Tweet
Hi,
I recently found out that my father was bankrupted by Lowell back in March on a debt of £1365.14 they obtained from Capital One (default date 13/7/2007). My parents have significant assets in the form of their house, but little liquidity as they are both on a pension income. I have been looking at a plan to get the bankruptcy annulled, but it isn't looking good right now. Lowell have undoubtedly acted very nastily here, but I'm doubtful of gathering sufficient evidence to get the bankruptcy annulled on the grounds of it not being legitimate. Plan B was to attempt to buy my parents back out by moving to annul on the grounds of 'paid in full', however the original debt has now inflated to £4854.00, which BW Legal / Lowell assure me I would have to pay to the penny (no 'final settlement' option under an annulment, or right to challenge their costs or the costs of the trustee - can anyone confirm this is true?). In addition, as there were significant assets to dispose of my Father's bankruptcy is in the hands of a trustee rather than the OR who despite being informed that we were planning on moving for an annulment refuses to declare his fees until he has had my Father's assets valued in full, and says nothing can currently be done 'in case other creditors come forward' (Lowell / BW Legal are the only creditor, to my knowledge - an overdraft in both my parents names I am putting up funds to cover, and my father's outstanding court fines are excluded from the bankruptcy). I fear he is setting himself up for an astronomical bill that would scupper any attempts to escape the asset-stripping. The court ignored my parent's requests to stay proceedings, so there seems no way of controlling the trustee's fees from spiralling out of control and potentially far outweighing the original debt. Ironically, BW Legal / Lowell themselves suggested that this looked bad and suggested my parents contact the OR immediately to advise them of this!
Although I have a reasonable but modest income I am a single parent, and have debts myself from recently getting on to the property ladder. I could raise some thousands to bail them out, but not tens of thousands. Does anyone have any advice or are we just done for here, all over a £1300 nearly statute barred debt?
I recently found out that my father was bankrupted by Lowell back in March on a debt of £1365.14 they obtained from Capital One (default date 13/7/2007). My parents have significant assets in the form of their house, but little liquidity as they are both on a pension income. I have been looking at a plan to get the bankruptcy annulled, but it isn't looking good right now. Lowell have undoubtedly acted very nastily here, but I'm doubtful of gathering sufficient evidence to get the bankruptcy annulled on the grounds of it not being legitimate. Plan B was to attempt to buy my parents back out by moving to annul on the grounds of 'paid in full', however the original debt has now inflated to £4854.00, which BW Legal / Lowell assure me I would have to pay to the penny (no 'final settlement' option under an annulment, or right to challenge their costs or the costs of the trustee - can anyone confirm this is true?). In addition, as there were significant assets to dispose of my Father's bankruptcy is in the hands of a trustee rather than the OR who despite being informed that we were planning on moving for an annulment refuses to declare his fees until he has had my Father's assets valued in full, and says nothing can currently be done 'in case other creditors come forward' (Lowell / BW Legal are the only creditor, to my knowledge - an overdraft in both my parents names I am putting up funds to cover, and my father's outstanding court fines are excluded from the bankruptcy). I fear he is setting himself up for an astronomical bill that would scupper any attempts to escape the asset-stripping. The court ignored my parent's requests to stay proceedings, so there seems no way of controlling the trustee's fees from spiralling out of control and potentially far outweighing the original debt. Ironically, BW Legal / Lowell themselves suggested that this looked bad and suggested my parents contact the OR immediately to advise them of this!
Although I have a reasonable but modest income I am a single parent, and have debts myself from recently getting on to the property ladder. I could raise some thousands to bail them out, but not tens of thousands. Does anyone have any advice or are we just done for here, all over a £1300 nearly statute barred debt?
I have read it. Some useful stuff but doesn't answer every question, such as what constitutes 'paid to the court's satisfaction'. Again, being told that we have to pay any inflation that Lowell and the trustee choose to place upon this without question, which threatens to make an already costly plan unachievable.
)
(but to try to look a tad more scarey than that smiley,
msl
(but to
)
Comment