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Sunshine_Girl
New Member
77 Posts |
 Posted - 12 May 2009 : 08:19:30
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Hi
I recently posted, saying I'd decided to go for voluntary repossession and have any shortfall still owed incorporated into my bankruptcy. I went bankrupt in August. I'm in negative equity due in part to a large secured loan with Picture. I haven't bought out the beneficial interest in my flat or signed a deed of acknowledgement of debt. According to the Insolvency Service’s website, two OR examiners and the nice man from Reviva UK on this very forum, any shortfall still owed after the repossession and subsequent sale of my property should effectively be written off as a provable debt in my bankruptcy. However, pretty much as predicted, the snotty woman at Picture insists otherwise, saying they have been in contact with their solicitor, who has confirmed that I will still owe the shortfall after the repossession, as it is occurring after I was made bankrupt rather than before.
Please advise – I’m sleep-deprivingly worried!
SG
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Edited by - Sunshine_Girl on 12 May 2009 08:19:59 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 12 May 2009 : 08:35:17
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Hi
unfortunately the kind wise lady from picture was probablu unable to complete her basic training when she started her job. therefore she is incorrect and probably struggles with the spelling of bankruptcy .
This really iritates me because lack of knowledge causes so much stress and alarm that it is unreal.
If you were to keep the house then you would need to pay the mortgage, also is you agreed to purchase the beneficial interest then you would need to pay the shortfall after reposession.
Unfortunately bankruptcy overides their position if you surrender the house and have not purchased the BI.
I probably spend 3 days a month now arguing with creditors trying to put a final charging order on peoples homes AFTER they are made bankrupt. This is after writing to the lender, their solicitor and often ends up with a court visit because they simply don'e understand. ( even the solicitors !!!!!)
I can see a clear difference with creditor action now and it seems that they actually don't care if you are br or not they will give it a go and see what happens. Often people can't be bothered to argue the case with a charging order and it only becomes a problem 10 years later.
sorry rant over
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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Jane.l
Average Member
511 Posts |
Posted - 12 May 2009 : 08:36:53
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Personally, I would tell the woman at Picture to shove it, they have tried this tactic with me and it won't wash, I have not heard from them for ages now so maybe the message has finally got through to their tiny brains  |
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Sunshine_Girl
New Member
77 Posts |
Posted - 13 May 2009 : 07:35:59
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| Thank you both so much for the reassurance. Any objections if I quote you the next time they call me (which is every day at the moment) or even copy and paste your comments to add to the bank of evidence I'm planning on sending them? |
Edited by - Sunshine_Girl on 13 May 2009 07:36:48 |
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| bankruptcyhelp.org.uk Forum |
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Voluntary Repossession & Bankruptcy Worries
