| T O P I C R E V I E W |
| nikjak |
Posted - 03 January 2010 : 18:38:54
Hi I’m 5 months into personal bankruptcy and paying an IPO which was based on my salary at the time of the bankruptcy. I was told I would have to take a pay cut of 30% at work at which I understandably kicked up a fuss and after a few days of moaning and trying to compromise I had to take the cut, ever since I have been the subjected to a barrage of bullying and ill treatment at work by the boss and have been ignored by colleagues resulting in me having to go on sick leave through stress and anxiety. I have approached a solicitor regarding the work issue but I was wondering if you knew what would happen to my home now that I can’t afford my mortgage, IPO or my 2 secured loans? I don’t think I can return to work under the circumstances. |
| 15 L A T E S T R E P L I E S (Newest First) |
| nikjak |
Posted - 28 January 2010 : 19:26:57
Hi folks I managed to get a bit stronger and return to work on monday but it has been hell on earth! after my nicey nicey return to work interview i was immediately invited to a disciplinary meeting to ask why i placed slanderous remarks towards my colleagues on a social networking site? Constant digs at my "performance" being watched constantly making sure I am where I say i am! I am found this all unbearable and yesterday went to my boss to ask him to stop putting me through this torture and just make me redundant, he said no but could possibly sign a compromise agreement! anyone had any experience of these??? |
| Housing |
Posted - 04 January 2010 : 17:02:07
Good luck and post back - will think of you to help with your strength. Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and hero of mine!!) |
| nikjak |
Posted - 04 January 2010 : 16:58:02
Thank you Richard you have a very kind heart.
I am going to visit the council tomorrow and see where I stand. See if I can get some peace of mind.
x |
| Housing |
Posted - 04 January 2010 : 16:47:37
Hi nikjak, 
I like Manchester - home of my heroes (Oasis! - I am 57 and should know better!).
Unfortunatly, I am at the other end of the country - in Plymouth.
I do wish you well and will be happy to give you supposrt - look after yourself and try not to stress too much! 
Regards, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and hero of mine!!) |
| nikjak |
Posted - 04 January 2010 : 16:33:15
Thanks all of you for your support.
I live in Manchester Riachard! |
| Housing |
Posted - 04 January 2010 : 15:15:33
Hi again nikjak,
I missed your follow on post in reply to my first one today.
That is even more reason to approach the local council straight away - with a youngster and ill health (particular stress and mental health) they will be able to give you good advice.
I do wish you lots of luck and my heart is thinking of you, my children are grown up now and I have three grandchildren so I feel for you and your young one
I wish I could give more than cyber advice - what part of the country do you live in?
Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and hero of mine!!) |
| Housing |
Posted - 04 January 2010 : 15:08:05
No problem nikjak
You are Ok for the moment certainly. BUT, I would not let the grass grow under your feet - make contact with the local council as soon as you can - they will surprise you with how helpful they can be.
Over my life, I have seen so many repossessions that were not necessary or could be tackled with another strategy - I have seen all sides of the coin too and have assisted many people over the years.
If you have a young family, you will, in all probability, be given some assitance to start afresh. A long time ago, I worked in Southwark in London as Head of the Homeless Persons Unit - we had 150 staff (15 years ago) just dealing with homelessness. I was also a Director of Housing in a smaller borough and we saw many many people who thought that nothing could be done for them - we proved them wrong!
I wish you lots of luck, be positive and post back if you need to run a question as there will be someone to listen on here too!
Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and hero of mine!!) |
| nikjak |
Posted - 04 January 2010 : 15:00:17
PS I have a 6yr old child and i'm currently on sick leave due to Stress and anxiety. |
| nikjak |
Posted - 04 January 2010 : 14:57:47
Thanks Richard.
My Mortgage was due today I have sent £100 instead of the £465 as this is all I can afford and I have wrote to them regarding my situation. So not actually missed any payments yet. I had cancelled the dd's on both my secured loans but one has been paid anyway! so probably just the one to worry about this month. I have also wrote to both loan company's regarding my situation. |
| Housing |
Posted - 04 January 2010 : 14:49:05
Hi nikjak,
That is a shame about your insurance policy.
