We went bankrupt in November 2010, moved out of our mortgaged home, and moved into rented accommodation.. We owned a property (mortgaged) which had a 75K mortgage and also we had a 30K secured loan and £50K UNsecured debt. Just recently, one house near our old house, went for £105K, so the most it will get (at auction probably) is about £90K.
So we went bankrupt and the receivers contacted us to see what assets we have – we have none, except for the house. We haven’t been back to the house since, and didn’t have our mail redirected as we have informed anyone of any importance about our new address.
Well, I phoned the receivers today to ask if they have let the creditors know yet, (because at 12 Jan 2011 they hadn’t..) and they said yes they informed them and sent a report of our debts and other creditors on 18 Jan. Then this girl said, ‘your unsecured debtors (we had £50K unsecured debt) will know there’s little point in trying to you, but the mortgage company will need to contact you and know your ‘current’ address, because they will need to issue a repossession order,,,’
I am utterly baffled, as when we spoke to the receivers in November, (AND the court too,) they both informed us that the receivers would deal with everything, and that the creditors will need to go to the receivers for any assets we have. This is how bankruptcy works surely.???? And now this girl tell us that we should have contacted the mortgage company voluntarily, because the creditors ‘only let the creditors know the person is bankrupt,’ and because there is little equity, they don’t take the house themselves, they just leave it up to the mortgage company to reposses it at their leisure. So apparently, we are supposed to work with the mortgage company through the repossession. !!!
But why on earth should *we* have to let them know our new address so they can badger us here, ?? Surely they can repossess it without us. I was under the distinct impression from the court and from the receivers (at the start) that once we go bankrupt, it’s out of our hands. and now 3 months on, one girl at the receivers office is saying that we should have contacted the mortgage company so we can help in the repossession process!
Well excuse me, but we did pay the receivers £900 (£450 each) to do this job for us, and what would happen if we had buggared off and just abandoned the house like a lot of people do? Surely the repossession can go ahead without us?
Can anyone advise? I am super reluctant to contact the mortgage company and see no reason why they can’t simply repossess without us. And I am particularly pissed off that the receivers AND the court said it’s out of our hands and we need to do NOTHING, as declaring ourselves bankrupt freed us of the debt (and the assets of course..) and now this girl today has said we should inform the mortgage company of our new address, or the repossession order will take many months, as they ‘need our signatures…’ for the repossession order to go through swiftly.
For one, why only say this now? And what happens if someone abandons a property? Should we just leave it and wait for them to repossess without us?
23 minutes ago – 4 days left to answer.
Beverly1156, get off your high horse, you pious condescending cow. You have no clue as to the circumstances of our bankruptcy or how it came to be, so quit sitting in judgement of people that you know NOTHING about. I hope you have to go bankrupt one day and some snide, bitchy little upstart that thinks she knows EVERYthing, makes snotty little comments like YOU have. And as for the comments about ‘having to pay more interest’ That is a crock of sh1t you stupid woman, so STFU! You have no CLUE what you’re talking about.
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Well excuse me! But I doubt if the people you owe in excess of £155k to are very happy either!
The rest of us have to pay higher interest because of bad debtors and we don’t see why everyone you owe money to shouldn’t have your new address to “badger you”.
Have you no shame?
Beverly, what a horrible and patronising post.. I suggest that you say nothing unless you have something constructive to say. Everyone goes bankrupt for different reasons. I did, (with my partner) because I became disabled, and he lost his well paid job after 10 years in it when the company went into receivership, and he had to take a lesser paid job. I refuse to go into intricate details, but we had to file for bankruptcy after THIRTY years of hard work and building up our lovely home, and it wasnt something we took lightly. We lost everything through no fault of our own. Attitudes like yours make me sick and thank GOODNESS that people at debt counselling agencies and suchlike are more more kind and understanding.
As for the original post. No you should NOT be contacting the mortgage company; when you file for bankruptcy, it is up to the creditors to liaise with the receivers.. and vice versa…. That is why you pay them the £450. It IS out of your hands, DON’T give them your new address and DON’T contact them. Pondscum like banks and financial institutions rip so many people off and take so much for themselves in MASSIVE bonuses that they DESERVE a bloody nose sometimes. You went bankrupt. End of. It’s not your concern or your worry anymore.
First if all Beverly wotsit; unneccessary remarks, and very nasty. I agree with smeg that you shouldn’t post if you haven’t got something helpful to say. At least ‘try’ and have some empathy for people, if you are going to come on here ‘giving advice.’ As has already been said, you do not know the person’s individual circumstances.
And angel fire, what smeg said is right, you shouldn’t be contacting these people. it is up to the administrators. Steet clear, don’t contact them and do not give them your new address.