Looking for some advice (dealing with a large debt)
tahirk555
Posts: 15 Forumite
Hi,
Been lurking for a while but wanted to get some advice from the folks on this forum as I am struggling to deal with a large debt that has appeared in my life (a challenge I want to deal with the right way).
TLDR ----
I have 3 debts totalling 250k roughly that are with Moorcroft Debt Collectors who will contact me in 7 days to discuss repayment. I only know of one of the debts and believe the other two are not mine but obtained through fraud....what do I do? Legal advice? Debt adviser where do I start?
TLDR ----
*** the details:
Long story short I have about 250k of debt against me that has been passed to a dubious collector called Moorcroft and from speaking to my friends and family they are a nightmare that I really don't want to have to deal with (but I will have to...the right way I hope).
The debt is split into 3 separate amounts all relating to the original creditor Birmingham Midshires who provided a mortgage to me for a property I had purchased about 12 years ago as an investment to sell on later (which I tried to do but failed miserably as the housing market collapsed around me).
The other two debts (about 80k for one and 100k for the other) were for mortgages in my name that I had no knowledge of however I realised to my detriment they had been take out fraudently using my identity and signatures (however I wasn't aware of this fact until many years later when they started to surface and I noticed my credit was very poor and/or I couldn't get finance to purchase a car for example).
I had unfortunately met a chap during those early days through a mortgage broker whom I had dealings with and knew the owner personally and I was assured he was a successful property investor looking for people to co-invest in property purchases (where someone like me would make a small profit).
Initially looked good, I made a few thousand and had no cause for concern however when I was asked to get involved in a large land purchase (to build flats and profit for sales/rent) I refused as I was being asked to get involved in more complex property related matters that I simply didn't understand but also wanted to focus on my own property that I was hoping to later sell on.
I heard nothing from the guy and couldn't locate him when the proverbial SHTF moment happened (I was being sent letters for unpaid council tax for property's in London and other places I had never heard of or had knowledge of).
Also by this time my own property didn't sell and the price nose dived below the original mortgage so it sat in limbo. BM (Birmingham Midshires) were initially very helpful and patient and tried to work with me but I was simply unable to sell the property and it remained vacant for a number of years until BM eventually auctioned it for about 80k below its value and then later demanded I pay the shortfall.
Obviously by this stage I was completely lost, ruined financially and unable to understand what had happened and what was happening I had some discussions with BM and their solicitors to work out some kind of repayment (I had accepted liability for this property) however when they later presented the other figures I almost died.
My health deteriorated and I was pretty much just surviving on the surface with no idea of what to do. I was able to work with a debt adviser who managed to workout the extent of the debts I had (amounted to 1.9 million pounds at one point!!!) and he helped to reduce the debts down to just a handful including the 3 with BM as mentioned above.
We were able to prove in some cases that the signatures used for my identity were of such poor quality and attempt that the judge dismissed the cases (the ones that we did go to a tribunal court for). Bankruptcy was refused for a reason I don't quire remember but I was pretty much at a loss at this point any way.
Fast forward I was dealing with BM solicitors via email on and off then heard nothing and I had managed to get working again and sort my life out as best as possible (renting a property but with no financial footprint of any kind) until recently when I got 3 letters stating that the BM debts had been given to Moorcroft Debt Collectors.
I spoke to a debt adviser a few days ago and the chap was very helpful advised me various options but he did the maths and said even if I agreed an IVF repayment I would be crippled having to pay 1500 pounds a month at least.
Its suffocating and I have had sleepless nights now worried sick that this will not only cripple me but affect my children and partner for a very long time!
Help please.
Trev
Been lurking for a while but wanted to get some advice from the folks on this forum as I am struggling to deal with a large debt that has appeared in my life (a challenge I want to deal with the right way).
