New here - please help :-(

rog2

ACEY wrote: »

What would I gain by being bankrupted?

ACEY - I don't know if you will gain anything by declaring bankruptcy, which is why I suggested talking to a professional adviser.
However, Bankruptcy is a way of dealing with what, otherwise, would be a hopeless situation. Bankruptcy would, effectively, write off debts that a debtor has no means or hope of paying and would give that debtor the chance of a 'fresh start'.
Unless the debtor has substantial assetts, such as a house with little or no mortgage, then the personal effects of bankruptcy are minimal.
If there is surplus income, then the bankrupt may be asked to pay into an IPA/IPO (individual payment agreement/order) for 3 years, but effectively all existing debts, at the time of declaring bankruptcy are 'written off'.
That said, there could be other implications of bankruptcy, depending on the debtor's personal circumstances, and bankruptcy should never be considered without first taking professional advice.

RAS

Hi

Acey, how much equity do you have in the house?

RAS

Frith

I have about £80,000 of equity in the house. Can't remortgage, as I don't have a job.

L

rog2

ACEY wrote: »

I have about £80,000 of equity in the house. Can't remortgage, as I don't have a job.

L

That will definitely be at risk if you declare yourself bankrupt.

Frith

hmmm, might give it a miss then!

saffronflowers

Hi RAS has asked me to take a look at this thread, can you pm the thread from CAG, please.

Have you actually received a CCA from MCS? or what they think is a CCA? There are quite a few cases of precedents on this -

Could you also let me know what the 14 day time line is for>

SFx

Frith

I have PM'd the CAG thread, although not in its entirety as it is too long!

The 14 day deadline letter:

It thanks me for my letter of 26th June (where I said I wasn't going to pay because their CCA wasn't up to scratch).

It then says "In order for us to refer matters to our client (HSBC), please forward a copy of the agreement highlighting the area you dispute, to the above address. (One of their many Brum addresses!!)

We shall suspend further recovery actions for 14 days to allow time for the above information to be received"

RAS

ACEY

I am deeply confused now.

Initially I thought that the CCA that you put on post 12 was for the loan, as did everyone else reading this thread, but it is not. It is for the Credit Protection Insurance (their name for PPI).

If they have not sent you a proper CCA for the loan, they cannot pursue this debt. It is not for them to ask you want is wrong with a CCA sent relating to another account. The burden of proof lies with them. This seems to be another variant of the moral obligation, vague inference to bankruptcy letters that companies send out when they do not have the required documents.

What date did you send out the letter that is in post 10?

Frith

Erm.... I'm now deeply confused too.

Surely the 9,800 they are after is what is left of the loan that was taken into collections??????

Isn't the CCA for THAT? Why would they send me a CCA for something else? I mean, it has all the addings up on for the total of the loan (scribbled on).

I'll have a look at post 10 now!

Frith

I sent the letter to them on June 26th