In DMP, threatened by creditors to be taken to court

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Emma.26

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Post by Emma.26 » Sat Sep 25, 2010 10:22 pm
I have been in a DMP for the last 9 months it has only been in the last month that i have be threatened by creditors to be taken to court for an order of sale on my jointly owned (with my husband) property. Is there anyway i can avoid this action. I am not currently living in the UK so the property is being rented i could however be returning at any time. Can any one please advise.
 
 

Shining

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Post by Shining » Sat Sep 25, 2010 10:27 pm
Hi Emma and welcome to the forum.

Would the supervisor of your DMP talk to the creditor concerned on your behalf? Would you consider an IVA whereby you would be protected from your unsecured creditors, it may be there is a reason you prefer the DMP.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Adam Davies

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Post by Adam Davies » Sat Sep 25, 2010 11:40 pm
Hi
Speak with your DMP company and ask them to find out what is going on ? From experience I think you will find that this is no more than just a threat to scare you into paying more
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Andam Davies
 
 

Emma.26

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Post by Emma.26 » Sun Sep 26, 2010 5:48 am
Hi

Thank you very much for your reply's. I was advised not to take an IVA on the basis i wanted to protect my property.

I will speak with my DMP company and get them to find out what is going on. They definitely scared me and husband was not best pleased, I hope it is just a threat.

Thanks again.
 
 

kallis3

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Post by kallis3 » Sun Sep 26, 2010 8:28 am
I would certainly query whether you would be suitable for an IVA or not.

You could always speak to one or two more companies. Visit www.iva.com for a list with reviews. The advice is free and impartial.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Broke of London

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Post by Broke of London » Sun Sep 26, 2010 8:38 am
Hi Emma, I'm a renter but many people on this forum own their house and it is protected under an iva. There woud only be an equity clause requiring you to release some equity or pay an additional 12 months payments if you can't remortgage. The only thing I can think mightd make your situation different is that it's not your primary residence at the mo. Speak to a couple of professionals at the link above and they will be able to advise you about the dmp and whether your home would be safe in an iva.
 
 

Shining

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Post by Shining » Sun Sep 26, 2010 9:09 am
So long as you keep paying your mortgage Emma there should be no problem with keeping your house, speak to a couple of companies and use the link Jan supplies to get some reviews of these companies.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

plasticdaft

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Post by plasticdaft » Sun Sep 26, 2010 11:43 am
How much would your share of the equity be,compared to what you owe creditors?

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Andrew Graveson

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Post by Andrew Graveson » Mon Sep 27, 2010 10:29 am
Hello Emma,

Have there been any Court proceedings at all as yet?

If not I'd suggest that scare tactics are being applied.

In reality, if you are paying what you can afford towards the debts, the creditor has a pretty limited chance of being able to get an Order for Sale from the Court anyway.

Of course if legal paperwork were to be received it would make sense to take legal advice to further protect your position.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
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