at my wits end

bongomanic

hello anyone
tuesday is the day iam at my wits end we have a large family and are mortgaged with our property we have a company which as been mentioned on this site called 1st credit/connaught collections whom have issued me with bancruptcy proceedings for a sum of 7k from a previous unsecured loan i have contacted the local cab which in fairness have contacted their issuing solicitor with the recommendation of a voluntary charge on the property so its taken them 4 weeks to reply with a no!! so if you recieve any formal service from this company act straight away because they are the most abusive debt collection company i have ever dealt with and should loose there license:mad: if we ddnt have a mortgage etc i wouldnt be so stressed but their u go

tigerfeet2006

Hi and welcome to the board.

Sorry to hear about your situation. You are doing the right thing by talking to the CAB but if you need any furthur advise may I suggest you ring someone like National Debtline (see my sig.)

If there is any thing you want to know about the process then just ask away. There is a lot of support on this board.

Richard_S

bongomanic wrote: »

hello anyone
tuesday is the day iam at my wits end we have a large family and are mortgaged with our property we have a company which as been mentioned on this site called 1st credit/connaught collections whom have issued me with bancruptcy proceedings for a sum of 7k from a previous unsecured loan i have contacted the local cab which in fairness have contacted their issuing solicitor with the recommendation of a voluntary charge on the property so its taken them 4 weeks to reply with a no!! so if you recieve any formal service from this company act straight away because they are the most abusive debt collection company i have ever dealt with and should loose there license:mad: if we ddnt have a mortgage etc i wouldnt be so stressed but their u go

Hi bongo,

Is there any equity in your property; have you got a CCJ and/or a Statutory Demand issued against you?

Unless you answer "yes" to all the above you've probably got nothing to worry about.

If they have actually issued formal bankruptcy proceedings then you have plenty of time to respond, and if you've got no realisable assets then it really doesn't matter anyway.

Do you have any other secured or unsecured debt?

Regards

Richard

bongomanic

thanks richard i think ive left it to late the SD was issued in august but me being the way i am didnt understand what it meant their is about 40k equity inthe property which obviously is a joint mortgage so if it sold for the asking price they would use the my half 20k to repay creditors etc its just we love our home have spent lots over the years doing it up just to see this happen is stress full .yes thier is a secured loan of 8k on the property

RAS

Hi

Is there £40K equity in the house after the £8K secured loan is taken out of it?

bongomanic

yes approx 40k ive had a letter 2day from acompany promising to annul the bankruptcy so they buy your equity arrange a cheaper mortgage all for a 5k fee built into the mortgage of course any advice anyone!!

tigerfeet2006

My instincts are not to touch this company with a barge pole.

Did this letter come unsolicited?

I'm sorry I can't help but some one with more experiance on houses will be with you soon.

bongomanic

yes funny enough it arrived the same time as the insolvency appointment

tigerfeet2006

bongomanic wrote: »

yes funny enough it arrived the same time as the insolvency appointment

Hmm! funny that. I think this company is praying on the weak.

I'm sure someone will be able to help you more soon.

bongomanic

yep tiger your probs right ive noticed your advice on a couple of threads, the question is how can you have another mortgage when your declared undischarged bankrupt??? its got to be a scam me and my wifey was talking earlier they buy your equity so you r in debt to them!!! ive hit the bottomless pit the bungee has stretched to its limit and im sure were on our on our way back up(well in a 12month)

bongomanic

motgage £663 securedloan £141 counciltax£120 a family of six and a dog earnings permonth £1350 taxcred £150childbenefit £210 on a rough estimation they rely will struggle to take any money of us ????any replys