| T O P I C R E V I E W |
| cymru123 |
Posted - 21 July 2013 : 18:26:52
I'm a bit confused on what to do with a particular DCA.
I went bankrupt in June, and am currently supplying the official receiver with relevant paperwork.
I've written to all DCA's to inform them of my bankruptcy - however one of them obtained a charging order on my property prior to bankruptcy.
The debt was originally an unsecured credit card from RBS - which then was converted to a secured debt by a county court, and a charging order issued.
I've received a letter back from the DCA stating that although I'm bankrupt, they are a secured creditor, and require my proposals in the matter.
Should I refer them to the official receiver?
My current position is as follows - fictional figures - but the right proportions:
Property Value £150k
Mortgage value (1st charge) - £155k
Charging order number 1 - £20k - business loan
Charging order number 2 - £5k - business loan
Charging order number 3 - £15k - DCA Credit card as above
The property value is currently less than the 1st charge Mortgage - and so if sold wouldn't even pay that back...
The OR said that there would be no plans to sell my property based on the fact there's no money to be made - however I'm now worried that the DCA could go ahead and get it sold anyway - even if there's no money in it for them?
I have no income currently. Do the charging orders last forever?
Does anyone have any knowledge of Charging orders - and whether based on the above figures the likelihood of what might happen next?
Thanks in advance - as I appreciate peoples time in responding is limited. |
| 11 L A T E S T R E P L I E S (Newest First) |
| Skippy |
Posted - 23 July 2013 : 20:10:44
I don't believe that 'sub prime lenders are a plenty'. There may be more options than a couple of years ago but it's not easy to get a mortgage with a poor credit history.
There are two mortgage brokers posting on the sister IVA forum, Shaun Vickery and Ryan, and they will be able to give you more accurate advice.
View my blog at http://skippy13.blogs.iva.co.uk/
The more I have to do with humans the more I think that the world would be a better place if it was run by animals.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
| pcoventry2 |
Posted - 23 July 2013 : 15:01:55
quote:
Originally posted by Niobe
I would still not be prepared to pay either a high deposit (no money to do that) or pay a much higher APR. I'd rather wait until everything had dropped off before applying.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
Yes but that's you. Some would. |
| Niobe |
Posted - 23 July 2013 : 11:48:40
I would still not be prepared to pay either a high deposit (no money to do that) or pay a much higher APR. I'd rather wait until everything had dropped off before applying.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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| pcoventry2 |
Posted - 23 July 2013 : 11:39:54
quote:
Originally posted by Niobe
I would be surprised if you could get a mortgage whilst a BR was still on your record
Prepare to be surprised then... Because it's is possible. Sub prime lenders are a plenty. |
| cymru123 |
Posted - 23 July 2013 : 04:48:45
Thanks all for the replies.. Lots to think about.. Not quite as clean cut as I'd hoped it would be... |
| Niobe |
Posted - 22 July 2013 : 18:02:38
I would be surprised if you could get a mortgage whilst a BR was still on your record and I really wouldn't want a high APR.
Some of the people who have completed an IVA have problems as is seen on the sister forum.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
|
| pcoventry2 |
Posted - 22 July 2013 : 17:07:08
Originally posted by cymru123
"Thanks both for the reply. Much appreciated."
You're welcome :)
Originally posted by cymru123
"My worry is around losing the property and then not being able to get another mortgage for several years, and then only with a huge deposit..."
It's possible to get a mortgage as soon as your discharged as some lenders see you as debt free and if you have a good income more the better. They usually offer a higher rate than a larger deposit.
But also remember your BR will be on your file for the next 6 years. So why worry?
Honestly my 85K noose around my neck broke and I've never felt better. I would have liked to kept my house for reasons other than for me but it was not meant to be so it had to go. I'm now discharged earning good money and starting again debt free and boy what a difference! |
| Viki.W |
Posted - 22 July 2013 : 16:08:25
You should be dealing with them directly
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
| cymru123 |
Posted - 22 July 2013 : 13:40:21
Thanks both for the reply. Much appreciated.
My worry is around losing the property and then not being able to get another mortgage for several years, and then only with a huge deposit...
In terms of the secured creditor for the credit card - should I refer them to the OR?
Or should I be dealing with them directly? |
| pcoventry2 |
Posted - 22 July 2013 : 11:41:59
Just wanted to sort of back up what Viki is suggesting. I gave up my house for repossession in order to make things easier. At the end of the day it's bricks and mortar nothing more. And for me looking back it's one of my better decisions.
Best of luck either way |
| Viki.W |
Posted - 21 July 2013 : 19:19:50
The charge will stay against the property until its paid or the house is sold or repossessed.
You will need to come to an agreement with the creditor.
They may or may not try for a forced sale.
Have you taken advice re your property? Have you thought about letting it go so that all the secured debt can be written off in your bankruptcy,? |
