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Interest rates hit only 5.5% not 15%. Are we going to see more casualties in coming moths? That must be the dark side of Brown's miracle economy. I wonder how many, in total, being repossessed. Greed is a nasty habit.

LL is being made bankrupt

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Previously posted in Discussion Time Thread

Someone there suggested it may be better suited here...

Hi

Hope you can advise on where my daughter stands in the following scenario...

She is being asked to leave her rented house, as the owner is being made bankrupt and his properties are being repossessed to pay-off creditors. She has another place to go, luckily, but the agent who handles the rental have said they have given her £600.00 deposit to the creditors.

Naturally, she's upset and cannot understand why her money has not been returned to her.

Any advice would be gratefully received

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Interest rates hit only 5.5% not 15%. Are we going to see more casualties in coming moths? That must be the dark side of Brown's miracle economy. I wonder how many, in total, being repossessed. Greed is a nasty habit.

LL is being made bankrupt

Looks like this one was definatly "in it for the long term" :lol:

That is poor that it has happened with such low interest rates.

I do feel sorry for the girl who has to move though, I fear we are going to see more and more of this in the next few years. I would have thought that a deposit was protected but I guess if the LL has already spent it the creditors are unlikely to get it back. Will the new tennant deposit scheme protect against this?

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the agent who handles the rental have said they have given her £600.00 deposit to the creditors.

That sounds quite illegal. The deposit is the tenant's money, until the tenant agrees to any disbursements from it or a court orders it.

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Looks like this one was definatly "in it for the long term" :lol:

That is poor that it has happened with such low interest rates.

Short-sighted people say they are in it for the long term.

What they fail to see in advance is that Interest Rates (Were) at historic Lows, now they're climbing back up to their normal levels & the Debt Vice is being Wound up to bursting (Bankruptcy) Point.

Gambling on multiple property with borrowed money is not a good idea :P

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Had this happen to me last year, but because we're in Germany our tenancy contract was protected by law. There is no reason why people in Britain can't expect to have proper tenancy protection.

We lived rent free until the bank could work out who we were supposed to pay rent to.

Surprisingly, we had no problems with the deposit either. B)

Edited by whitemice
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I'd be taking £600 worth of fixtures and fittings with me.

Invite every Tom, Dick and Harry over for a party before leaving, give the place the once over, its going back to the bank anyway let them sort out the mess, don't forget to encourage to guests to make use of the toilet in every room.

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I'd be taking £600 worth of fixtures and fittings with me.

I'd have a 'little word' which would persuade him to find the 600 quid. It's amazing how much money people find with a bit of help. That's why some of us don't have to claim benefits and people don't get ****ed with. :angry:

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Invite every Tom, Dick and Harry over for a party before leaving, give the place the once over, its going back to the bank anyway let them sort out the mess, don't forget to encourage to guests to make use of the toilet in every room.

She won't benefit from this tactic. She just needs some nutter to ask the landlord, politely, for her ****ing money back.

It's illegal to turn up 'tooled up heavy' and I wouldn't advocate such a move. :lol:

Edited by Xurbia
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She needs to register herself as one of the creditors though her chances of seeing the £600 again are remote to say the least.

Also she might as well stay put until the Official Receiver gets a 'possession order' from the court...

She sould get something, as her claim should be as good as anyone else's in this case and the Official Receiver needs to follow the appropriate legislation in distributing assets. The action of one creditor cannot be allowed to unjustly weaken the position of another, so if the house's sale price is greater than the outstanding mortgage, she should get some money.

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She sould get something, as her claim should be as good as anyone else's in this case and the Official Receiver needs to follow the appropriate legislation in distributing assets. The action of one creditor cannot be allowed to unjustly weaken the position of another, so if the house's sale price is greater than the outstanding mortgage, she should get some money.

In my experience it's best to not wait around because it'll be too late and then you'll be into a court battle that will go nowhere and lose you more money.

Looks like we are heading back to the late 80's, early 90's. Things are getting tougher. Some people will always get their money first.... trust me.

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