Bankruptcy worries

[happy1962]

Hi,

 

New to the site, but really pleased I`ve found it!

 

I have debts totalling around £45k with around 11 different creditors. I`ve had these for a number of years and have been plagued with various threats over the years.

I have just recieved a Statutory Demand from Capquest, who say they are going to BR me. I rent my house, have a lease car, little in the way of assets. i have a few questions which are bothering me if i do go BR.

 

1. I,m divorced and pay maintenance for my children who still live in my old house with my Ex. i gave up all rights to the house some time ago - will the OR have any claim against this house.I`m worried that it will try to get money from this house??

 

2. Pension - I have a pension with a local authority which is frozen because i moved jobs - is the pension safe?

 

3. I have a partner who has her own house. We would like to live together but I,m worried that if I move in the OR will make a claim on her possessions or house - is this likely?

 

4. My car is a lease car - is this affected by BR?

 

5. Given the sixe of the debt and i have no real assets is it better for me to go bankrupt than an IVA.

 

Lots of questions and i have lots more. Would really apprreciate help with this

 

Thanks

[dx100uk]

firstly, i would act quickly, get the SD set aside, use the search above for statutory demand or set aside & find a reason that will work to get it done.

 

secondly, i would also use the search & do a wee bit of reading about capquest, they can be sticky customers but beatable.

 

next you will need to assertaing IF all whom you owe to or pay to is legally allowed to collect on your debts, firing off a few CCA requests might well reveal door you have yet to open....

 

but see if you can deal with that SD first.

 

dx

[happy1962]

Thanks for the advice!

 

I`ll look up SDs and follow up on some of my creditors (some of my debts go back to 2001 - they never seem to get any smaller)

 

Thanks

[angel_1]

hiya

 

would some of your debts be possibly statute barred, have you paid within the last 6 years to some of your debts if not check out statute barred info too

 

but really cca all the credit agreements you have , you may be surprised that some may not hold the original executed agreement

 

keep asking questions if you are unsure

 

best of luck to you and yes make sure you deal with sd first and foremost

 

take care laters angel x

[happy1962]

Thanks Angel

 

SD it is first then - looking to see how I can get it set aside.

[palomino]

1. I,m divorced and pay maintenance for my children who still live in my old house with my Ex. i gave up all rights to the house some time ago - will the OR have any claim against this house.I`m worried that it will try to get money from this house?? This depends on how you reliquished your rights. From what you have said the house is yours so it could become part of your assets and be taken by the OR.

 

2. Pension - I have a pension with a local authority which is frozen because i moved jobs - is the pension safe? Yes

 

3. I have a partner who has her own house. We would like to live together but I,m worried that if I move in the OR will make a claim on her possessions or house - is this likely? No. Your assets are yours, hers are hers. When you are made bankrupt it is only your assets that are taken into account.

 

4. My car is a lease car - is this affected by BR? It's not yours, so no. But will it become yours when the lease term expires?

 

5. Given the sixe of the debt and i have no real assets is it better for me to go bankrupt than an IVA. Almost certainly, but we would need to know a lot more about your circumstances before we can make defnitive suggestions.

 

 

 

Bankruptcy may be the best step forward, however it is a big step and will affect your life for a long time. As well as asking questions here (we're always happy to help!) you should also check out the Government's insolvency website The Insolvency Service Website, and take advice from the Citizens Advice Bureau or National Debtline National Debtline – Free, Confidential Debt Advice – Call 0808 808 4000.

As a general rule of thumb you cannot have too much advice where bankruptcy is concerned.

[happy1962]

Thank you!

 

I will need to check my divorce papers as Im sure that I gave up all claim on the house. The mortgage is in her name and I signed over all endowments.

 

What sort of things do you need to know to heelp me decide if bankruptcy is the way to go?grant it on the grounds of being in dispute if I can show that I am in the process of requesting a CCA? i`ve just sent off recorded delivery today - only have 10 days of my 18 left

 

If I go to set aside the Statutory demand will they

 

thanks

[uneverdid]

Hi in respect of the house when my husband and i divorced he signed over the house to me and then i got the mortgage in my name. I had to pay for a policy to protect me so that if my ex husband was made bankrupt within 5 years i wouldnt lose the house. So as you have said it is vital that you check your paperwork carefully.

