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debt monkey

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Everything posted by debt monkey

  1. I did a major bit of work on Charging Orders earlier this year. It is very easy for a bank to get a charging order as the majority of debtors ignore the court papers. The court therefore has no option but to issue the order. Some courts are almost over-run with applications, Cardiff and Northampton Courts have bulk processing units where a judge spends a whole day a week just dealing with block charging order applications. Once the charging order application is made, it is still up to the debtor to make reasonable repayments, although in some cases £1 a week could be seen as reasonable if that is all they can afford. If no payments are received at all, the charge holder would be able to apply for an order for sale. Banks generally dont do anything once they have a charging order, even if the debtor doesnt pay and just wait for the property to sell I dont see why the Govt are complaining, the CSA is the most aggresive user of charging orders in the country with there policy being to go for an order of sale asap.
  2. Does anybody here live in Southend and able to help me out? I have a work related question but would prefer to ask by PM Thank you
  3. There is a new build block of flats in Poole with the same problem. No parking at all. Purchasers are given a free pass to the NCP next door but it expires after 1 year. Think the renewal cost is over £1,000. The block has only just been finished. Most of the flats are still on the market.
  4. I dont know, but I would guess it was Dorset, Norfolk and Somerset
  5. No, IFA's dont know anything about debt or insolvency. CAB are not very good either. Call one of thespecialised debt charity such as CCCS, or go and see a local Insolvency Practitioner who will normally discuss these things through for half an hour for free. 30 mins would be all they need to suggest the best route.
  6. If the house is in negative equity, it may be best to consider bankruptcy unless they have any other significant assets. When the property is in negative equity they will be able to purchsae the house back from the Official Receiver for the cost of the legal fees, £250, as there is no benefit for creditors of selling the property. This assumes they have kept up to date with the mortgage & secured loans. An IVA normally takes 5 years, and requires monthly payments in excess of £200 to a Supervisor. An IVA is normally used to pay off debts whilst protecting other assets, but as the property is in negative equity, this isnt a concern. I personally would examine the bankruptcy route more. Any questions, just ask.
  7. http://news.bbc.co.uk/2/hi/uk_news/7660741.stm Here are the councils known to have deposits in the collapsed Icelandic bank Landsbanki or its UK arm Heritable, or in other threatened Icelandic institutions: * Kent County Council - £50 million * Dorset County Council - £28.1 million * Hertfordshire - £28 million * Somerset County Council - £25 million * Hillingdon Council - £20 million * Barnet Council- £27 million * Westminster Council - £17 million * Brent - £15 million * Plymouth City Council £13 million * Breckland Council - £12 million * Havering Council - £12.5 million * West Sussex - £12.9 million * Gloucestershire County Council - £12 million * Cheltenham Borough Council - £11 million * Lancashire County Council - £10 million Other affected bodies * Transport For London - £40 million * Dorset Police Authority - £7 million * Sussex Police Authority - £6.8 million * Hertfordshire Police Authority - £3 million * Gwent Police Authority - £1 million * Metropolitan Police - TBC
  8. I had a small bet on West Ham to be relegated last night, odds have dropped already
  9. I think they should have an Insolvency Practitioner on the council.
  10. If an insolvency practitioner was appointed, and the company was placed into administration or liquidation like Lehmans, the two amounts would be offset against each other.
  11. There is a very strong link between the Icelandic owner of West Ham, XL.com and an Icelandic bank. Also Newcastle, up for sale, no offers to date and an owner that has lost a lot of money recently. Liverpool, financed by RBS with two American chairman who wont speak to each other and up to there neck in debt. A manager thats desperate to sign big name players, fans that demand success and in need of a new stadium.
  12. This was inevitable. Kroll were lined up to be adminstrators 6 + months ago.
  13. There are statutory limits to the level you can claim. I think it is £330 per week at present.
  14. Do Barratts have to agree to the sale price?
  15. No, most recent is £700k peak price, sold for £500k.
  16. Would love to know which solicitor that guy works for. I work for one of the Big 4 insolvency firms, all our properties are dealt with by a national firm of surveyors and then advertised / sold through local estate agents. Out of the insolvencies I am familiar with, approx 200+, I dont know of many with properties that we have had on the market for a significant amount of time, or where we have been unwilling to accept a sensible offer considering the mrket conditions.
  17. The guys company was placed into administration and then compulsory liquidation in 2007
  18. Ernst & Young were appointed administrators of the company on 22 August. The company has ceased trading but any parcels in transit should still be delivered.
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