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| T O P I C R E V I E W |
| kadge |
Posted - 07 June 2008 : 07:26:23
Hi went went BR beginning of April, phone alliance and leicester to ask advice about bank accoumt, young man on the phone advised we would be ok as we had no debts, no overdraft and only a basic account. Went to pay for something yesterday at a till and guess what our account has been closed, not happ with Alliance and Leicester, they weren't very helpful either on the phone, phoned co-op think we may have an account just need to wait a few days.
OR has only just sent the letter to Alliance and Leicester how bad is that!!! Also heard from OR stating we need to make a payment of £350 per month, don't know where they get this sum from, should they let me know what they have allowed for what, we have had nothing, they are also very slow in letting creditors know. Also heard about the house, need to pay the OR £211 for their solicitor fees x 2 is this correct?? and then need to pay for a valuation, where do they think you can get this sort of money from, we gave them an official valuation from 2005, surely they can use this??
It seems that all people seem to do is take take take, goining BR was because we have no money, when will all of this end, not sure how much more I can take. |
| 3 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 08 June 2008 : 12:07:42
Hi Kadge,
I would clarify with the OR the period this money would be taken. It is not uncommon for the OR to ask for an IPA of only 1 year to hand over what you would have been paying in tax (you pay no tax for the financial year you are undischarged).
with regard the house, you beneficial interest needs to be realised for the benefit of the creditors. Give (with redemption fees etc), you are likely to be in negative equity, the OR will wither sell your beneficial interest to a third party (who you can nominate) for £1 + costs (circa £250), or they can put a charge over the property and have a maximum of 3 years in which to realise the equity growth (if any). Unfortunately, the OR is entitled to get new valuations etc. If affordability is an issue here, talk to the OR and see if you can come to an arrangement.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| kadge |
Posted - 08 June 2008 : 10:20:23
Many thanks for your advice, when we did the disposal income there was about £15 per month left, I cannot understand where they have got this figure from, I am able to ask them for this? The house is worht £85k we owe £70k on mortgage and £15k on a secured loan.
Mnay thanks |
| JulianDonnelly |
Posted - 07 June 2008 : 16:08:36
Hi Kadge,
you have to bear in mind that the Insolvency Service is under huge pressure from record numbers of insolvencies, so everyhting wil ltake a little time to deal with.
With regard the £350 monthly payment, the OR can take between 50-70% of your disposable income every month over the next three years under an IPA/IPO. What disposable income did you declare on your SOA?
With respect to the house, the OR has to realise the BR's beneficial interest for the benefit of the creditors. What did you declare as the value of the house, how much is the mortgage (and anything else secured on it) and is it in joint names? Unfortunately, a vlauation from 2005 is maningless .. it would need to be a maximum of 3 months onld to be of any use.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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