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Helena.da
Starting Member
17 Posts |
 Posted - 11 November 2010 : 20:01:31
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hi, ive been made bankrupt by a creditor iowned clothes shop and never missed paying for my stock of him, then everything went wrong my partner and i split up after 10 years he was taking me to court for the house to be sold as i couldnt afford mortgage on my own and was falling into arrears, a family friend said they would buy the house and i could rent it back my partner wanted 30,000 or he wouldnt sell to family friend so we over valued the house so partner could get this amount in mean time buisness was getting bad and i had close shop i contacted supplier to come lift stock that i had recived week earlier and he said no that it would be old stock now? next thing he sending me letters demanding payment and also got police from where he lives to ring me? i was dealing with lossing my partner selling my house and closing my wee shop didnt want to deal with this aswell so i ignored the letters it was for£2000 next thing he has me bankrupt! i told the reciever all this and that house was over valued so that friend could get higher mortgage but the price that was paid to us was what the house was worth he agreed that they had done there own drive by valuation and it was the same. every thing was fine then i got called again for interview this it was different OR? he made me feel very uncomfortable and was putting words in my mouth, he asked why we and family memeber had signed mortgage accounts to say house had been sold for more money and were was shortfall? i told the same as the other OR that the money never ever exsisted as the valuation was higher than the house got letter to say that there sueing friend for the money shortfall! they want 40,000 i only owe creditor £2000? this has caused a whole family mess i didnt want anyone to get into bother, the house was sold over year before i was even bankrupt? friend dosent have this type of money what will happen? i now have job and want to pay the debt but they wont let me this is so unfare im really stressed out cant eat sleep and am tralwing internet for help or if there anything i can do someone please help the house is in negitive equity.
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RHB
Senior Member
1159 Posts |
Posted - 11 November 2010 : 20:47:13
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| Did you get the house valued at the time? And how much exactly did you overvalue it by? As far as I can male out, any money owing should come from your ex paartner not your friend, unless I;m missing the point? |
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Helena.da
Starting Member
17 Posts |
Posted - 11 November 2010 : 22:27:18
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house was worth 150,000 overvaled to 180,00 just so friend could get enogh money from mortgage to pay exsiting mortgage and ex mortgage friend took out was for 150,000 so that left 30,000 short so we signed that the buyer had paid this already which he didnt as this money never exsited, i know that this wasnt right to do but i was desperate! now the OR wants friend pay 30,000 plus interest? even though we told him it was never to be payed 1st place as house was overvalued but he dosent care and has sent letter to friend he is being sued for the amount?
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debtinfo
forum expert
2826 Posts |
Posted - 12 November 2010 : 07:19:08
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| did you have a valuation done at the time and if so what did that say the valuation was |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 12 November 2010 : 10:24:43
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Hi Helena,
a few observations:
What was the equity position with regards to the property, when you had it overvalued?
When you say other OR, I suspect your case has been handed over to an IP(insolvency practitioner), as the interviewing style fits them to a "T". When you were interviewed by them, were you on your own, or did you have any kind of representation as basically they've got you to say what they want you to say, based on their presumptions and assumptions.
The mistake you've made is having a house valued at a value that it clearly wasn't just so your friend could raise the £30k to pay him off, whoever this other OR is, are basically holding you and your friend to ransome, I would seriously seek proper legal advice over this, as if there is no equity in the property(if there was, the OR would have said so), they're just using a nominal equity to squeeze you.
Big Al |
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Helena.da
Starting Member
17 Posts |
Posted - 12 November 2010 : 11:41:56
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hi, yes it was only worth 150,000 and no i didnt have anyone with me at interview just my one year old what does nominal equity mean? im not that clever when comes to stuff like this? what do you think will happen? im so worried my family are all raging at me but not my fault,
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Helena.da
Starting Member
17 Posts |
Posted - 12 November 2010 : 11:43:46
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we didnt list house with agents just sold privatley that is how we said we selling for 180,000.