Again, be mindful of what the solicitor who is talking to you about your employment claim - the no win no fee is always an attractive option, but as I said, some, (not all) have a fee to be levied if the case is won or lost!! (I wish I had pursued a career as a solicitor after my law studies, many years ago!)
As to a time frame, that is difficult to say without some more information.
Are you in arrears with the mortgage? (First charge) Are you in arrears with the second charge?
If so to either of the above, have they started legal action as yet?
If yes, where are they in the process?
Have you any children of school age? If so, you are well advised to approach the homeless persons unit at the local council to say you are threatened with homelessness.
I advise you to go to the offices with all of your paperwork (once you have an appointment) and see what they can do for you and your family. Do not deal with the council by phone only - be assertive and get seen and assessed by a HPO.
If the first charge lender is taking action then they will instruct an agent (may be a solicitor, but probably not - a legal exec is more likely). They will represent your lender in the county court.
I advise you (when it gets to that stage) to attend court yourself. It is not formal or scary - you will be able to get free advice from the duty solicitor on the day (again maybe CAB worker, Shelter or the local council housing officer).
They will go with you into the judges chambers. nothing to worry about - no wigs or gowns these days - a normal office with the judge in normal dress and your lenders advisor and you in front of him/her.
You will be given every opportunity to keep your home if it is possible (again, this all depends on where you are with any arrears at the moment). If the home can be retained and you allowed to stay there on terms, then that is what is likely. That having been said, if there are large arrears already - a bit more of a battle.
The judge will not want to see you evicted if it is at all possible. She/he will have more understanding and empathy for you than for the claimant!!
This is election year - the government is not wanting to see the repossession figures rise again!!
In essence, you are many months from getting your home taken away - even if that is the scenario.
At the hearing with the judge, you will be given the opportunity to make an offer to repay the mortgage plus a sum towards the arrears - if you cannot do that, then the judge will make a SPO - giving you up to 2 months to meet the terms.
If you cannot meet the terms, then the SPO will convert to an application for a warrant of execution (eviction). I emphasise that even if that happens, a period of about 5 months will have elapsed.
Back to the homeless persons officer - make that initial contact NOW and they may be able to assist you. There are 5 "priority need" categories to consider - the two that are likely to apply to you are:
Do you have children
Do you have ill health
If yes to the above, then you may be "picked up" by the council. That could involve:
Temporary housing (B&B maybe)
A tenancy in the private sector (Assured shorthold tenancy)
A tenancy with a local RSL (housing association)
A tenancy with the council (less likely - due to supply and demand)
I could go on, but do not have your full situation as yet - post back if necessary.
I hope this has been of some assistance to you.
Be assertive and think positive! Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and hero of mine!!) |
| nikjak |
Posted - 04 January 2010 : 14:35:07
Thanks John. |
| John |
Posted - 04 January 2010 : 14:24:58
Hi
you should inform the OR if you have not already done so and the IPO will be revised or stopped.
That's not a problem it happens all the time when income reduces or expenditure increases.
Unfortunately if you can no longer afford the mortgage or secured loan repayments inevitably once you are a sufficient number of months in arrears one of the lenders will no doubt begin repossession proceedings. The OR has no involvement in this.
After 3 missed payments it will likely take a further 6 or 9 months. The shortfall of the sale price against your mortgage and secured loans should be included in your bankruptcy. Explain to the OR and get their take on it all. They are there to help. They cannot advise but they can inform you whether the mortgage shortfall would be included in the bankruptcy which would hopefully put your mind at rest to a certain degree.
John White
Independent Debt Consultant
Specialising in Bankruptcy |
| nikjak |
Posted - 04 January 2010 : 14:06:43
Still no answer to my original question though, how long does the process of my home being repossessed take, what happens about the secured loans??? please |
| nikjak |
Posted - 04 January 2010 : 14:03:40
No unfortunately not covered on my home insurance, apparently it was an optional extra which i didn't take. |
| nikjak |
Posted - 03 January 2010 : 21:30:58
Yes, I'll have a look thanks. |
