insolvency register

[ste.s]

ive been looking on the register and cannot find myself or my partner,i looked on the insolvency.gov site and there is no trace as its nearly 3yrs i was intrested to see what it said,is there any other register i can look on thanks

[MelanieGiles]

Hi there

Do you mean three years from the time your IVA started, or three years from the date of your bankruptcy order.

[ste.s]

i was made bankrupt in may 2005 and discharged nov 2005,i was told i could not have an IVA due to a quick discharge,ever since the bankruptcy order i have never seen my name on the register,i was only looking as i have read that my property should be returned after the 3yrs,im having lots of problems with my IP thats why i needed to check a few things out.
thanks

[MelanieGiles]

Your name drops off the register when you have been discharged for three months - so that is why you cannot find it. If you have a financial interest in the property in which you reside, then the Trustee needs to deal with this within three years of the date of your bankruptcy order, or else it reverts back to you.

[ste.s]

so if my IP does not sell the property by the 3rd yr then it is returned is this the case if the have a possesion order and a standard b charge on the land registery,what hapens to to orginal debt is it cleared or do i need to still find the funds,i thought my detail would stay on ther for the 3yrs but you have cleared this up for me.
many thanks

[MelanieGiles]

No - if they have a possession order the property is already under their control, so they are probably now taking steps to have you evicted and sell the property.

[ste.s]

they got vacant possesion 5th Dec 07 and on the 10th JAN 08 they handed over possesion to my morgage lender who after talks handed it back to myself on the 25th march 08,as a result of this they are seeking an eviction on 2nd may,we filled a N244 to suspend this as we needed to clarify who legaly owns the property,the IP never filled a J form restriction only a standard B form as we have tried everthing to remorgage to arrange funds but been unsucsesful due to the structure of the property,if i get the suspention what happens to the property after the 23may 3rd yr,do they have to physicaly have the sale agreed by this date.
thanks

[MelanieGiles]

I assume that there is no equity in the property?

[ste.s]

there is a small amount of equity now were as of dec 07 there was £62k now there is only £24k and falling the decrease was bue to whilst the property was empty it was vandalised and now we have the decrease in property prices,to date i do not know have much equity is left but there is not £62k to pay the IP for a £4k debt

[MelanieGiles]

With that level of equity, I cannot understand why the Trustee has volunteered the property back to the mortgage company, unless there is also a possession order in favour of the lender. I would let them get on with it and concentrate on finding yourself somewhere else to live.

[ste.s]

the property has been empty since nov 07 when the court gave the order,we live somwhere else but are still paying the morgage,we cannot understand what the IP is doing but when i spoke to the OR it became clear.

[MelanieGiles]

Is there any reason why you are still paying the mortgage on a property which is subject to a possession order? Do you expect to get money back once the property has been sold and all your debts have been paid?

[ste.s]

we only continued paying the morgage because the lender said if it gets to 3 missed payments then they would look at repossesion and this would result in a marker going on the morgage repossesion register,its bad enough were bankrupt but we do want to try for a morgage again in the future,due to the condition of the property mainly vandalism a sale from the property would not pay off all the debts or might just but not the trustees costs,this is the main reason we are fighting for the property as if it was sold when possesion was granted there would have been the funds to pay every one and possible some money left over.
as we were told we could not do an IVA we were not told of any other options other than sell the house,i have been reading about payment orders but i think all this is to late now.

[MelanieGiles]

But the Trustee has got a possession order in any case! I cannot see the logic of you continuing to pay the mortgage to be frank, but really suggest that you go and get independent legal advice as to your position and that of the Trustee. If I were the Trustee I would be chomping at the bit to get the property sold, but of course I do not have the full case details to be able to comment appropriately.

[ste.s]

yes were paying rent at £575 and morgage at £270 per month plus council tax for both,i spoke to the ORs office last week and they cannot work out what is going on with my IP,what they did say was the IP has use under hand tactics being whilst the IP had possesion of the property the property recived saver damedge/burglary (no power to house as card meter so there was no credit being put on the meter),due to the damedge the property value droped by £30k plus,so they handed it to the morgage lender hoping the property would be reinstated to full market value,morgage lender gave the property back to ourselfs hoping we would do the work as condition of the morgage is the property is in a livable condition,we never did any work,so IP is hoping the property is upto market standard,in which it is not,so if the eviction takes place next week then there in for a shock.
with regards to payment orders we were never given the option we were only told about an IVA but told we could not have one.
the strangest thing was a week after our bankruptcy a IP contacted us to see if they could sort out ower debts,this was the person who said we could not do the IVA but thes firm somehow then became ower trustee.
i wish we could have made a payment order but i guess its to late.