company name deleted by request

[David Mond]

Bridging finance I think Melanie - lets see if their poster responds.

[kallis3]

Looking at the website it appears that they offer some sort of remortgage - doesn't get rid of the debt at all, and to my mind leaves you in exactly the same position as you were before you went BR!

[laceby]

I would like Administrator to explain the "inaccuracies and ommissions".There is certainly none of these in my case.My Solicitor has obtained a Barristers opinion and we intend to pursue this matter vigorously through the court.I have been told that I have an excellent case against Bankruptcy protection Fund.I will also be seeking compensation from them.
How can you possibly say that you will stop reposession of a home when this is now exactly what is happening to me and BPF are the ones pursuing it!!

[David Mond]

I see that Administrator has not got back on this point!!

[kallis3]

Are we really surprised?

[BPF_Ltd]

It is not possible or appropriate to discuss or debate an individual's confidential details on a public site. I will make a posting shortly to explain BPF's proposition and how it helps client's to annul their bankruptcies.
As a generic answer to the question though, there are, however, a small number of clients who (for various reasons) unfortunately breach the terms and conditions of their short term bridging loan. This default of their loan, means that the secured charge holder has the right to enforce its security - in plain English, if the loan is not repaid as signed for and agreed, then repossession proceedings are possible.
This is not what either party would want and if the loan is repaid, then the security is clearly released.
I do need to point out that this is very much the minority (as with most UK lenders) and the vast majority of BPF's clients enjoy the benefits of being liberated from their bankruptcies through annulment and conclude their dealings in a trouble free fashion.

[Skippy]

Surely the course of action that you suggest only applies to people who are made bankrupt by their creditors, as it's unlikely that anyone with enough equity in their property to cover their debts would be granted a BR order.

Am I right in thinking that you send letters to people as soon as they appear on the insolvency register?

[BPF_Ltd]

I need to illustrate how BPF successfully obtains annulmets for bankrupts and what profile we are looking for. However, I can assure you that there are plenty of debtors in the UK made bankrupt by their creditors who have substantial equity. Local Authorities and HMRC comprise over 60% of creditor petitioned bankruptcies and their assessment for action appears to be different to banks and credit card firms.

[Skippy]

That's what I was getting at - surely someone who makes themselves bankrupt isn't going to be able annul their BR in the way that you suggest.

[BPF_Ltd]

Also, you are right that we are unlikely to help anyone who has petitioned for their own bankruptcy - if they have done their homework right, then annulment help is not needed (or possible!). I have, of course, come across a few debtors where this is not the case. Involuntary bankruptcies (creditor petitioned) are likely to have assets as that is likely to be the reason for the action - so, these are the customers who tend to use our services.

[plasticdaft]

Can admin please get administator to change his/er user name as it may lead some people to think he/she is something that he/she is not!!!

[johnnybriggs]

I don't think anyone has mentioned it on this thread and the experts may have assumed everyone knows - but for information - the other way to annull a bankruptcy order is to enter into an IVA.




Source
http://www.insolvency.gov.uk/pdfs/guida ... celled.pdf

[kallis3]

I would certainly not be paying anyone to do anything as regards bankruptcy. I would not want to be getting into debt, to get myself out of debt so to speak.

[David Mond]

I applaud the poster from the Bankruptcy Protection Fund (BPF Ltd)in clarifying what his business provides and Administration should change his/her status as "not a new member" but as a spokesperson.

As regards individual issues that are sub-judice - that is best articulated through lawyers and/or the Courts.

If what is said here, then the services offered to the majority of those debtor's who have been made bankrupt can utilise the "bridging loan" facility available - this might be expensive however.

The alternative is to do an IVA ( as johnnybriggs says)which might work out far cheaper.

[Skippy]

I had a letter from the BPF after I went BR - a totally pointless exercise as I don't have a property. As far as I'm concerned this puts them in the same league as other companies who mail shot everyone on insolvency register, which is something I hate. It's a shame the register is open to the general public to stop it being abused in this way.

As I'm sure the BPF or any similar companies don't do this out of the goodness of their heart anyone who has been made bankrupt by a creditor would be better taking advice to see whether an IVA is possible.