Help Please, Im Bankrupt and didnt Know!!

confused?

Had a valuation on the property yesterday, it came back at 78950 we bought it on right to buy 2 year ago with 23 k discount for 59k (house was valued then at 84k)
I've got a mortgage of 70k and my Missus owns half the house.

If we were to sell it early (i.e. now) the council would require 15k of the discount back.
As you have to hold it for 5 years before they give you the entire discount. Meaning there is no equity in the property at the moment. But there will be in 3 years if nothing changes, when the discount is released.
(we've only been in it 2 year)

Problem I have is that I gave though OR the valuation today and she said she would look over it. I then said that it is in negative equity and could I transfer it across to my partner. They then said we need to look at it but we can hold it for 3 years and take it then when there is equity in it. Thing is who the hell would pay a mortgage for them just to sell it.... It's beyond a joke. I think the OR is now being difficult. I really don't want this to become personal but I think they are really trying to wind me up. I don't have energy to deal with this now

miss_spooky

Hi Confused?,

Have you decided to go ahead with the BR and not contest it then?

With the house, The OR has up to 3 years to decide whether or not to pursue the equity. So what she said on the phone was right. BUT, in most cases what they will do with any equity is to offer you (your partner) the chance to buy the Beneifical Interest back in a property, so then they can no longer touch it.

Look though posts regarding BI.

If the property is in neg equity at the time they offer you the BI, I believe it's £1 plus fees which are £200.

confused?

I'm still gonna try and fight it, I'm going to see a company based in Rotherham tomorow to see if they can help. I'm all confused what to write. I downloaded a 7.2 form and was told that I could have the wrong one. Is this not a generic form or do I need a specific one? Reason I'm going to see them is I don't know what I'm doing, or. What I should write. I tend to waffle as you nay have noticed :-) and don't want to do it wrong. Also I need an affidavit composing too... Am I doing the right thing??

miss_spooky

Hi,

Have a read here http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/Canmybankruptcybecancelled.pdf

You need a form 7.1a

follow this link for them http://www.insolvency.gov.uk/forms/forms.htm scroll & click forms for england & wales, then find the number you require.

Again, it's possible that this is something that you may be able to do yourself without paying someone to do it..

HTH

confused?

Thanks Spooky,
I have the forms but I’m unsure on what to write.
Do you or anyone have any idea what I should/shouldn’t put on the form 7.1a and affidavit?

Has anything changed since the case mentioned in the thread here http://www.consumeractiongroup.co.uk...ead.php?104409


I don’t want to make any mistakes?


Ps for anyone who doesn’t know and doesn’t want to read the whole thread there is a summary below of what has happened so far.

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Where I’m at the minute.....

I am Bankrupt I have seen the official receiver and they have put a restriction on my property with the land registry.

if sold now I would have to pay rtb discount to the council

In 3 years the discount will be released giving an estimated equity of 6k.

My partner owns half so call my interest in the property in 3 years time 3k which they are proposing to wait for.

They have no interest in any of my other belongings etc because theyre worth nothing...

They have no interest in my car, because its a shed.

They have proposed an income payment order for 3 years which I cannot afford.

I have a baby and a partner that is dependent on me.


The debt I do owe and was paying....

I owe 4k loan
I owe 10k overdraft


The debt I have had no contact with in more than 6 years and thought were non enforceable..
(no contact due to unemployment etc..)


HFC 1k
HFC 1.5k

(I think these accounts at some point must have been combined by them, and if it is the debt, purchased by Lowell who have made me bankrupt however I’m uncertain on the status of these accounts as I have had no contact in over 6 years and have no reccord of these accounts).

other 3.5k Approx, I lost my job and had payment protection on this account. They needed a signature from my old boss who wouldn’t sign.

I told them that they should claim on the insurance.
I Never heard from these since then. And don’t know the status of this account.
no contact has been made in above 6 years, i think this, must have been settled.

Debt settled but still pursued...

Clydesdale 1.7k settled in 2004 (shown on credit file) pursued by HFO Services even when notified. Sum pursued 3.5k

Verbal and postal and telephone threats of litigation bailiffs have been made on me

Even when I have explained this.

Total if all was valid 23.5k


Action Taken.

I have sent request for SAR & CCA's to both DCA's
I have sent my bank letters asking to hold action.
I have asked my personal loan company to write off the debt if possible.
I have still had no contact with the other payment protected stat barred debt.

I have told the OR I want to get the order annulled
I have told the creditors I’m pushing for annulment.

The court is sending me letters to fill out.

Help Needed.

I need help filling out the request for annulment
I need help filling an affidavit.
I need help filling out an income and expenditure form to try reducing the Income payment order, in case the Annulment Fails
I need advice on how to get the OR to transfer interest in the property to my partners name lifting the land registry restrictions.

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Again thanks to everyone who is helping I may not take everything in but I am trying I can assure you. I’m in a spin.........

its hard to keep motivated as well as work in a stressful environment too, at the same time and trying to keep it as discrete is almost impossible.

tigerfeet2006

Hi , sorry this is a little to complicated for my brain but I will PM another member for you and ask him to look at your thread to offer some advice.

I can help with youe Soa if you pop IT UP,
http://www.makesenseofcards.co.uk/soacalc.html

Also get hold of up to date versions of your Credit Reference files. See if there is any CCJ's on the debts. See Martins article, click on the orange banking and saving tab above.

BrianAdam45

We better seek for bankruptcy attorney

confused?

tigerfeet2006 wrote: »

Hi , sorry this is a little to complicated for my brain but I will PM another member for you and ask him to look at your thread to offer some advice.

I can help with youe Soa if you pop IT UP,
http://www.makesenseofcards.co.uk/soacalc.html

Also get hold of up to date versions of your Credit Reference files. See if there is any CCJ's on the debts. See Martins article, click on the orange banking and saving tab above.

Thanks, tigerfeet
I'll try getting this on later this evening.
The last time I had my reference files there were no Cc js registered. I used experian and equinox even the old debts have gone from my experian now. It only shows my mortgage. Overdraft facility and phonebill? However I'll get them again just to be double sure.

confused?

BrianAdam45 wrote: »

We better seek for bankruptcy attorney

Or been unable to locate one that doesn't want to sell me an iva. Also I can nolonger afford the cost. Catch 22 at the min it seems.

Because of my income I don't get legal aid. Regardless of whether my partner works or not. I'd have to quit work. Then I couldn't pay the mortgage. And the state wouldn't help.

I'm in a mess

SuziG_2

Hi, hope things are being sorted out for you. Sounds an absolute nightmare!

I declared myself bankrupt back in 2006, divorce debts etc, was discharged 9 months later. I was allowed to keep my old car for work, my possessions were all second hand so nothing taken off me and I was in privately rented property. I obviously have to go through the 6 years rebuilding my credit history etc. I have a cash account with Llloyds TSB, went into the branch to talk to them, they were fine. The cash account gives you a debit card, the cash card can only be used in LLoyds cashpoints but that's no big deal. I can have DDs on my account and STOs, no overdraft but it works fine.

Good luck with it all hope you manage to get it annulled