TLDR ----
I have 3 debts totalling 250k roughly that are with Moorcroft Debt Collectors who will contact me in 7 days to discuss repayment. I only know of one of the debts and believe the other two are not mine but obtained through fraud....what do I do? Legal advice? Debt adviser where do I start?
TLDR ----
*** the details:
Long story short I have about 250k of debt against me that has been passed to a dubious collector called Moorcroft and from speaking to my friends and family they are a nightmare that I really don't want to have to deal with (but I will have to...the right way I hope).
The debt is split into 3 separate amounts all relating to the original creditor Birmingham Midshires who provided a mortgage to me for a property I had purchased about 12 years ago as an investment to sell on later (which I tried to do but failed miserably as the housing market collapsed around me).
The other two debts (about 80k for one and 100k for the other) were for mortgages in my name that I had no knowledge of however I realised to my detriment they had been take out fraudently using my identity and signatures (however I wasn't aware of this fact until many years later when they started to surface and I noticed my credit was very poor and/or I couldn't get finance to purchase a car for example).
I had unfortunately met a chap during those early days through a mortgage broker whom I had dealings with and knew the owner personally and I was assured he was a successful property investor looking for people to co-invest in property purchases (where someone like me would make a small profit).
Initially looked good, I made a few thousand and had no cause for concern however when I was asked to get involved in a large land purchase (to build flats and profit for sales/rent) I refused as I was being asked to get involved in more complex property related matters that I simply didn't understand but also wanted to focus on my own property that I was hoping to later sell on.
I heard nothing from the guy and couldn't locate him when the proverbial SHTF moment happened (I was being sent letters for unpaid council tax for property's in London and other places I had never heard of or had knowledge of).
Also by this time my own property didn't sell and the price nose dived below the original mortgage so it sat in limbo. BM (Birmingham Midshires) were initially very helpful and patient and tried to work with me but I was simply unable to sell the property and it remained vacant for a number of years until BM eventually auctioned it for about 80k below its value and then later demanded I pay the shortfall.
Obviously by this stage I was completely lost, ruined financially and unable to understand what had happened and what was happening I had some discussions with BM and their solicitors to work out some kind of repayment (I had accepted liability for this property) however when they later presented the other figures I almost died.
My health deteriorated and I was pretty much just surviving on the surface with no idea of what to do. I was able to work with a debt adviser who managed to workout the extent of the debts I had (amounted to 1.9 million pounds at one point!!!) and he helped to reduce the debts down to just a handful including the 3 with BM as mentioned above.
We were able to prove in some cases that the signatures used for my identity were of such poor quality and attempt that the judge dismissed the cases (the ones that we did go to a tribunal court for). Bankruptcy was refused for a reason I don't quire remember but I was pretty much at a loss at this point any way.
Fast forward I was dealing with BM solicitors via email on and off then heard nothing and I had managed to get working again and sort my life out as best as possible (renting a property but with no financial footprint of any kind) until recently when I got 3 letters stating that the BM debts had been given to Moorcroft Debt Collectors.
I spoke to a debt adviser a few days ago and the chap was very helpful advised me various options but he did the maths and said even if I agreed an IVF repayment I would be crippled having to pay 1500 pounds a month at least.
Its suffocating and I have had sleepless nights now worried sick that this will not only cripple me but affect my children and partner for a very long time!
Help please.
Trev
0
Comments
-
Hi,
You have a lot going on here, so lets break it down to just the basics.
First, has there ever been a period of 12 years where you have not made payment or acknowledged the debts in writing ?
Second, assuming the answer to the above is no, are you able to afford a payment plan that will clear the debts within a reasonable time frame ?
Thirdly, again assuming the answer is no, why has Bankruptcy been ruled out again ?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Did you report the fraud to the police when working with the first debt adviser?But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
theoretica wrote: »Did you report the fraud to the police when working with the first debt adviser?
Hi initially I didn't out of shame and fear I had knowingly gone into several investments with this person and I felt I would also be caught up in this mess or not be able to proceed on the grounds that my identity was used fraudulently.
