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Steve.ph
Starting Member
4 Posts |
 Posted - 05 December 2011 : 23:13:34
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I went bankrupt on 28th April 2009, and a private IP was allocated to manage my estate. I had no assets of any worth and was (and still am) in negative equity on my house so they never bothered to sell my house. As of 28th April 2012, the interest in the property will revert to me.
This morning, I received a letter from Halifax regarding the SVR cockup mentioned here: http://www.moneysavingexpert.com/news/mortgages/2011/02/halifax-to-repay-500-million-to-300000-mortgage-holders
Brilliant news- they are paying me back £3800! When I rang the bank however, I was told that because the insolvency firm are still listed as the owners of the interest in the house, I cannot get paid this money directly back to me without written permission from them.
As the account is in my name, the IP doesnt know that this money exists yet (unless I tell them). If I were to instruct my bank to use this money to pay off some of my mortgage then it would move from being a credit on the account, to being part of the mortgage itself and they would therefore be unable to claim the money.
I could really do with the cash from this so if there is any chance of being able to get it paid back then I'd much rather do that - obviously I'm worried that by telling them then I wont end up with anything at all.
The date that the rebate applies to is 01/01/09, and the rebate is calculated as additional interest I've paid between this date and now (although based on this figure, it is only a goodwill payment and the amount is arbitrary).
I went bankrupt on 28/04/09, so would I have an argument that I'm be entitled to the interest paid after this date? Or, as it a goodwill payment rather than a refund of interest paid will the amount apply to 01/01/09, ie before my bankruptcy?
What steps would the IP have to take in order to claim this money back from my bank, and are they legally entitled to it?
Should I tell the IP about the money, or should I tell the bank to add the money to my mortgage? |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 06 December 2011 : 08:06:04
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I fear that this will need to be paid to the IP. Debtinfo may be able to clarify this if he's on the forum later.
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
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 06 December 2011 : 08:26:52
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I also think that this money will need to be paid across to the IP.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
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Steve.ph
Starting Member
4 Posts |
Posted - 06 December 2011 : 10:00:51
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Thanks Jan/Viki,
not the news I was hoping for! What do you think is the legal 'date' of this income, as this will obviously make a big difference in this case. Would it be the date of the original Halifax error (Jan 09), the date it was calculated (Dec 11), or a spread covering the time in between?
The amount due is calculated from the additional 1% interest paid since Jan 09, so it could be argued that the majority of this is for money overpaid since the bankruptcy took place (April 09).
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 06 December 2011 : 10:04:36
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Anything relating to pre or during bankruptcy, no matter when you actually receive it.
You will need to inform the IP and only they can really tell you exactly.
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
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Steve.ph
Starting Member
4 Posts |
Posted - 23 March 2012 : 11:40:53
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thanks again for your help with this issue. Thought it would be courteous to provide an update as I've finally got a resolution.... the IP has agreed to refund this payment, all they have asked for is an offer of £500 to cover the period of interest charged before the bankruptcy. I don't believe £500 is an accurate figure so have gone back to them with a calculated amount of £341 (ok, I'm splitting hairs here but it's a matter of principle!).
The justification for returning the payment was that the refund was calculated from the amount of interest charged on my mortgage since the SVR rate was changed, and it was not relevant that the error occurred prior to my bankruptcy. I'm not totally convinced of the legal basis for this, but the IP told me he had taken legal advice on the issue so I guess they wouldnt be paying it back otherwise!
Thanks again
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Halifax SVR compensation
