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| T O P I C R E V I E W |
| dicko1 |
Posted - 08 December 2009 : 21:31:09
I AM A SELF EMPLOYED TAXI DRIVER WITH APPROX 30K OF UNSECURED DEBT AND AM CONSIDERING BANKRUPTCY. I HAVE JUST IN THE LAST WEEK HAD A POSSESSION ORDER PLACED ON MY HOME WHICH HAS LITTLE IF ANY EQUITY WHICH HAS NOW MADE ME THINK I SHOULD CONSIDER GOING BANKRUPT. IM NOT OVERLY CONCERNED ABOUT THE HOUSE AS IVE STRUGGLED PAYING THE MORTGAGE FOR AGES BUT MY CONCERN IS THAT THE OFFICIAL RECEIVOR WILL TAKE MY TAXI AND THEREFORE MY LIVELYHOOD. I HAVE HEARD THEY DO NOT TAKE YOUR "TOOLS OF YOUR TRADE" BUT THE TAXI IS WORTH APPROX 18K AND THEREFORE A SIGNIFICANT VALUE. THE TAXI LICENCE I HOLD LEGALLY BELONGS TO THE COUNCIL BUT IS REGISTERED IN MY NAME BUT THE VEHICLE HAS TO BE WHEELCHAIR ACCESSIBLE AND THERE IS NO CHEAPER VERSION THAN 20K TO SWAP IT FOR AND THIS VEHICLE BELONGS TO ME AND IS ALSO REGISTERED IN MY NAME.(IT IS ALSO FULLY PAID FOR ) DOES ANYONE HAVE ANY CLUE AS TO WETHER I CAN KEEP THE TAXI, GO BANKRUPT TO CLEAR MY OVERWHELMING DEBTS AND HAVE A FRESH START,THANKS |
| 8 L A T E S T R E P L I E S (Newest First) |
| dicko1 |
Posted - 12 January 2010 : 18:58:38
Repossession order on house mortgage is dated 25/01/2010
secured loan/2nd mortgage repossession order date is 15/1/2010
I havent spoke to either since dates were given in court.Am i right in saying the next step is an eviction notice from both ? Do i tell both whats going on as i dont think either are aware.I am hoping the sale will cover the debt- the mortgage is 160k and loan 10k - house valued 175- 180k.Will the first mortgage have more say over secured 2nd loan? and who will obtain possession first as there is different dates . If they sell cheap and theres a shortfall i will be going bankrupt as there is approx 30 k of unsecured credit too.Cant wait til this is all over !!!! |
| Housing |
Posted - 09 December 2009 : 09:23:00
Good morning Dicko,
As Paul has said, there are three elements to a possession order.
The lender has obtained a suspended possession order. The DJ has given the maximum term that they have available at their discretion(56 days) to assist you. That is a step in your favour so far as time is concerned.
The next step is when the 56 days have elapsed, then the lenders solicitor will go back to the court and seek enforcement of the order through a warrant of execution (an eviction order). That is likely to take another 4 weeks - dependes on how busy the bailiffis section are - so on the basiss of what you have said, you are OK in the property until early feb 2010.
Now, if you have children or suffer from an illness that is long term, then you should seek advice from the local homlessness team at the councils housing office.
They are obliged to give you advice - Go into the offices and make an appointment DO NOT phone them as they may try to give you minimal advice. You really should make an appointment and see someone face to face - take the court order with you.
If you fall within one of the five categorise of "priority Need", then not only will they give you advice, but you MAY qualify for assisiatne.
That can range from finding you a property to rent in the private sector and they would probably pay your deposit/bond for you. They could send you to nominated letting agents who accept BRs and if you were really lucky, you may get a council or housing association office. (A tall order, but it does happen)
If you do that straight away, there is time tto plan.
Do not despair, help will be there for you. Be strong and come back if you need more advice.
Richard
"There are no problems - only solutions..." |
| Reviva UK |
Posted - 09 December 2009 : 01:28:50
Hi
The reposession of a house has 3 parts to it.
First there is a posession order (the mortgage company need to first posess it before they can reposess it)
Second stage is the reposession order and finally the eviction notice.
Depending upon the lender it may take several months to get you out.
Are you still paying credit card bills?
What are your takings each week?
Do you need to pay for your radio as well?
Lots of questions and it is all too easy to get confused and believe that you need to sort the house, the bankruptcy and the business
Out all on the same day.
You need to get an overall plan and then fit in the critical bits from there.
In bankruptcy the taxi is definately at risk because of the value.
We are working with several taxi drivers around the country so understand some of the challenges.
I would recommend you make a call with qn expert and get some free and soecific advice to get your plqn together.
Paul
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
| Richard P |
Posted - 08 December 2009 : 22:38:55
clerk to the court should have notes
they will check with judge and get order rewritten
regards Richard |
| dicko1 |
Posted - 08 December 2009 : 22:34:46
Just one other bit of advice from anyone i need is that the judge who made the possession order on the house said it was for 56 days (court date was 30/11/09 usually 28 days but with xmas coming the judge said otherwise ) but when i received written confirmation yesterday it said 28 days -out on 29/12/09. who do i contact to check these details as although i have somewhere else to go/live after i would like to stay as long as possible |
| dicko1 |
Posted - 08 December 2009 : 22:28:54
quote:
Originally posted by Richard P
Hi Dicko1
welcome to the forum
sorry to read about the possession order and your debts
with every thing to do with courts you have a time frame to respond or act, you are desperatly short of time but things can still be arranged / resolved
Dicko can i suggest that you email paul @ reviva or mel ASAP with your full circumstances, they may not be able to prevent the process but at least they can help you to control it
good luck regards Richard
Hi, thanks for your advice .Ive given up on the house senario to be honest barring a miracle but after the house goes inorder to make a fresh start i want to get rid of my unsecured debt (30k approx)hence me considering bankruptcy but my main and only concern to be honest is that they may take the taxi (my livelyhood). As i have said i have heard and read elsewhere that they dont take your "tools of your trade " but with the taxi been worth approx 18k i just wanted advice if they would take it or not.If there is a chance they might i will consider other options to bankruptcy |
| Richard P |
Posted - 08 December 2009 : 22:10:50
hi dicko
further to my last
If the court orders a repossession, it will set a date by which you have to move out. If you don't leave by that date, your lender or freeholder can ask the bailiffs to evict you. Even at this stage, it may be possible to stop the eviction.
If you don't remove your belongings, they will be left locked inside. You will need to make arrangements with your lender or freeholder to collect them later. You normally have to remove everything within a short period of time, for example, two weeks. If the sale of your house will not cover all the costs involved you may be instructed to leave some of your belongings for the lender to sell.
You may be able to apply to stop or delay bailiffs, particularly if you are ill or have young children and need more time to find somewhere else to live.
If you can raise funds or your situation has changed and you may be able to pay off the arrears,
hope this helps but i still refer you back to my earlier comment get proffesional / expert help ASAP
regards Richard |
| Richard P |
Posted - 08 December 2009 : 22:05:37
Hi Dicko1
welcome to the forum
sorry to read about the possession order and your debts
with every thing to do with courts you have a time frame to respond or act, you are desperatly short of time but things can still be arranged / resolved
Dicko can i suggest that you email paul @ reviva or mel ASAP with your full circumstances, they may not be able to prevent the process but at least they can help you to control it
good luck regards Richard |
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