When I spoke to the debt adviser at the time he suggested we should not report the fraud until we knew the extent of the problem and had dealt with some on going court cases (at some point I felt like a mug and we drifted apart losing communication over the past few years).0 -
sourcrates wrote: »Hi,
You have a lot going on here, so lets break it down to just the basics.
First, has there ever been a period of 12 years where you have not made payment or acknowledged the debts in writing ?
Second, assuming the answer to the above is no, are you able to afford a payment plan that will clear the debts within a reasonable time frame ?
Thirdly, again assuming the answer is no, why has Bankruptcy been ruled out again ?
I had email contact with Shoosmith Solicitors representing the mortgage company and I believe I didn't claim liability but I acknowledged the debt for the mortgage on my house that I had at the time but stated I had no knowledge of the other two mortgages (which is correct).
At the time the court that was dealing with this matter between myself and the mortgage company indicated I didn't meet the criteria for bankruptcy however at the time we were only aware of the first debt (the mortgage on my house).
I wonder with this amount could I claim bankruptcy? Is there time seeing as its now in the hands of a debt collector?
If this happens it will affect my ability to work temporarily (I am contracting so have my own ltd company) but I am sure my employer would be able to take me on as a permanent member of staff (it would affect me financially but I think I could manage).
Thank you for the reply.0 -
Okay looking into this a bit more and had a chat with friends & family I think the best option for me is to apply for bankruptcy.
I won't be doing this myself I think I need professional help here to make sure my application is good enough for approval. IF it goes ahead it will at least give me time to breathe and start rebuilding my life.0 -
Okay looking into this a bit more and had a chat with friends & family I think the best option for me is to apply for bankruptcy.
I won't be doing this myself I think I need professional help here to make sure my application is good enough for approval. IF it goes ahead it will at least give me time to breathe and start rebuilding my life.
Well I don’t know when you last looked at Bankruptcy, but the process nowadays is much easier and more simplified than ever.
You pays your fee, it’s looked at by the OR, and that’s it, your bankrupt, it’s all done online, via post and phone now, no court appearance nessessary, it’s as easy as it has ever been.
However, I agree you need proffesional advice here, but you do not need to pay for it, Nation Debtline or Stepchange are both free sources of expertise in these matters.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
sourcrates wrote: »Well I don’t know when you last looked at Bankruptcy, but the process nowadays is much easier and more simplified than ever.
You pays your fee, it’s looked at by the OR, and that’s it, your bankrupt, it’s all done online, via post and phone now, no court appearance nessessary, it’s as easy as it has ever been.
However, I agree you need proffesional advice here, but you do not need to pay for it, Nation Debtline or Stepchange are both free sources of expertise in these matters.
Okay thank you I will contact them asap when they are available.0 -
Bankruptcy sounds worth looking in to, but I don't like the idea of the fraudster getting away unreported.But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
theoretica wrote: »Bankruptcy sounds worth looking in to, but I don't like the idea of the fraudster getting away unreported.
Neither do I unfortunately I can't afford the legal costs to investigate all of the matter and right now I need to draw a line under all of the debt.
Once I have done this via bankruptcy I will start investigating the fraud and try to get it some compensation for the damage done whether its just to see the person(s) in court and prosecuted.
Thank you all.
T0 -
Hi another update I have been speaking to the chaps at Revive Solutions UK Ltd who have advised me I have two options:
1. Bankruptcy
2. IVA
The IVA would mean I carry on as normal, pay about 350 a month for 5 years and then the debt would be written off (?).
Sounds like a viable option if its true but I don't know who this firm is, doing a company check they haven't been operating much (or it could just be they haven't done their financials).
Thanks,
T0
This discussion has been closed.
Categories
- All Categories
- 343.1K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.6K Spending & Discounts
- 235.2K Work, Benefits & Business
- 607.8K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards