letter from OR equity

[scaredkez]

have just spoken to them, extremely nice, firstly they said NR had given them the completely wrong account it was for another couple of the same name??!!!

apologised, for that, however he said we have upto 2yrs 3 months from now before the OR would do anything, he said he has never ever heard of a case where the OR repossess the house, firstly he asked was there no way i could offer anything said unfortunately at this time i didn't have the funds, he said in 2ys 3 months they would get a revaluation and the same thing would happen again by way of we would be asked if we wanted to buy the equity but if it had risen they would expect more, he said there are many things they do even putting a charge on the house before they actually force a sale, he said my options now if i wanted to move on it quickly , were to hand back voluntary, let the mortgage company repossess by not paying the mortgage,but advised me to speak to the CAB immediately on my options, i then asked and said i thought the OR would want to move on it faster now with me being ED, he said since when, well i went into big panic then as i have the certificate from the court, said where did the letter come from, explained his office, so he said he would phone me back, which he did and clarified that me and hubby were no longer BR and the restrictions against us had now been lifted, he then said you do know that this gives you more options please go and see the CAB asap.

at least we have a bit of lee way now, was panicking we were going to be evicted in 6 months, of course i will keep the mortgage payments up, and the bit off the arrears also.

kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[rachel33]

Kerri, What a nightmare isn't it. It's such a roller coaster, just when you think you are sorted these things happen, but you are one of the many people who have helped to get people like me through all this, we were gonna keep our house and decided in the end we just couldn't afford it. Turns out its the best thing to happen, we now have a lovely council house and great neighbours and although at the time it was so stressful it really has worked out fine, its the house getting sold I now find stressful just in case it goes for less than the outstanding mortgage! I hope you get sorted soon and best wishes to you
Rachel

[scaredkez]

aww rachel those are very kind words, i knew we were going to lose the house, and we were all prepared to move out several months ago, it was the OR who stopped us and said you are in negative equity don't throw it away for the sake of £1 and costs, so we sat tight, i must admit when you see it in black and white it hits you like a ton of bricks knowing full well that you can't raise the BI, i have spent the whole day today trying to get hold of CAB to see if they can help with the council housing as i really need to stay in this area, 1. for the kids school.
2. my mum and dad are both disabled and i want to stay near them.
they help me out so much with the kids after school also, but the CAB must be closed on a Monday i have tried every single office so will start again on that one tomorrow, the private rentals in this area are dearer than the mortgage, so that is a bit of a problem especially when we have to raise the 6 months deposit, but know i know we have the time to raise it i feel so much better. it is a roller coaster , he really threw me when he said "who said you were discharged".
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[MelanieGiles]

Kerri

I think you shoudd beware some of the things your examiner is telling you. Some of the advice seems good, but other areas are weak. With equity at the level you are carrying, the OR is most likely to refer your case to a private sector IP who will not wait 2 years and 3 months to do anything about his interest. Proceed with caution, and maybe you ought to clarify this with someone slightly higher up the food chain in the OR's office.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[rachel33]

that must have been so frustrating for you, one minute theres no equity, then there is, and this is your life they are dealing with. I know people make mistakes but its very unfair when you have asked them to check time and time again.
We have had no advice at all from the NR just reminders our payments are overdue! they have the keys!!! they are even going to send someone out to 'discuss this problem' well we won't be there will we!

Rachel

[scaredkez]

it was the man from the RTLu who said this today, he said it wouldn't be passed to an IP until 2yrs 3 months, they are not in the habit of throwing families out on the street, and it would only be passed to an ip then if i definitely said i couldn't raise the Equity, i know i wont be raising the equity but wanted to buy some time for us to at least be able to raise a deposit if required if we can't get council housing, he was very certain under the new rules he said that this is the norm, i did ask if he was sure after the last mistake with NR, any how i am trying to get in with the CAB to see if they can help us with the council housing, i am more annoyed that they let me sweat it out so long, in regards to the equity when we could have been looking or already have moved out, we actually had found a nice rental in a nearby village and let it fall through and it was private land lord, it has now gone.

rachel at least NR will be able to let themselves in as they have the keys when they come to visit you!

kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[lily]

Hi Kerri

Just wanted to say I really feel for you right now, God only knows what you must be feeling, even if you did expect it, what a shock it must be to realise you have lost your home. I find it a little annoying that no one seems to know what on earth is going on, you really dont need this right now, things are bad enough. Its something they do everyday, dealing with people going through such a serious and stressful event, they need smacking into the reality of what this proceedure means to families with young kids facing homelessness.

