I have read the posts regarding mortgage shortfalls during and after bankruptcy. When I was declared bankrupt I had kept the mortgage company aware of the situation and that I would be moving into a rented house and that I would hand the keys back to them ASAP which they were okay with as it would save the cost of court repossesion. I did this but had included them and the secured loan company onto my petition and had been told by the OR both would be held as a contingent debt until the house was sold and the shortfall known. I am now discharged but yesterday received a letter on behalf of the secured loan company from a debt collection company asking for immediate payment of just over £20,000 I have spoken to the OR who have confirmed that they were well aware of the bankruptcy and had been contacted by the OR some months before and to send them the letter and they will deal with it but don't worry the debt was included . My concerns therefore are is it usual to get no letters or demands for a year and then one to arrive? Someone had searched my credit file and I contacted the company that had done this and it was a "trace" company I spoke to the guy there and he explained he was only finding me not hard as my post was re-directed and I am on the electoral roll. He also confirmed that he could see my bankruptcy on file and would let the company know that. Question 2 is it was a joint loan and they are only chasing me ( my wife also was declared bankrupt just before me) why is that? Having read the other posts I would think it will be sorted my main mortgage comapny has the debt as settled on my file and the house now has new owners who moved in about two months before my discharge and at all times I let the OR know the status of the house sale and when it was sold. Any other thoughts and advice would be very good as having finally thought I could start again being chased by debt collectors is of great concern
If the OR is fully aware of the situation then bat all enquiries to him to sort out. The debt is certainly written off but sometimes these large companies are quite slow with their systems and paperwork.
no doubt your wife will get a letter shortly and you should pass that to the OR too
Paul Johns Assisted Bankruptcy Specialists Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK www.revivauk.com
Thanks for the response I have sent the letter to the OR the same day as I posted this and have heard nothing since. So far nothing sent to my Wife on this so hopefully all will be sorted.
Is no news good or bad??? but sure it will be fine
Secured and contingent debt
Posted - 27 November 2008 : 16:15:13