 

Good luck

[palomino]

Thank you!

 

I will need to check my divorce papers as Im sure that I gave up all claim on the house. The mortgage is in her name and I signed over all endowments.

This sounds very much as though ownership was completely transferred to your wife. One way to find out is obtain your entry on the land registry - Land Registry - Land Registry - this costs £3 (or did when I did mine a long time ago). Your entry will tell you everything you need to know.

 

What sort of things do you need to know to heelp me decide if bankruptcy is the way to go?grant it on the grounds of being in dispute if I can show that I am in the process of requesting a CCA? i`ve just sent off recorded delivery today - only have 10 days of my 18 left

 

If I go to set aside the Statutory demand will they

 

thanks

 

In general you should be considering bankruptcy if your long-term income will not meet your debts.

A missing agreement may be grounds for having a statutory demand set aside but it has to be missing (or non-compliant), not just in the process of being requested. Given your timescales you probably won't receive it in time.

Bear in mind that a SD simply allows the creditor to petition for your bankruptcy. There is no compulsion for them to do so. In fact it has become common for creditors to threaten bankruptcy as a cheap way of enforcing repayment while having no intention to follow through with it.

[happy1962]

Thank you both - very much appreciated.

 

I still need to check my divorce papers. Is it 5 years from the date of sign over that is the break point. I separated in May 2002 and probably signed over sometime in 2003.

 

My salary will probably not pay off my debts for about another 15 years at current rate/

 

I`ll check with Land Rejstry thanks

[happy1962]

Hi

 

I`ve downloaded the land registry document for my exs house. Still £3.

 

The title absolute is registered solely with my Ex - the date of this title is 3rd March 2004 - not quite 5 years ago! Am I in trouble! - My statutory demand is dated 19th jan 2009. 21 days when they can apply for my bankrupcy takes me to 9th february.

 

I signed over the house with no benefit to me. Help??

[gizmo111]

Hi

 

I`ve downloaded the land registry document for my exs house. Still £3.

 

The title absolute is registered solely with my Ex - the date of this title is 3rd March 2004 - not quite 5 years ago! Am I in trouble! - My statutory demand is dated 19th jan 2009. 21 days when they can apply for my bankrupcy takes me to 9th february.

 

I signed over the house with no benefit to me. Help??

 

As it was part of a divorce then it wont matter - the OR is unlikely to show any interest. Was this sealed by the court in a consent order?

[palomino]

If the title is in your ex's name then it is her property. It's not yours, and the matter is not relevant to any of your financial difficulties. The OR won't even want to know about it.

 

I can't see why you think five years is relevant in any way.

[Misscynical]

I think the five years is in relation to the Bankruptcy forms which ask if you've transferred or given any property away in that time. It also asks if you've been divorced or separated within that time period too.

[palomino]

Of course! [smacks forehead...]

[happy1962]

Thank you - its still worrying me.

 

I`ve found a couple of more things which I could do with help on;

 

I went to the court named in the SD to be told that they dont deal with insolvency at that court and therefore coulnt give me the setting asisde forms. they directed me to a larger city Court - does this make the SD meaningless??

 

Also Capquest responded to my CCA request saying that my account is on hold until they obtain the information - what does this mean? the SD runs out 6th Feb, so will they do nothing until the end of the 28 period??

 

Thanks

[palomino]

You will need to go to the other court. While the listing of the court on the SD is a cock-up by the claimant it isn't enough to make the SD invalid.

 

Capquest's admission that they do not have any agreement is excellent grounds for having the SD set aside as they have themselves admitted they have no right to enforce repayment of the debt (although they may do so in the future if they find a compliant agreement).

[happy1962]

thanks!

 

ive got my hearing date 19th feb

[happy1962]

hi

 

Court hearing tomorrow.

 

Ive recieved a couple of more letters from capquest. One on the 12th feb stating my account has been passed to another dept to be closed??????????

The other said they were in the process of handing back to the orignating creditor, but are not now?? strange thing to do 16 days after sending me a SD!! it stated I had two options - one to contest and they would provide evidence to support the debt and the other to agree to having the SD set aside.

 

I`ve replied but they wont have the letter in time for tomorrow.