Forced insolvency

tintin_mcflurry

Hi there, I'm just looking for a bit of advice really, I was made insolvent on the 5 June due to not paying a credit card , I have a house in the north east that I have been renting whilst I live in Devon with my partner, due to financial difficulties, a bad business move and having to move rentals properties 3 times ( landlords putting houses on market) I lost track of this debt, and was surprised when I got the letter through the door informing me I was insolvent, your probably thinking I owed thousands, the actual debt was only 3,000.. I am employed and had a HSBC loan that I was paying off in fact we were surviving and ticking along ok.. Fast forward 6 months and several phone calls to the O.R my house in the North east I believe to have around 40,000 equity, has now in the process of reprosession, I was lead to believe my trustee would work in my best interest to achieve the best price, my agent whomever I was renting it out to informed me that he had a buyer for it should it go to auction or prior. I was not allowed to pursue this avenue even though there is clearly enough to pay my debts bank loan ect.. I guess my question is... What are the fees that a trustee charges and are they obliged to achieve the best price for your property/ belongings. All in all I owe to the world £15 thousand pounds ..without my mortgage which I was also paying with no problems, I have noticed that this site is predominantly about people who apply to be bankrupt, therefore have not stumbled across anyone asking about this side of things.. P..s will there be any bankrupt reason as to why my cash card got withheld in the machine tonight? Thank you in advance

National_Debtline

Hi tintin

Sorry not to have come across your post earlier.

Have you taken any advice up to this point? When did you actually become aware that you were being made/had been made bankrupt?

I'm afraid there is no hard and fast guide as to how much the trustee charges for dealing with a bankruptcy. The legislation covering trustees' remuneration can be found here:

http://www.legislation.gov.uk/uksi/1986/1925/group/3/part/6/chapter/10/crossheading/section-d-remuneration/made

as you will see it is anything but a list of fixed fees and charges.

In this case, more fees will have accrued as a result of the trustee's dealings with your property. It is quite plausible that the total fees will eat up the whole of any equity you have in this property.

As for your bank card being swallowed by the ATM, it's difficult to say. As you were made bankrupt 6 months ago, any implications for your bank account(s) would most likely have been felt well before now. It is best to enquire directly with the bank concerned.

Regards

Dennis @NDL