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| Alastair10538 |
Posted - 22 August 2010 : 23:28:53
Hello. New to this forum, so hoping someone can advise. In short my situation:
- Was living in UK, bought a house in London 2006. Multiple redundancies, declared bankrupt Aug 13 2009.
- Moved abroad soon after, found work in the UAE
- House has around 25k negative equity
- Since bankruptcy, no approach from OR for an IPA? Is this normal? Is it because I am abroad?
- I had some contact with OR up until April this year 2010, and I asked if I could buy back beneficial interest. In fact in August 2009 they said they would "speed up the process" and I was asked to send two valuations from local estate agents
- In April 2010, I was told that my case had been passed to the Assets team
- Since April 2010, I have had no response to multiple emails to the OR, zilch
- My 1 year anniversary was 13 Aug 2010. I contacted OR to ask if I was automatically discharged, and asked again about beneficial interest, no response
- They have not told me at any time that they are putting a charge on the apartment for 3 years
- They have not told me about any other bankruptcy restrictions which would effect one year automatic discharge
But...
- They are not responding to any contact
- I do not know where I stand,and I am at a loss at how to get any response out of them, I have now contacted them about 8 times since April with no response
Any advice would be appreciated
Alastair
Alastair |
| 8 L A T E S T R E P L I E S (Newest First) |
| debtinfo |
Posted - 23 August 2010 : 22:20:12
ok, say your equity was worth £5,000 at the end f the 3 years the OR has to deal with the property. That is not really enough to justify the OR going to the expense of going to court to get a reposession order. So they instead ask for a charging order this basically locks in place that £5,000 is owed to the OR and stays at that figure (plus statutory interest)until you sell the property years down the line when the OR gets the money owed from the sale proceeds |
| Alastair10538 |
Posted - 23 August 2010 : 22:17:12
Thanks for the advice, it's helpful. I guess I would like to ask one more thing, which is what does "a charge" on the property actually mean. I've looked at HMCS website but the legalese baffles me.
I also guess my next step must be just to call the OR and see which of these 3 routes they are going down?!?!
Alastair |
| debtinfo |
Posted - 23 August 2010 : 22:04:03
Yes the family home rules (the 3 year thing) applies to homes where you were living on the day of the bankruptcy so it does fall under theses rules in your case.
That means that the OR has 3 years to deal with the property, if they do nothing it is returned to you.
By deal with i mean, sell the BI back to you, reposesss the property or put a charge on the property |
| Alastair10538 |
Posted - 23 August 2010 : 21:16:57
Yes I was, we moved about 2 or 3 weeks later (I filled out a P85 just before leaving). Does this make a difference?
Alastair |
| debtinfo |
Posted - 23 August 2010 : 17:42:56
Where you living in the property on the date of the bankruptcy order |
| Alastair10538 |
Posted - 23 August 2010 : 10:59:41
Thanks for the advice, and it seems it is good news with regard to the IPA
I will call the OR. I had a telephone interview just after BR last August and just before I moved abroad. They never approached me for IPA, and if it is true that they now cannot ask for one because I am discharged then (to repeat!) it is good news
Obviously I would like clarity on the BI issue. My understanding is that unless they put a charge (3 yrs) on the property, and inform me of this, then it should be resolved quicker????
Alastair |
| gettingoutofdebt |
Posted - 23 August 2010 : 08:35:25
If an IPA wasn't implemented before you were discharged then you will never have one.
I think the OR has 3 years to resolve the beneficial interest in the property but they normally get this resolved during your BR period.
It's pretty strange that the OR isn't responding to your contact attempts. Even with living abroad you should still go through the normal procedure i.e. OR interview, IPA if you have enough DI, any assets, etc.
You could try calling the OR rather than using email to see if you can speak to them. Other than that just keep copies of the emails you have sent in case they come back in the future and accuse you of disappearing. |
| Alastair10538 |
Posted - 23 August 2010 : 00:01:27
I am going to reply 1st to my own post... this is forum is full of good advice
I checked on the Insolvency Register and I was in fact discharged after a year on the 13th AUgust
Does this mean that I will never have to pay an IPA? They never approached me for one... and now I am discharged...
My Qs on the Beneficial Interest remain so again any advice appreciated
Alastair |
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