Very confused - Bankrupt - trustee applying to reposess home - HELP

[Hopfarm]

Re: Very confused - Bankrupt - trustee applying to reposess home - HELP

Hello again , I have never had a statement from Lowell's and have only had figures from the trustee which is when the second debt appeared.I was discharged shafted 12 months and had already paid a huge amount of money (£9000 of which came from miss sold ppi which went straight to the official receiver) thanks for the advice.Feel like I was miss informed from the start ,my official receiver pointed me in the direction of a company to help me ,I paid them money and they ran away once the trustee was appointed .I have since found out I could have arranged some sort of payment scheme am very confused

[Amethyst]

Re: Very confused - Bankrupt - trustee applying to reposess home - HELP

Which company was it you were directed to?

[Hopfarm]

Re: Very confused - Bankrupt - trustee applying to reposess home - HELP

Summers nigh law, recommended by my or .

[Hopfarm]

Re: Very confused - Bankrupt - trustee applying to reposess home - HELP

I queried it with the trustee but have never persued it I just assumed the trustee wouldn't persue it if it wasn't legitimate ?

[Amethyst]

Re: Very confused - Bankrupt - trustee applying to reposess home - HELP

http://www.summersnighlaw.co.uk/view.asp?id=33

[Amethyst]

Re: Very confused - Bankrupt - trustee applying to reposess home - HELP

When and how did the trustee indicate they would be asking for a sale order?

[Hopfarm]

Re: Very confused - Bankrupt - trustee applying to reposess home - HELP

When and how did the trustee indicate they would be asking for a sale order?

I received a letter from a solicitor 2 weeks ago stating they had been instructed to apply to the court for a n order of sale and possesion on my property

[Nibbler]

Re: Very confused - Bankrupt - trustee applying to reposess home - HELP

I queried it with the trustee but have never persued it I just assumed the trustee wouldn't persue it if it wasn't legitimate ?

The proof of debt form a creditor has to provide states that.

Details of any documents by reference to which the debt can be substantiated. (Note: There is no need to attach them now but the trustee may call for any document or evidence to substantiate the claim at his discretion as may the official receiver whilst acting as receiver and manager, or the chairman or convenor of any meeting).

Sadly a lazy or self serving IP/trustee may allow that to slide and not query further.

[meellis]

Re: Very confused - Bankrupt - trustee applying to reposess home - HELP

As I see it the issue with Lowells needs to be put on the backburner for a while and the need to deal with the house sale more important. The trustee has to deal with the whole estate and return as much of the un-secured debt as possible with your assets. Obviously I don't know the true bankruptcy estate debt but if it is £30k for instance, that's including costs, and they can only get £20k from the assets up to now then the house is the only asset left so selling it will clear the debt. Remember it is only business to them and I am afraid that the other thing you are learning about debt/bankruptcy is the companies who say they are there to help you are really there to pick at the bones and help themselves. It sounds as though the company you had been sent to were trying to run a debt management plan of some sort but if you were already bankrupt I cannot see how that would work. I had advise prior to my bankruptcy and the people who I spoke to said that if they had arranged a plan for me the plan would have been high cost and after 4 years they probably would have still looked at the sale of the house to clear the debts. The £20k you paid was it to the receiver, to the debt management company or to the individuals? You really need to find out what the trustee is after because it would be a real shame if the house is sold for a £5k shortfall say.

[Nibbler]

Re: Very confused - Bankrupt - trustee applying to reposess home - HELP

Summers nigh law, recommended by my or .

So these. http://www.summersnighlaw.co.uk/

The claim for the second debt went to the trustee ,I have had no personal notification of it and think it may be statute barred ,there is approx £ 75,000 of equity in the property (my share) which is why this is all happening .

With that level of equity I can understand now why they are pushing for sale rather than letting the BI revest or going for a CO.

The trustee will want their fees paid, and they will be seeing a pot of gold in that equity. They get paid their fees 1st before anyone else after all.

[Hopfarm]

Re: Very confused - Bankrupt - trustee applying to reposess home - HELP

Yes didn't help at all just took my payment for their services,

[meellis]

Re: Very confused - Bankrupt - trustee applying to reposess home - HELP

The one thing that you have to keep in the back of your mind is that they don't really want your home and the hassles of selling it, they are only after money. This is why you need to find out how much which will then give you a clue of how to deal with it. If it is a relatively small amount then maybe a friend or family member can pay if it is larger then you might have to be a bit more constructive. Unfortunately with such a high equity it will be difficult but how have you come up with that equity ie high market value or true market value as is with a quick sale maybe even auction sale which will be lower than market value. If you are guessing on market value then try and get a realistic equity value which is lower and sell it to them that they will not get as much as they think. They will know the true value as is but they will not let on.

[Nibbler]

Re: Very confused - Bankrupt - trustee applying to reposess home - HELP

True. A big question is:

How much does the trustee require to settle all outstanding debts and fees?

How much equity is actually yours and could be realised in a sale?

[Crazy council]

Re: Very confused - Bankrupt - trustee applying to reposess home - HELP

Something odd here.

what was the total debit registered with the OR at the meeting.
What is the name of the trustee

Did the OR offer to deal with it any othere way

my official receiver pointed me in the direction of a company to help me ,I paid them money and they ran away once the trustee was appointed .I have since found out I could have arranged some sort of payment scheme am very confused

How much total have you paid off the debits registered with the OR or trustee.

Are your kids ( dependants ( under 16 )

Do you have any idea of teh trustees fees so far.


I have been through your situation, but just before the rule change ( you now get 2.2 years with the OR ).

Need to understand the following

Amount outstanding on OR form
Amount paid off that
charges imposed
Name of trustee or firm

was the other claim on the OR claim, or afterwards ?

How much equity in your property after morgaee
how much of that is your split

[wales01man]

Re: Very confused - Bankrupt - trustee applying to reposess home - HELP

This seems to be one hell of a mess lets hope some one can help