Anyway, I am thinking of you and hoping someone somewhere can give you some guidance on what to do next.

It really brings the little insignificant things we moan about everyday into persective.
good luck for tomorrow.

Special love

lily

[thebear29uk]

Hi Kerri

If it is the case that nothing will be done for at least 2 years there's always the possibility that house prices will fall and therefore you could be back in negative equity.

Reading reports on here, in the papers and on the BBC website we keep being told there is going to be a downturn in the property market as more people find it harder to get a mortgage.

Regards

Dave

[MelanieGiles]

That is poor advice from the RTLU - and unfair to pass a case to a private sector IP so soon before the deadline for dealing with the interest. I know that this will not affect you, Kerri, as you are intending to move out much earlier, but I do get fed up with comments like this being made by people who ought to study the law a little better - or have more regard for private sector IP's who generally have to pick up the pieces.

If this is the case, Kerri, and they are prepared to put it in writing to you, are you not better off just staying in the property and paying the mortgage. Dave is right, prices may well come down over the next couple of years.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[scaredkez]

well melanie this is the gamble me and hubby have to decide to take or not, i am really pee'd off with the OR and insolvency service at present as neither one seems to know which hand is pulling the strings, and i am the puppet.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[scaredkez]

sorry i am beginning to lose it, i have been fobbed off today with saying your account from NR was for a different couple of the same name, how lame is that? surely names, account no's etc are double checked, then to tell me i am not discharged but then hey i am just a different department hasn't upgraded the comp , never mind the insolvency site, we are putting our lives and futures in these peoples hands, yes i have made a mistake and big one, i done what i could do i really need to be treated by a load of incompetents, neither the OR or the RTLu are singing from the same hymn sheet, its a shambles or is it just i am the unlucky one? how long have i got? it's like a death sentence looming i wish it was all over, i am nice everytime on the phone with them as they are like the grand master holding your existence in their hands and don't see the greater side of their mistake, yes in reality i knew i would have to move and give up my home, they told me different, i am still in limbo, as to what my next move should be, do i hold out and hope for a big house price crash or do i move on, tick tock the clock is ticking, only i can decide that, just wish they knew their ass from their elbow sorry peeps bottled that in all day, hubby away needed a rant, still ill, still here and nowhere forward. he also said to me today we could get a charging order before it goes any further and you could pay it off that way, and hey that puts me back in debt, i think i really need to phone them again tomorrow.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[MelanieGiles]

Kerri

If it would help, I would be more than happy to speak on your behalf to the RTLU, as there are issues which I am not happy with regarding the advice that you have been given.

I have a very senior manager who works for me who used to work for the Official Reciever's office, and has a wealth of information of the workings of the office, their policies and protocols. If you feel that we could help - and sometimes these issues are just a phone call away - why not drop me an e-mail.

I hate to think of you so stressed out, as you are such a strong person for the rest of the forum, and the uncertainty about your home must be really affecting the children.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[bagpuss]

Oh my goodness kerri...just read all this and i cant even begin to imagine what your going through...(and there was me moaning about remortages probs on sat..sorry babe)

Thats a fab offer from Melanie, i so hope you get some firm and consistant answers soon.

Thinking of you x

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[scaredkez]

melanie that is very kind of you will drop you an email.do i go through your site.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[MelanieGiles]

Yes please Kerri. I do have a direct e-mail address, which I will let you have via my web-site. Can you get together copies of all of the letters you have received from the OR in readiness for posting me copies or scanning them electronically.

I am sure that we can sort this out for you very quickly, and look forward to hearing from you soon.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp