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Repossession by reciever after 7 years

from Graham Shelton (graham.shelton@yahoo.com)
I declared bankruptcy in 1994 for £72000. I was discharged after 3 years. I heard no more until February last year when the Reciever wrote to me asking if I wanted to buy out his interest in my share of the equity in my hose. I was stunned but made an offer which was declined and a trustee was appointed in a firm of accountants.The house now has over 100,000 worth of equity in it although at the time it had negative equity. Inthe original recievers letter in February it mentioned that if there was negative equity then he would settle for a nominal £1. All rather late to tell me this now! I can raise £20000 by borrowing from the lender but this new trustee is asking for £50K which I have no way of paying.

I have written again to my original creditors and three have replied that they would be prepared to settle for a total amount of £5000. One says they have no trace of a debt by me at all so cant agree a settlement. The other creditors amount to only £2000 in total.

I have just recieved a letter from the trustee saying they intend to take possession procedings. do you think on this basis they will get an order?

G

(posted 8351 days ago)

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