Picture are messing us around!!!!!!!

[jane.l]

our solicitor dealing with the sale (or non-sale!) of our house said they have had correspondence from Picture about the secured loan. Picture say they MAY consider releasing the 2nd charge and allow the sale IF we agree NOT to propose an IVA! I just don't know what they are playing at, keeping us waiting over 2 months just for this information, they have not sent us any letters so we don't know what is happening. I don't know what they are hoping to achieve by saying this! I am not even going to waste energy trying to reason with them anymore, its just fruitless, so I'll just bide my time till bankruptcy!!!!!

[MelanieGiles]

Hi Jane

If you have decided that you are not going to do an IVA, but are going to declare yourself bankrupt, is there any problem in giving them the confirmation that they need?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jane.l]

I just know what to do, I suppose I worry about what they would say if they knew we were going to petition for bankruptcy. I just don't understand their reasoning, how do they think we would pay the shortfall???????? Why insist we do not go for an IVA? Originally, we proposed to pay the shortfall within the IVA so at least they would get some of the money back, so why say NOT to propose one?

[MelanieGiles]

Jane

Please try and stop "reading between the lines" and deal with the issues raised by secured lender as they are being raised. They are not asking you about bankruptcy, so why worry about what they think? Whatever you try and do, you cannot improve the situation for the secured lender - their shortfall is a matter of fact, and you cannot afford to repay it.

I hope some of the other experts are around to give you alternative opinions, as I am just one of the many voices on this forum.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Sadsack]

Jane

Melanie has vast amounts of experience - in my opinion, she is the leader in this field as she has everyones interests at heart. I have never met her, but reading her threads on this forum, I would have been over the moon had I known about her prior to entering into my IVA as she would have been my IP of choice.

Her advice and comments have been a saving grace to many people on this forum --- the only advice I can give you is to talk to her - you cannot go wrong!

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[freelili]

Hi Jane

I am not an expert but if your creditors are not liking the sound of you going into an IVA they are going to hate the BR word.

They simply do not care all they want is money, they are not going to get it because you cant pay it so you need to think about yourself and your family, you have a rental, the only way forward is to save the fees and let the OR deal with it.

In any given situation there will always be a certain amount of conflicting advise, but at the end of the day you have to cut a road through this chaos with the information that you have. I feel for you but the longer you go round in circles the more stress youre going to be under.

I hope that you will be able to put all this in the past sometime soon.

Good luck



LILY

fly me up to where you are beyong the distant star, I will wish upon tonight, to see you smile, only for a while, to know youre there, a breath away is not too far, to where you are.

[aguise]

I agree with Lily
If you are trying to pay and they dont want it then let the OR deal with them . The OR will see how difficult they have been, no-one to blame but themselves if they get nothing. Think of yourself and your family.

Ang x

[jane.l]

feel a bit better today, got some good news (I think!) from the council housing dept, we have some points and will be considered for housing and someone is coming to see me next week for a medical assessment, so I REALLY hope we get offered a house! I think once I feel a bit more secure, I might calm down a bit! Then we will be petitioning for bankruptcy in a few weeks, I have decided to take the plunge, I cannot wait months and months for the house to be repossessed and sold before doing it! If it turns out the advice here was wrong, and we are chased for the shortfall after the house is sold and AFTER bankruptcy, then so be it, Ill petition again, it cannot be any worse than all these past few stressful months !!!!!!!!!!

[jane.l]

I have copied a passage from a reply from another forum about a lady in very similar circumstances to me and this is precisely what I am so worried about regarding my house, this advice seems to be in direct contrast to the advice on here????? This is why I am sooo confused!

The Official Receiver will be in control of the beneficial interest in the property from the date of your bankruptcy orders and he would either want you to buy out the beneficial interest from him or put the house up for sale. Technically from the date of your bankruptcy order anything the OR has let you keep is yours - bar the beneficial interest which is of no interest(!) to him at the moment as there is no equity. However, he has three years to deal with this and houses do increase in value. However, in your case you are intending to emigrate from these shores and go bankrupt before but then will leave yourselves with a shortfall when the property is repossessed which means you will be leaving a substantial debt behind. This is because the property will be sold at auction and anything unpaid on the mortgage - plus the ubiquitous charges - will become a new unsecured debt. This means that if you do ever return to the UK the debt will still be here and the creditor could also go for bankruptcy and as this would be a second one it would last longer. I would try and deal with this as the Official Receiver can claim any assets worldwide that you may have and other people have the nasty habit of "dobbing" people in it.
Once the BO is made you can go wherever you like - after you have presented the petition you will have an interview with the OR and this could be over the telephone! What you do have to do is let him know within 21 days when there are any material changs to your circumstances.
Third party contributions to shipping furniture would not be a problem unless the OR had decided you did have things he was interested in - so I hope the furniture does not include antiques or Steinway pianos!
Sort out this house issue - it would be a great shame to go bankrupt and then have another huge debt!

[gimmewine]

Jane, you are doing it again. Looking for flaws in all the advice. I also saw an entry like this (thought it was you under different name to be honest) on the debt forum and the advice from all the experts there was precisely the same as on here.

Did this particular advice come from an expert? Where did you find it? If you look hard enough you will find conflicting advice, how about going with the consensus, or alternatively, ask the OR when you go bankrupt.

[MelanieGiles]

Or how about going to see a solicitor and finalising this thread once and for all.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[scaredkez]

jane also this may help it is taken directly from the insolvency site have you read it before?

your property will probably be passed over to a trustee in BR who deals with your assets and this is a guide to what they do.

http://www.insolvency.gov.uk/pdfs/guida ... dators.pdf

i really hope you can draw closure soon.
kerri

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

[jane.l]

yeah, I have read so much and a lot of it is conflicting, it seems that for some people the OR deals with the property but why have I heard stories of people being chased for shortfalls AFTER bankruptcy? Maybe its down to the individual OR as to what happens? To be honest, I am past caring now, if I have to petition and then again a couple of years later if I am chased for the shortfall, Il do it again, I just cannot take any more.

What happens if NRock have started repossession proceedings against us and we go bankrupt? This is likely to happen as I think they have started but at just at the beginning stage at the moment, I will not be going for voluntary possession as we have a chance for a secure council house now

[MelanieGiles]

The OR will deal with all of this directly with the mortgage company.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk