| T O P I C R E V I E W |
| Nicola.j |
Posted - 13 August 2008 : 08:30:55
Hello
My job is relocating to scotland in a month.I have got somewhere to rent and am handing back the keys and filing for bankruptcy before I go.Hopefully around 01/09.
My secured loan company sent me a default notice yesterday because I am two months in arrears.I had already informed them of my intentions but now they are saying they are going to write today to get aa attachment of earnings order and that I will have to pay that until the property is sold.
1.Please can someone advise if this is the case.(From the info I have gathered here i didnt think it was.Once it is included in your bankruptcy you are no longer liable)
2.Surely in order to get an attachment of earnings they have to apply to a court.The person on the other end was implying to me that because it is secured they can just do what they want.
3.Are they going to be able to get this in place if it is true before I file for bankruptcy.
4.What would you advise me to do.
Sorry for all the questions but this website is fantastic for information.
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| 8 L A T E S T R E P L I E S (Newest First) |
| darren_b |
Posted - 14 August 2008 : 19:22:55
Hi -
I have been advised that as the property is getting repossesed, the debt becomes unsecured (it cant be secured against something you dont own!) and the secured loan goes into the BR......
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| John |
Posted - 13 August 2008 : 20:56:03
Hi
of course technically you're absolutely right but if whilst you're legally liable you go on paying for it then it will never be repossessed.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| zoe |
Posted - 13 August 2008 : 10:31:33
Could one of the other experts clarify this please, i was under the impression that until the proerty is sold or repossessed then the debt is still secured on your property and you still own it and technically liable for the money! |
| BankruptC |
Posted - 13 August 2008 : 09:47:11
Again, as far as I understand it, when you hand back the keys, the property is then reposessed by the mortgage company.
CG |
| zoe |
Posted - 13 August 2008 : 09:44:26
If the property has not been reposessed or sold then she still owns it!!! |
| BankruptC |
Posted - 13 August 2008 : 09:39:38
Hi Zoe,
Nicola said she will be handing back the keys to her property and moving into rented accommodation. As I understand it, in these circumstances, any secured lending becomes unsecured (as there is no longer a property to secure it on) and therefore it is included in the bankruptcy.
Have I got that wrong?
CG. x |
| zoe |
Posted - 13 August 2008 : 09:35:34
hi there
Secured Loans are NOT included in any bankruptcy proceedings. You will need to arrange payment of these. |
| BankruptC |
Posted - 13 August 2008 : 09:28:20
Hi Nicola,
I'm not an expert and so not able to answer your questions but can I suggest you post this again on 'bankruptcy postbag for August.'? that's where people look most and you'll be much more likely to get your questions answered quickly.
Good luck with everything.
CG. x |
