of the claims and will revert back to use in due course, i won't hold my breathe there.
From what i can gather, one person has not been paid. The 3 IO where for a building supplys company, one for a bank and the other an indivdual person whom we had borrowed money. It is the latter who has not been paid. Although he was only ever due around £4,000. Our intention was always that he was paid back, and as the solicitors were the ones who were dealing with it, it was out of our hands.

Should we instruct our own solicitor to chase this up or would that be too costly and also can somebody tell us how these IO work? We know that the person who was not paid back the loan had moved as we had tried to contact him at the time to let him know he would be paid but we never found him. Is it possible that he never re-applyed for the IO, if he did would we have received notice of this? If he never what happens to the money?

I am sorry this is so long, after 5 years we just want to put this part of our lives to rest.

Any advice would be greatly appreciated.

Lisa

DarkConvict

I have to say i have never come across this before. Have you contacted national debtline just to see what they say. Obviously your not in debt, but the issue does relate to past debts so they might have some info. http://www.nationaldebtline.co.uk/

WRINKLES

I had a similar problem many years ago i instructed a new firm of solicitors to sue the first , i paid for the first solicitor to transfer all paperwork to the new firm , then paid hundreds of pounds for a barristers opinion on the case, he was dreadfully slow , after much prompting on my part his opinion came back as , you can not win give up , i collected all the paperwork from the new solicitors office and compared it to my own , i found some letters were missing, i spent over a week in the refference library setting out my case highliteing where one letter contradicted another , i then paid hundreds of pounds for a second barristers opinion , that came back as you have a cast iron case you can not lose , it took five years , they settled out of court i got the full amount plus costs and interest on my origonal amount of claim , i then had a fight with my new solicitor to pay me the interest on the money that the first had paid to him, he had held it in a client account for 18 months, interest rates were very high at the time , i eventually made him pay me with the threat of complaining to the law society. I always say to people Quitters Never Win and Winners Never Quitt, but be prepared for a long drawn out battle if you have the stomach for it Good luck.

lisad21

Thanks guys. Darkconvict i will have a look at that link, cheers.

Anybody else have any advice?