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I have two large debts, One with MBNA (credit cards) currently at 12k and Halifax (unsecured loan) 23K. I have a property and have so far been able to "Hide" this asset.
They have both gone through the usual letters etc, But neither have gone to court Can anyone help me on the following:
1. The Halifax have stopped chasing, Does this mean they have given up or are they working in the backgroung ?
2. MBNA are becoming more and more aggessive and demanding that I give them a list of any assets and also threating me with County Court and a possible Charging Order on any assets.

As I say neither know the address of my house, How easy is it for them to find out ?
I could sell the house but that leaves the slight problem of somewhere to live.
Any advice very welcome.

Hi matt and welcome to the forum

Not sure what you mean by "hide" the asset - this is not the right way to go about dealing with your financial difficulties. What equity do you have in the property at present?

1 It is unlikely that Halifax will have forgotten about you, and these days it is very easy to trace people - I regularly do this using tracing agents and it is rare not to be able to track someone down.

2 You need to co-operate with MBNA. They lent you the money in good faith and the least you can do is respect that and answer their queries.

A simple H M Land Registry search on your name will easily trace you as being a property owner. Most banks have the ability to carry this out on-line, and presumably you are on the electoral register which is also now on-line.

This is probably not the advice you want to hear - but all I can do as a professional is encourage you to address your financial difficulties in a responsible manner.



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

Matt
This forum is for advice on dealing with debt and not for ways to avoid paying it.
You need to be honest with your creditors and if you are unable to service your debt repayments then we can advise you on the various options.Please post details of all your unsecured debt and house equity so that we can advise you properly
Regards


Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp