HALIFAX, me and the next chapter!!!!!!!!!!!greenspun.com : LUSENET : Repossession : One Thread
To all of you who have followed my story over the last 6 months... here's the next exciting chapter....
After the halifax got judgment for £60k in court....it all went quiet, then one day an application for attachment of earnings appeared as if by magic thru the door( boy..didn't see that one coming!!)..have duly filled out the necessary paperwork and the nice judge??? has decided that we can pay the halifax £70.00 a month until the said debt is clear... by my maths that!! 69 years !!....... Does anyone know about the new bankrupcty law that coming into force??? as it looks like this story will have no happy ending, as by the time the debt is paid in full. I will be the ripe old age of 104 years old, perhaps then, I could get another mortgage !!!!!!!!!!!
xxx amanda b xxx
-- amanda b (email@example.com), December 16, 2002
Well, I am loathe to post this because it applies equally to me - but I think that the changes are going to mean that you cannot go bankrupt.
http://www.ukadvice.com/bankruptcy/consumerbankruptcy/ Look under what debts are discharged. It excludes anything backed by a mortgage or property. I hope that someone corrects me because this what I was told before and I thought they were bluffing.
-- Too scared to say (firstname.lastname@example.org), December 16, 2002.
Sorry to hear that all has not gone well, if you feel that £70 pm is too much you can apply to the court to have the monthly payment reduced. I have to be honest if & when the BS take me to court if judgement is made in the BS favour I intend handing in bankruptcy forms there & then, I only wish we'd done it 4 years ago and by now everything would have been over & done with.
As far as I'm aware the new bankruptcy regulations mean nothing more than the discharge being quicker and I believe that the only debts that arent covered are Student Company Loans and for court fines/compensation orders.
There's a chap on the Debt Help UK site that works for an insolvency practioner who would be able to give much better advice than most. Simon Wiggins at Debtquestions Uk is also very knowledgeable about bankruptcy.
-- Sue (email@example.com), December 16, 2002.
VERY happy to be corrected by an extremely trustworthy source: Mortgages are only excluded from bankruptcies insofar as the debt is secured. Shortfall debts are no longer secured debts - therefore in Amanda's case the debt is a county court money judgment and is certainly a debt 'provable' in bankruptcy. You go girl!!! Have a bankruptcy party and get on with your life. To the Halifax - just what exactly does the Society gain from such pointless actions?
-- Too scared to say (firstname.lastname@example.org), December 18, 2002.
Here are a couple of bits of info I got from the debtquestions site on the topic:
Re: Enterprise Bill - Simon Wiggins 2002-12-11 12:42:07 What you have heard is right although I do not think it is at all linked with mortgage shortfalls. When the new system comes in and at present we think that can not be before 1.4.04 where a debtor has little or no assetts the OR will discharge the debtor in 3 to 12 months in all cases except fraud and the vaste majority of the current arcaic restrictions on bankrupts will be removed again except for the small percentgae that are prosecuted etc. All in all it should be a far better scenario as Tony says "to encourage responable risk taking" what ever that means. The bil has had its third reading so the changes are coming in its just when. I hope that answers your query : Re: Re: Enterprise Bill - Simon Wiggins 2002-12-12 02:27:21 There is no advice that these shortfall debts will be treated any differently than they are now. The are not specifically excluded by any other legislation and are provable in Bankruptcy. This status is not being changed by any of the sections I have seen. I hope this clarifies things for you
-- M Amos (email@example.com), December 19, 2002.