Was bankrupt but kept house..remortgage advise pls

shaunc196

Sooty0404, hope you don't mind, but sent you a PM.

Richard_S

Sooty0404 wrote:

Thanks Richard

I've only just discovered this forum and am enjoying it tremendously. Hope my long winded posts aren't boring you all.

Hi Sooty,

They're certainly not boring me, it's all been good solid advice and well written. We didn't start using this site until after we were declared bankrupt and it would have certainly been very helpful if we'd discovered it a couple of months early.

It can be frustrating sometimes because I read a post and think that I could offer some useful advice, either something we've experienced or know for a fact to be true, but it's having the time to actually sit down and do it; I would imagine the same is true for a lot of other people too.

Richard

jodenice

I for one am loving your advice sooty! its so nice to see someone getting the upper hand rather than the rest of us being trodden on.

Well done!

Sooty0404

Hi Richard

Its the old adage of "If I knew then what I know now....." and having been bankrupt in the early 90's I am far more clued up to deal with the problems today. Like you, time is a precious commodity which why most of my posts are at some unearthly hour of the night.

I know my methods are totally immoral when it comes to paying my credit card companies - I should follow the advice on so many posts and cut back on this, that and the other, get a part time job, downgrade the house, the car, and get a smaller dog which eats less etc etc and go to church to pray for forgiveness.

But my wife and I have worked like mad for the last 15 years, paid fortunes in income tax, never missed a payment on anything and had a credit score of 988/1000 this time last year.

We are in financial difficulty through no fault of our own, we need some help and by hook or by crook I'm going to make sure we get it from the people who've enjoyed our custom and profited from us when times were good.

When I think what I have spent on credit cards, not counting the £50k I owe now they have done well out of the 2 or 3% they have charged the retailer, never mind the interest they have charged me.

At the end of the day they are in the risk business and they earn well from it, but they are vulnerable, they know they are vulnerable and now they know that I know they are vulnerable.

PLEASE EVERYONE - stand up to these companies. They are toothless tigers. Read the Office of Fair Trading website and find out what they can and can't do, when they can and can't phone you and know your rights.

Make ridiculously low offers of payment to attract lower settlement figures, dispute your account in respect of late payment/missed payment charges.

They have priviliged rights to damage your credit file without even having to prove that you owe them the money - who else can do that? No-one!

If you owed me money I couldn't touch your credit file until I had proved in court that the debt was valid. Why should they be able to do it after 3 missed payments.

If they can abuse their position I will boody well abuse mine - at their expense.

You too can DEAL YOUR WAY OUT OF DEBT

I'm always in the s**t - its only the depth that varies!!

catewithers

You're great!! I think I love you!

ampersand

Sooty0404 wrote:

When you have them by the b****cks their hearts and minds will follow!

*************
How glorious to see again this excellent Rule For Life! .........with 'balls' variation.
Since beloved R gave me badge bearing these pearly mots many years ago, it has been in whichever car I have .

So pleased you went to CAB shaunc196.
I feel/hope they have given you some clear grounding. With sooty and richard, too, you have a Dream Team on board(might I be allowed obsequious lower-level entry? Guest Tea Lady maybe?).
Don't forget to chase the CCS for that return call.
When reclaiming my Bank charges(thanks to this site)I communicated only by Recorded Delivery letter, for avoidance of doubt, as the pleasing legal phrase goes.
SHAUN, YOU REALLY HAVE TO GIVE YOURSELF A MIGHTY PAT ON THE BACK FOR ALL YOU HAVE ACHIEVED IN JUST ONE WEEK.

IT REALLY IS TERRIFIC.
Huge 'Well done'!

shaunc196

ampersand wrote:

*************
SHAUN, YOU REALLY HAVE TO GIVE YOURSELF A MIGHTY PAT ON THE BACK FOR ALL YOU HAVE ACHIEVED IN JUST ONE WEEK.

IT REALLY IS TERRIFIC.
Huge 'Well done'!

ampersand Thank you for that. Sooty and Rich are angels on here, for me, and was working towards really sorting things out, only now to find out, wife has gone the CSA route, and now what they want, will leave me in a - figure per month.

Right now, tbh, I have got myself I nice bottle of red wine, and going to enjoy the evening. Not the answer, but I have run out of answers, and now I just need some comfort

ampersand

shaunc196 wrote:

ampersand Thank you for that. Sooty and Rich are angels on here, for me, and was working towards really sorting things out, only now to find out, wife has gone the CSA route, and now what they want, will leave me in a - figure per month.