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debtinfo
forum expert
2826 Posts |
Posted - 12 November 2010 : 19:49:07
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| so basically your friend lied on their application to gain a lager amount of money from the mortgage company, i do have some sympathy for your situation but is that what you are putting on record with the OR |
Edited by - debtinfo on 12 November 2010 19:49:56 |
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Helena.da
Starting Member
17 Posts |
Posted - 12 November 2010 : 20:00:02
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quote:
Originally posted by debtinfo
so basically your friend lied on their application to gain a lager amount of money from the mortgage company, i do have some sympathy for your situation but is that what you are putting on record with the OR
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Helena.da
Starting Member
17 Posts |
Posted - 12 November 2010 : 20:06:08
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in a nut shell yes, this is probably worse? but i told the truth the whole way maybe id have been better to lie and say i got the money and spent it.. why havent they said to me about mortgage fraud? also i offered to pay the debt as i now have job again but they arent having it?
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debtinfo
forum expert
2826 Posts |
Posted - 12 November 2010 : 20:54:07
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always best to tell the truth regardless, as to why they have not mentioned it to you, i would not appear that it is you who signed the mortgage it is your friend.
have you or the solicitor still got the valuation or any documents so you can show its worth at that time |
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RHB
Senior Member
1159 Posts |
Posted - 12 November 2010 : 21:08:54
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| Surely the only person that they can claim the money off is the ex partner? Surely your friend or you has the record that this money was paid to him out of the mortgage they took on? |
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Helena.da
Starting Member
17 Posts |
Posted - 13 November 2010 : 00:40:05
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yes we have some documents but there only interested in the shortfall that never exsited in the first place so it likely that my friend will prob be made bankrupt because of me if wasnt for my wee man (1yr old) i dont know what id do as so far my family are blaming me and arnt speaking to me so im on my own on this one telln truth has not been best in this sisuation i think
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 13 November 2010 : 09:19:09
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The nominal equity I mentioned, is the £30k added to the real value of the house, in order for your friend to raise the money. On your friends(and possibly yours) part it would appear to be mortgage fraud, for obtaining the money in the first place. If this other OR is after the money, they should be going after your ex partner to recover it, especially if you may have been put under pressure to do it by your ex.
I still don't understand who this other OR is? I can understand you being called in for another interview for further investigation, for the purpose of building a case against you to obtain a bankruptcy restriction order, one thing they wouldn't be doing is seeking to get the money back from you, as you don't appear to have it, which is why this other OR appears to be an IP.
Big Al |
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RHB
Senior Member
1159 Posts |
Posted - 13 November 2010 : 09:30:56
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| If you can prive by documents that this sum of money was given to your ex in return for him coming off the title deeds there is very little that can be done against your friend so don't worry. |
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Helena.da
Starting Member
17 Posts |
Posted - 13 November 2010 : 21:08:52
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no the mortgage owned on the house was 120,000 ex wanted 30,000 this this brought the total to 150,000 the value of the house at the time, so friend would have needed to get 100% mortgage,so told ex that friend couldnt get 100% mortgage he said he had house valued an it was worth 180,000 when i told him that the mortgage company told friend omly worth 160,000 and that the bathroom after renavation s was incomplete and that it would be less if this wasnt finished before it was to be sold! ex sent letter from his solicitor which i still have to say that he would only agree to the sale to family friend if he recieved 30,000 he knew that i was desperate to stay in the house and said if he wasnt getting that amount then a stranger would be buying it and i would have find somewhere else to live so thats y it was over valued by his side not mine i put my heart an soul in the house and wanted to stay what ever way i could first wee home an all that. stupid i know but i just couldnt let go, so friend got mortgage on the 180,000 value he took out 150,000 so this left 30,000 short fall that he and i said he had paid me as deposit to the solicitor but this money never exsisted this is the sum the OR is looking for. we both signed that he pay this as deposit OR said because he signed that this was a so called deposit that he will have to pay it i explained to OR the way it was and this money wasnt ever to be paid he said signed legal document and that stands i owe 2000 they want 30,000 plus interest i asked why so much he said dont worry youl get the left over amount!!! but i dont want friend to get sued for the money in first place as i dont want money? y cant me or friend just pay what is owed and fees instead of wrecking his credit and life for that matter dont understand?
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been declared bankrupt by creditor
