Statute of Limitations etc.

fatbelly

stevmk2 wrote: »

That's not what CAB told us, even after I pointed out that it's not MY debt!
We have no mortgage and they said that because of that they could go for forcing my wife into bankrptcy and thereby forcing us to sell our home to settle with them.
Alternatively they could slap a notice against our house so we can't sell without clearing her debt with them. That's what we were told.
If that's hogwash please let me know!! stevmk2

Yes, a statutory demand could be a problem. So don't give the owners of the debt any information that would lead them down that route! It's expensive for them so they'd have to be 100% sure that they would get their money back.

SDs are rarely issued and even more rarely followed through. I've met one case where it happened in my ten years with the CAB - and that was where the client gave them all the relevant information at an early stage, but didn't tell me that she had done!

stevmk2

As I said earlier in this thread, on the advice of CAB we sent a letter to AR UK detailing our budget, including my Jobseeker's Allowance and offered them £25.00 per month but, also on CAB advice, asking for the minimum Full & Final Settlement figure.
They have come back to us stating that they want £12,000 as a Full & Final Settlement or will except £25.00 per month AND want us to agree to a Voluntary Charge against our propery of £20,000!
They have given us to just 30/05/2011 to respond.

We had suggested that we could possibly raise something via friends and family but had no idea that they would demand £12,000 so we really need more time. The total debt against my wife and her 1st husband is £23,163.84 so they expect us to jump at paying them almost 52% of the TOTAL, not a percentage of her half of the debt.
It's really not fair.
Can they enforce this?
We were hoping that they'd be more reasonable and accept that, due to our ages (59 & 61) and the fact that I'm deaf and finding it almost impossible to get a job, we were trying our hardest to come to some agreement but we have limited resources. We just can't get loans by normal methods and I'm certainly not doing it any other way and my JSA ends in 9 weeks.

As far as I can see this debt is still an unsecured debt but agreeing to it being secured against our home, MY home, is out of the question because this is NOT my debt and it would jeopardise us from ever downsizing to a smaller, more managable home.
£20,000 represents 13% of our home's present value and it's in dire need of work or it will lose even more value in the future.

I'd greatly appreciate ANY further advice now as I've tried all sorts of organisations but I'm getting nowhere or the time these various organisations take is far too long with a deadline hanging over us.
Thanks in anticipation.
stevmk2

[Deleted User]

2 points:the £12000 they have offered as a settlement figure may well be open to negotiation, secondly if you own your home have you considered equity release as an option?this may free up some of the capital in your home giving you enough to settle this debt and do the much needed repairs,but please if you go down this route get lots of advice on the implications