Right now, tbh, I have got myself I nice bottle of red wine, and going to enjoy the evening. Not the answer, but I have run out of answers, and now I just need some comfort

........and hope the absence of response generally has not worsened things as they were when you wrote. Saturday has been beautiful for weather, though nippy, and I can imagine everyone needing to feel the sun, let alone the more likely thing of facing shopping/weekend hordes and madness.
I went to a tiddly little auction in a wideopen space, amid old barns and felt eased, even with zilcherino to use for bidding. There's ALWAYS a little sleeper and I have had one today.
First, how did you find out? If by letter, the good relly you have sometimes spoken of(with wife and her parents) i.e. jointly working for children's good and friendly still, does not seem to have kicked in on this one.
If she HAS spoken with you, can you find a way of saying(depending on your reaction to her)'I was taken aback so will need to take advice myself.' Then back to CAB. Obviously, you cannot/ must not be left with MINUS.
Do a bit of Sooty and Rich re-reading and DIG IN.
You knew this was not for the short haul/quick fix - that's why you posted here in the first instance.
AND NEITHER ARE WE shaunc196 - I AM TAKING THE LIBERTY OF SPEAKING FOR THOSE TWO GOOD PEOPLE, IN ADDITION TO MYSELF.
You may have to consider that your wife has a girly clique/claque out there, filling her ears and own unhappy confusion with less than peacable, rational input. This could well be fired by their own situations and/or what they interpret from her.
This is sad but likely.
You counter this with your marvellous boss.
Next, with this Forum, you have not only the Dream Team but a growing readership who, ipso facto, ARE with you, instantly.
We understand when you write:
Not the answer, but I have run out of answers, and now I just need some comfort
..................just don't scramble for what isn't there for the moment.

This is where Facing, Accepting, Floating and Letting Time Pass comes in.
The wine was a good idea - especially as I drink only red. So we may say luckily you weren't drinking alone(where morosity and maudlin lachrymosity lurk) .
Unfortunately, I must draw it to your attention that you forgot to fill my glass............
shaunc196 - you have STILL made the big step forward, which is irrevocable AND YOUR ACHIEVEMENTS OF THE PAST WEEK STAND.
FROM CLIMBING THE GLASS MOUNTAIN UNDER THE COSH, YOU HAVE ADVANCED TO TAKING MORE STEPS FORWARD, FEWER BACK.
Each new stage, like this, is permanent and brings its own strength.
This I promise.
Now, practicalities: next week, return to the CAB.
They are well-versed in tackling the moeurs of Government agencies and have a history of triumphs. Also, I believe that indicating courteously, firmly, VIA CAB ONLY(this keeps you more safely harboured), your resistance to CSA figures/plans via CAB freezes any such implementation until Appeal routes are exhausted.
That's important for you right now.
I hope you raised your glass to the full moon last night...now THERE'S a lady!

poorperson

First of all thank you very much to sweeper12 and im1dful for the information already posted. However, I need some further assistance. I cannot find exactly what I'm looking for in all the "bumf" I've got (after 30 years in the civil service, now retired, I should be able to read all the crap that is put out) but maybe it's my age. Anyway, we were happy to plod on as the bankruptcy is not affecting us at present. Unfortunately, one of my sons has decided to get married and of course, he's got nowt. We are thinking of remortgaging but before we do, we need to know if the OR is going to pounce and for how much. To make matters clear and in reply to im1dful, I could not purchase my wife's interest in the house as every penny I had went into the business she had. Under the new act the OR (who was the trustee but applied for release from his duties early because we had no assets to pay creditors) should approach my wife before the 1st April. What happens if he doesn't? If we apply for a remortgage now I imagine the OR will get to know as the charge is marked on the Land Registry. Basically, what I need to know is if we do manage to get a remortgage, how much is the OR going to sting us for. By the letter of the law, my wife does not owe any money to creditors now having served her pennace but obviously the OR is wating in the wings. On release from his trustee duties the OR sent a summary of his Receipts and Payments meaning the the present administration ahd been completed. At the end of the day, the balance due to the OR was £741.62. Creditors (of which I was the second largest) were owed £45000. If we get an advance, can the OR only take his amount + interest (what is the going rate?) or could he take ALL of my wife's share and dish it out to creditors. Personally, I don't see how as most would have been covered by insurance. If this is the case, how would he share it out? Finally, if my son had of been sensible he would have got married later in the year but he's getting married on the 7th April, too close to the OR's cut off date of 1/4. Any assistance from anyone will be greatly appreciated and apologies for the length. If any further info is required, it's no probs. Apologies if I've ended up putting this on the wrong place.

Sooty0404

Hi Poorperson

You refer to the OR taking your wife's share of a remortgage. Unfortunately she no longer has a share - the equity in your house belongs to you and the OR. You have to get him out of your life somehow. How much equity is there?