Urgent Help Needed

george2014_2

I was made bankrupt on 10/09/2013 Made bankrupt- I didn't apply for it.

I didnt open letters and ignored the summons. Much more important family health matters to deal with at the time.

The debt was £800, however I have other debts around £6k.

The OR advised me to go for a FTVA however at that time there were no links on the OR site on how to get one and anyone I phoned hadn't heard of one. Infact one debt company told me I was better off with the IPA.

I have a house with approx £45k with shared equity.

I am currently paying £426 per month on the IPA plus £132 in the tax that I am not paying.

I now am very scared cos I we may lose the house.

No trolls please.

longtermplanner

I think you need to have a look at remortgaging your house to release equity so you can annul your bankruptcy. This will involve clearing your debts and paying the OR's fees which unfortunately may add up to £10 or even £20,000. The sooner you do this the better. Go to you local CAB and ask for advice

Mr_F_Dorsetty

OK, I'm not a troll and I have been bankrupt twice so I do somewhat know the score.

This is the only advice you need on this matter:

Find a Insolvency Practitioner local to you, not on a website or phone. Go and see said Insolvency practitioner and get them to advise you and help you to sort it out.

No one on here can advise you properly as no one knows all the details and really, keep them to yourself, never take technical advice about anything from the people on a forum.

An insolvency practitioner which you can find on Yell,com is the way to go, they will sort you out.

Don't worry, you'll be fine and worrying cures nothing; take action instead OK mate.

TheGardener

Actually - I would seek FREE professional advice from StepChange, National Debtline or the CAB - IP's are not usually free. You do not need to pay for any advice on this but you do need to act quickly. You can come back to the boards too for support and advice.

debt_doctor

Hi George2014,


I'm afraid your situation is not a good one. The OR will be looking to realise your share (presumed 50%) of the interest in the property.
As already suggested by LTP, an urgent re finance could bring about annulment, but you will have to be incredibly fast to avoid the mounting fees.
Unless you can realise serious monies fast, then the house sale would be unavoidable (providing you do actually have a 50 % interest of £45k.
The other, around £20k, will be given to the other joint owner.


DD