|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
| Author |
 Topic  |
|
|
FamilyMan
Starting Member
6 Posts |
 Posted - 27 October 2008 : 08:16:33
|
New here, so thanks for all the help as I have browsed before. However we have now got some major poroblems with our trustee we would really apprecaite any advice.
Simply due to my wife and I guaranteeing our ex companies borrowing and then major corporations insolvency sending the business down, we both had to go bankrupt in April.
OR apopointed trustee but not until September, have to be careful, hence little exact detail as don't want trustee getting nasty, but to say the person they have allocated to us is challenged is an understatement!
Firstly, all paperwork comes with wrong dates on, eg they insist that property restrictions have to be dated from when they were appointed, ie 6 months after BR. Yet all run for 3 years after that date, thus extending our BR term.
Second, interest in property calculated as balance owing on mortgage not the redemption figure of mortgage which is £8k+ more than balance. We had valuation done and valuer was at pains to point out that value should be taken as for a "forced sale" not market value, yet trustee is using the market value as at April, has allowed a 5% decrease due to falling market but again makes a massive £16k difference to their interest in property. So all in all whilst our son is willing to buy interest in our property their is a £24k+ difference in our calculations and theirs,
Not really getting much good advice from advisor, as feel they don't want to blot their copy book with OR / trustee, so could anyone advise ?
Other problem is they keep getting my and wifes ref / br no's mixed up on legal docs, its a nightmare with them at present. Who should we report it to, or do we just stay quiet?? This might be an option as they have just sent us a letter tody re their interest in property that has a massive typo in it and they have missed off a zero on the figure they will accept that means they are only asking for 10% of the incorrect (as far as we are concerned) difference between mortgage balance and market value ?? Regards FamilyMan |
|
|
Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 27 October 2008 : 08:55:34
|
Hi Family man
Welcome to our forum!
Firstly i would say to give us a call at our helpline, the reason i say this is i think a more one to one approach is needed and we cant always answer every question to the "T" on here.
Our number is 0800 078 9367. DO call us and go through what you have said on here to our friendly advisers and they will then guide you in the right direction.
Let is know how its goes.
PS They may not be able to speak straight away but i do assure you they will get back to you, they are having lots of calls as you can imagine at the moment so bare with them:-)
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
|
 |
|
|
RHB
Senior Member
1159 Posts |
Posted - 27 October 2008 : 08:57:25
|
| Can your son pay their figure & buy the interest? |
|
|
|
RHB
Senior Member
1159 Posts |
Posted - 27 October 2008 : 08:58:57
|
| As I understand it, in order for a trustee to be paid they need to get maximum money out of the cases they take on, so they will be aggressive regarding valuations etc. |
|
|
| |
Topic |
|
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
|
|
|
|
|
 |
|
|
|
|
|
Trustee Problems
