Got A Couple of Questions

AllNancy

A friend of mine owes his solicitor £7000 and can't afford to pay it ....a long story!

He's willing to pay say £100 per month but obviously it will take a long time.

Your thoughts on that please.

The other question is.........if someone goes bankrupt, has kept up the mortgage payments on the house but owes thousands in credit cards etc will he lose the house? It's in negative equity.

Thanks


Nancy

Dez-Titute

Your Friend should call one of the Debt Charities
Contact one or all of the following National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | local Citizens Advice Bureau.
He should complete a Statement of Affairs (income & expenditure) yet, without payments to debts? If you put this up on here then the someone here will be able give further guidance.
CV and he afford £100 pm & would the solicitor accept?

AllNancy

Dez-Titute wrote: »

Your Friend should call one of the Debt Charities
Contact one or all of the following National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | local Citizens Advice Bureau.
He should complete a Statement of Affairs (income & expenditure) yet, without payments to debts? If you put this up on here then the someone here will be able give further guidance.
CV and he afford £100 pm & would the solicitor accept?

He's a friend but I'm not sure whether he would want me to delve further into his business.

I think he needs more of a general answer. Surely if he is attempting to pay the solicitor's bill that has to be accepted? It's either that or nothing.

As for the house, if it's in negative equity what would they gain?


Nancy

fermi

AllNancy wrote: »

The other question is.........if someone goes bankrupt, has kept up the mortgage payments on the house but owes thousands in credit cards etc will he lose the house? It's in negative equity.

The OR/trustee will only seek a sale if there is any equity belonging to the bankrupt that can be released by the sale.

If it's in negative equity, then they may be able to purchase the future BI for a token payment.

See: What will happen to my home?

AllNancy

fermi wrote: »

The OR/trustee will only seek a sale if there is any equity belonging to the bankrupt that can be released by the sale.

If it's in negative equity, then they may be able to purchase the future BI for a token payment.

See: What will happen to my home?

Fermi for some reason the link's not working so I'll try again later.


I'm still confused about the solicitor's bill. She knows that the money situation is poor at the moment.........but still charged £330 for a two mile journey to court. Where do they get these figures, pluck them out of the air?

Surely if she took him to court knowing that things are tight and this can be proved....would the judge throw it out (hopefully) because of the offer of £100 per month????


Nancy

dalip

Not sure nancy but might be seen by the OR as favouring a creditor.All creditors at time of bc have to be included so it's no good leaving that one off and paying out of their surplus.D

AllNancy

dalip wrote: »

Not sure nancy but might be seen by the OR as favouring a creditor.All creditors at time of bc have to be included so it's no good leaving that one off and paying out of their surplus.D

I think things have got confused here. He's not on any road at the moment, just asking questions.

The solicitor's bill is the main problem...........if he offers £100 per month to clear the £7000 bill.........would she

a) be able to take him to court and demand more or the whole bill paid

b) would the judge throw it out because he's offered the money????


Nancy

dalip

Sorry i thought because you mentioned the house being in negative equity that the 2 qustions where linked to the same person.Duh:o So will have to say have no idea whatsoever:p Sorry nancy.D

AllNancy

dalip wrote: »

Sorry i thought because you mentioned the house being in negative equity that the 2 qustions where linked to the same person.Duh:o So will have to say have no idea whatsoever:p Sorry nancy.D

You are right Dalip...I think it's the way I worded it that got everyone, including me, confused.

I'll advise him to phone a debt help line.


Nancy