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Worried Essex
Junior Member
United Kingdom
193 Posts |
 Posted - 25 July 2008 : 09:53:26
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I was declared bank rupt on 24 June and met OR on 21 July.
On 23 April 2008, I gave a charge to my father in law on my home in respect of school fees he had paid for me in the last 12 months and home improvements that he had helped to pay for whilst I was not earning a salary.
Following the meeting on 21 July, the OR has now contacted me and said they are going to write to creditors and ask them if they would like to appoint a trustee with a view to over turning this charge, the charge is legitimate, and I find it wrong that this can happen.
Any thoughts? |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 25 July 2008 : 10:48:09
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Hi
Is it the charge from your father in law that takes the property into negative equity? How much is it for?
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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Worried Essex
Junior Member
United Kingdom
193 Posts |
Posted - 25 July 2008 : 11:06:45
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Hi - The property has been valued by two estate agents, at £240,000 and £250,000, an average of £245,000. The Mortgage is £230,997.
The property is in my sole name, but a deed of trust created at land registry last Summer recognises my wife of 6 years as having 1/2 the equity.
On this basis, the charge of £33K to the father in law does place it into neg equity, however, it is very likely that if I got a RICS surveyor round, the value would drop from the estate agents average of £245,000, e.g. equity of £14,003 to negative equity anyhow.
The charge of £33K to my father in law is a legtimate one. How do you think we should handle this matter?
My father in law wishes to purchase my beneficial interest. |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 25 July 2008 : 11:40:13
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I think if this does end up going to a Trustee, your father in law will need to prove all the money he has provided to you, such as bank statements, copy cheques etc.
It sounds as if this examiner has really dug her nails in here and is going through everything with a very fine toothcomb.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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Worried Essex
Junior Member
United Kingdom
193 Posts |
Posted - 25 July 2008 : 11:42:54
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| OK. That is fine, if we have to do it, we can do that. Thanks for your usual great assistance and support. |
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OR Want to Challenge a Charge
