any redress against the enormous charges

[lorraine1]

My husband was made bankrupt seven years ago and was dischardged 3 years later subsequently I was made bankrupt although I still feel that the Inland Revenue had been paid via a court attachment of earnings. The trustee is the same for both of us and they have beneficial interest in the property 50% for him and 50% for me of the equity. My debt was 4500 and now with charges etc is about 25,000 my husbands was about 64000 and is now around 175000 the property isvalued by the trustees solicitors at 225,000 and a court order for sale has been fought off for a year. The solicitors also applied under the Enterprise Act so they could continue to sell . My question therefore is realistically to fight to have my bankruptcy annulled and whether there is a timescale on this, whether to remortgage we have a current mortgage of approx £85000 or to apply for a 2nd mortgage to pay off and have beneficial interest removed solicitors will accept £200000 to pay mortgage and rest to creditors or to get 2nd mortgage to pay them and keep current mortgage.Is there any redress against the enormous charges made by trustees and DTI etc Thank you

[Adam Davies]

Hi
In all honesty I do not think that you can have any redress over the charges although it is quite frightening when you see how a small debt can mushroom into those figures.
We have a couple of mortgage experts on the forum who may be able to help you regarding the equity release.
Just wait for their reply
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[mikebdomain]

Hi Lorraine

Sorry it has taken me so long to get onto this one, but I have been doing a bit of research that lead to a bit more research etc…

I feel to be honest that you will not be able to remortgage, as you do not legally own the property – Obviously it is very difficult to offer any advice without knowing the full facts but based on what you say above the OR owns the Beneficial Interest (BI)in your property and you are fighting their right to sell it. To remortgage the property you would need to recover the right to the BI and you can not do that until the court case is settled.

I THINK…

This answer is based on my recent research and lender criteria. Obviously I would suggest seeking the advice of a solicitor as to your position regarding your rights to the BI.


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