Sale of properties made insufficient money

[sandra]

Hi. I feel for you being chased after all this time. It's too tempting just to close your eyes and hope for the best sometimes! I dont feel you were necessarily badly advised because I dont know the facts of your case. The sale prices or level of secured debt must have surprised him too...he didn't get paid after all. Bankruptcy, as James mentioned, is one option but you could also propose another iva based on monthly repayments or enter a dmp. Do you know how much you owe now?

No in all fairness he was really nice bloke and believe he thought that there would be enough money left over to give unsecured creditors there 1p in poun d or whatever was agreed. Think it runs into quite a few thousand. I would have to ask for all paperwork back as I have no idea. As said IP took over with court agreement to act as 'supervisor' (think this what you call it) and all I got was a letter from him stating that there had not been enough money left to pay anyone , other than mortgage and loan people, and that he could not have me declare bankruptcy but advised all creditors to do that. I assume that all creditors also received a final report. What is a dmp??

[Michael Peoples]

A DMP is a debt management plan whereby you pay your debts back over whatever period of time it takes. Interest is normally frozen but it can take quite a long time and is not suitable for everyone.

[sandra]

A DMP is a debt management plan whereby you pay your debts back over whatever period of time it takes. Interest is normally frozen but it can take quite a long time and is not suitable for everyone.

Dont think that one would work. If no-one has been paid then I think I looking at about 100,000 debt. I only got 7 years left to work and I don't earn that much!!!

[Michael Peoples]

Does not sound like much of an option for you. You could attempt an IVA which may well be accepted given the age of the debts and the fact they have probably been sold a number of times anyway. You could petition for bankruptcy and possibly get a three year income payments order which would draw a line under everything or you could write to your creditors and tell them that you have nothing. Advise creditors that you have no assets and no money and invite them to bankrupt you as you do not have the £600 fee. Someone might but even if they do not you can always tell them when they contact you that you are not payoing.