i need an answer to this question please;i can wait for a response,just keep me informed please? many thanks
Hi, welcome to the site. My name is XXXXX XXXXX I will help you with your question.
Do you have the total amount secured on the property, the whole £80k, which he is paying in instalments?
It was originally 97k; he was supposed to pay monthly instalments of £750 for 20 years;this was taking into account the courts interest rate. He has paid on and off since 2007. An assessment by probitas,the company dealing with an application for an iva [which was turned down] prior to the bankruptcy stated he still owed me £80k which i would not dispute.The divorce was acrimonious and my barrister wanted the charge put against his property as he was and is a notoriously bad payer of debts.
Thankyou so much for any help with this matter.
Yes;there is a charging order and a court order;the wording related to the charge being for the amount outstanding and to be agreed between the parties assuming some of the payments had been made,which they have. There are another 2 charges on the property however; first charge is scottish widows £550k mine is 2nd charge £97k ,now £80k 3rd charge rbs £53k. The property is worth about £500k ,so seems that is the problem.
Yes, that does seem to be an issue.
Usually, you would simply proceed to enforce the charge, which you would be applying to the court for permission to sell the property. That might not get you very far here.
Otherwise, you could relinquish your security and seek to prove in the bankruptcy and with the other unsecured creditors. Whether you get anything back from this depends on whether he has any unsecured assets and whether there are other unsecured creditors. If there are other unsecured creditors then the amounts of their debts will affect what you get back in any bankruptcy.
Ultimately, if he doesn't have the money, the truth is, you're not going to see it. You can leave your security in place, hoping that as the property market begins to rise again, you will eventually see your charge being paid off in time and this might be your best approach.
I know this is not really what you wanted to hear, but I hope you will understand that I would rather try and be honest and accurate in any answer that I give you.
Thanks nothing I wasnt expecting;one last question ; can I reapply to have the payments reinstated after the bankruptcy;as I am sure he will continue to earn and I believe the bankruptcy will probably only be for one year;ie effectively write off this years payments but then restart them after the bankruptcy? Can I have this enforced in any way? Many thanks
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