HFC!!!

[J-DOUBLEYA]

are the 2 CCJ's set at affordable instalments ?

[MelanieGiles]

First of all has your IP asked HFC why they have rejected your proposal?

[snowy]

Hi

Not both instalments are set at £150 each and I can onfly afford £160 per month! this I am told is due to error on Payplan's part who submitted the wrong income and expenditure form to the court, so when I asked for the instalment to be reconsidered by a judgge he refsed it.

Hi Melanie - All my IP said was that they didnlt approve it because it was their intention to gor for a charging order against my property of which I only have 10k of eqiry but the two CCJs they have against me are one for ££9k and the other for £6k

If I am honest I wasn;t very impressed with him all I was asking for from him was a bit of guidance and all he kept saying was he couldn't tell me what to do!

Thanks€

[snowy]

Sorry about the bad typing but haven't slept much since Thursday!

[snowy]

I remember asking him on the phone if it was worth me re-applying and he said that it possibly would be it, and that it maybe that somebody may be voting for HSBC next time as he felt it was simply a case who was asked to vote on the day. We wasn't sure what to do as my husband had been approved, Ip said that if husband accepted then his half of the equity of the house would be legally bound to his creditors as part of the agreement reached and that in that event if HFC did get a charging order against me then it would very difficult to convince any Judge to order a forced sale as we are a couple who have clearly done everything they can to sort their debt out and that HFC were being unreasonable and extremely unhelpful and that there were other creditors to consider not just them. To that we decided that husband should ho ahead with the IVA as approved and that i would continue on DMP for a few months and then re-apply but I don't if that was the right thing to do as Ip couldn't say either way what he thought we should do.

[carlmcmullen]

Snowy,

From what you are saying it was not only HFC who have not been helpful, i think your IP needs to answer some of your questions.

If you enter into a DMP for a few months, it is likely that HFC are going to charge the debt regardless and then this will leave you with about 11k unsecured debt which i would suggest is insufficent to put forward a second IVA proposal.

And like i have said previousley it costs nothing to consult a second IP.

Carl

[snowy]

Hi Carl

The crazy thing is as long as they know that they won't try and force us to sell and that the court orders payments that I can afford then I not too scared of the charging order, it is the power that it will give HFC (who are proving to be complete b******s) that frightens me.

I tried to get him to answer questions but he wouldn't give me any answers except for that it swas my decision!!! I agree with you I should look into getting a second opinion I certainly can't carry on stressing like I am doing right now, don't think I can cope with much more stress.

Thank you

[carlmcmullen]

You mentioned in a previous post that your IP did say that as your husband is in an IVA and you to have attempted one then you have (in my opinion)done everthing you can to try and satisfy your debts and given this i would say it is unlikely a judge will allow HFC force sale.

Has your IP discussed bankruptcy with you - it will not remove the charge but may help the remainder of your debt, and assuming HFC charge the debt then you will have negative equity and your house should be safe.

I am not saying this would be the best option for you without knowing the full in and outs of your case but it certainley worth exploring the facts of BR.

Carl

[snowy]

Hi

I asked about declaring myself bankrupt but IP said that I would have sell my equity to somebody so that I could give the 10K to my creditors, my husband can't do this as I said before that he is part of an IVA now, you are right in what you say initially though, that is what he said, he said a judge would see fom the file that we genuinely done everything possible and for this reason it would extremely unlikey that we would be forced to sell, howeve due to the events of the last few days I am not relying on extremely unlikely - if that makes sense!

[carlmcmullen]

How much is your house worth ?

How much is on the mortgage?

Am i right in thinking HFC are trying to charge £20k against you?

Do you and your husband have 50/50 split on the house (may sound sill question but some peopole dont)

It will help me and other forum members advise if BR is an option or not

[snowy]

Hi

Yes the house is owned 50:50.

Property was valued at £105k a few weeks before christmas, there is a mortgage of approx £51,500 and 2 secured loans totalling approx £32k

I don't know what HFC are intending to charge, they have two CCJs against me one for £9k and one for £6k so can only assume it is these two CCJs that they are intending to enforce by means of CO, I haven't been notified of any attempt on their behalf but am not totally sure if I would get notified or if they would just be able to go ahead without notifying me!

[carlmcmullen]

So you have an interst of £10,750 - now if HFC charge both debts (i they will have to notify you first) then you would have no equity at all and your property would be safe.

Assuming that they dont charge the debt then yes you or a family would need to purchase your interest in the property. Now there is no saying that you would have to offer £10,750 to purchase the interest, an OR in bankrutpcy would accept a less (but sensible offer) is there not a family member who could help with this?

If HFC have not charged the debt yet then i suggest you take further advise on this matter soon.

[snowy]

The difficulty with family is first of all none of them know of my situation, my dad is currently undergoing treatment and they really do not need me adding to their worries and I would never put my problems on their shoulders!

What would happen with the mortgage though if I declared BR would my husband not have to buy me out - sorry am a little confused

[carlmcmullen]

Your mortage company would normally allow you continue on the mortgage as they rely on there security.

If there is equity then yes somebody would need to buy out your interest

If no equity then you can purchase the interest for as little as £1.

I would be interested to know Melanies input on this matter as she has been the OR in bankruptcy and would be able to offer further advise.

[snowy]

Thank you - you have been more help than my own adviser! all I got from them was that i should go back onto DMP but I can see that this is going to make things bad to worse for me, at least my husband is sorted though ,although am not sure if that helps us or not - really really at a loss at the moment!