Hi I was made bankrupt my total debt was for 6000.00. I have got a letter asking me to release my share of the assests which is half my home that i jointly share with my partner. They want 31000.00 my partner thinks this is wrong as i was only 6000.00 in debt. please can you explain how this is allowed and why they take so much off you putting us in more debt by having to borrow the 31000.00 by remortgage?
let me take a stab in the dark and guess that the approx level of equity in the property is £62K to £75K in total.
I'm afraid as your assets were of a value greater than £10K when bankruptcy was declared your case passed from the Official Receiver acting as trustee to a private sector trustee.
Sadly I'm afraid that what appears to be a fee of £25K is being charged by the trustee and there is little to no recourse when this happens as their fees are not capped in any way.
But yes your partner is absolutely right.....this is oh so very, very wrong.
Hi I was made bankrupt my total debt was for 6000.
Posted - 25 February 2009 : 10:29:46
