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| caroline1959 |
Posted - 24 October 2010 : 22:35:42
i was in an iva and defaulted so my ip went for bankruptcy which went ahead in april this year and he was made my trustee. i have a mortgage but the house has no equity also i have a secured loan which is £6000 in arrears. the loan company got a possession order and i recieved an eviction notice but i managed to get back into court last week and the judge adjourned the case and postponed the eviction as she says i have to take instruction from my trustee as to wether he will allow me time to repay the arrears. the loan company have refused me time to pay. can my trustee refuse to allow me time to pay it back as the mortgage and loan where not part of my bankruptcy and the judge was happy for me to stay in the property and repay the money |
| 4 L A T E S T R E P L I E S (Newest First) |
| Bigal4787 |
Posted - 27 October 2010 : 01:00:17
Hi,
it was a strange decision for the IVA supervisor to be appointed trustee, however, you can still do the same things, i.e. buy out the beneficial interest etc, but the best thing, is to maintain the mortgage and keep badgering the other secured lender to accept a repayment plan, to eventually get back on an even keel,
Big Al |
| caroline1959 |
Posted - 26 October 2010 : 17:39:08
thank you for the replies. i spoke to a lady at the or's office yesterday who gave me some sound advice and then i rang my trustee he said he has no interest in the property now as there is no equity. i have a court date for the 19th nov to try and sort out the secured loan lender and try and do a repayment plan even though they refused it at the last hearing |
| Bigal4787 |
Posted - 26 October 2010 : 01:14:31
Hi Caroline,
as John said,I can't understand why the 2nd chargeholder would go for a possession order either. However, the other, is why the IVA supervisor was appointed trustee on the order being made, which means that the OR has just an administrative role to play in your bankruptcy, as any assets vest with the IVA supervisor(it also saves the OR calling a meeting of creditors, or having to appoint a trustee by way of a secretary of state application).
The reason the IVA supervisor possibly was appointed trustee on the order being made, is that with 3 years to deal with the property, he possibly sees the property returning to viable equity within 3 years.
As regards the second chargeholder, I think they would have to get permission from the 1st chargeholder before doing anything, as it is their main security.
Big Al |
| Blackie |
Posted - 25 October 2010 : 10:21:35
Hiya Caroline
It does appear that you are going through a rough patch at the moment.
I cannot for the life of me work out why the 2nd chargeholder has gone for a Possession Order as nothing is to be gained at all if you were evicted from your home where there is negative equity! Your mortgage company would receive the proceeds from your home and the other secured creditor would get nothing and therefore rank as an unsecured creditor in your bankruptcy. However, as you are bankrupt, the property vests in the OR and therefore he has to decide what is best for everybody concerned. I think that you had better discuss matters with the OR's office and I am sure that an amicable arrangement can be reached.
All the best
John Blackadder |
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