PICTURE LOAN

[chris.g]

At the risk of sounding dumb does that mean we are ok? Can you understand how the MJO was granted after the br?

[MelanieGiles]

Chris - you really do need to get your OR or Trustee to deal with this for you.

[chris.g]

Ok, thanks Melanie, I need to contact them anyhow so will ask about it then.

[Adam Davies]

Hi Chris
Let us know what the OR says about this
Thanks

[chris.g]

I certainly will Andy.
I have sent an email to our OR, so as soon as I receive a reply I will let you all know.
Hopefully, she will be able to shed some light on this MJO situation for all of us.

Maybe Paul from Reviva might be able to clarify it in the meantime....

[jane.l]

I, for one, would be very interested in what your OR says! I have a horrible feeling this Picture loan is not going to go away!

[chris.g]

Hiya, I think I've baffled my OR!!!!
At first she adked me to clarify what a MJO was so I gathered she was thrown!
Anyhow, got a second reply from her and here it is:

I have sought advice on the Money Judgement Order but there is no information in our technical manual on this. The normal procedure for any shortfall on property after sale is that this is included in the banruptcy.

Sounds like secured debts are included in br as we all originally thought. Phewwww.......[:)]

[jane.l]

I wish somebody would inform the secured loan companies of this fact [:D]

I am sick of telling 'em!

[chris.g]

Jane, she also told me to send her all the correspondance that we are still receiving and she would deal with them, so I would definately get your hubby to contact her about Picture hassling you.
xx

[m15]

THIS IS GOOD TO KNOW THANKS CHRIS FOR FINDING OUT WE ARE JUST ABOUT TO GO BANKRUPT AND PICTURE ARE HASSELING US ALREADY COS I HAVE JUST CANCELED THE DIRECT DEBT AND THIS WILL BE THE FIRST PAYMENT WE HAVE MISSED. GOD KNOWS HOW THEY WILL BE WHEN WE DO GO BANKRUPT. REALLY SCARED ALREADY ABOUT EVERYTHING THEM AND N/ROCK MORTGAGE AND CREDIT CARDS HOW THEY WILL ALL TAKE IT. BUT ITS GOT TO BE DONE WE WERE BACK INTO A CORNER WITH PICTURE TAKING £20'000 OFF US TO MOVE OR THEY WOULDN'T LET US PROCEED.
THANKS AGAIN

[jane.l]

I am afraid you may need to develop nerves of steel, as I know from experience that Picture are terrible for putting the pressure on! It may be best to avoid contact with them, at least on the phone, maybe you could just deal with them in writing from now on! They can be aggressive on the phone and will tell you anything to get a payment out of you!

[m15]

THANKS JANE
I WILL DO MY BEST THIS IS WHY WE ARE MOVING STOPS THE CALLS. DO WE HAVE TO TELL THEM WERE WE AR MOVING TO. COS WE WILL HAVE ALL POST FORWARD TO OUR NEW ONE. IF WE GET IT DOING CREDIT CHECKS TODAY ON HUSBAND WE HAVE BEEN PAYING EVERYTHING APART FROM CREDIT CARDS. SO WILL HAVE TO WAIT AND SEE.

[jane.l]

I did not give out my new address or phone number to any creditors, I got my post re-directed too.

[chris.g]

I haven't informed any of ours either, but one has found out. Got a letter saying they had been trying to contact me but the phone number was ex-directory......right's it is!!!!

[go_4_broke]

Hi all

The Money Judgement will have been obtained by Picture because it allows them to claim the full amount they consider they are owed rather than just relying on any scraps left over (if any) after the 1st Mortgagor (NR) has had their go.

Companies like Picture who lend above 100% of property value as 2nd mortgage holders are taking a huge risk with their money and will quickly resort to desperate measures.

Once Bankrutpcy has been entered the MJO is worthless whether issued before or after the date of Bankruptcy.

I expect that in the current climate this type of lending will not be around for much longer because the huge increases in property value that these companies rely on to protect their lending just aren't happening any more.

Best Regards, Simon