Hi Jon, thanks again.
Much appreciated!
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Hi Jon

Thanks for looking at this for me, few more Q's I'm afraid!

The OR is aware of all of the above and have told me that they cannot give any advice apart from what you/I have confirmed already as it is still a secured debt at this stage. They would only become involved once the repossession goes through and if there was a shortfall.

The secondary secured lender has already been to a court hearing to issue a possession order (I did not attend and advised them of this as I was not contesting the order) and are now according to their last letter looking to enforce it. This is what I have asked them to do from the start but would of thought it would be the mortgage company taking this action as the main lender. I am assuming the secondary lender cannot do this without the mortgage lender knowing? Why would I not have heard from the mortgage company and why are they not leading the reposession?

If either does not repossess how would they get their money?

Many Thanks

Eliot
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Hi

I am looking for some urgent advice please.

I was made Bankrupt in January this year and everything went as explained with the Official Receiver contacting all of my creditors and as instructed I have been making the Payment Agreement figure each month to the nominated company.

However, my problems/queries are with the property that I own and the mortgage company and a second company that I have a secured loan with. (I have stopped making all payments to these companies since entering bankruptcy)

Since entering Bankruptcy, I have heard nothing from the mortgage company but the Official Receiver has assured me that they are aware and that they are in communication with them as my interest in the property now vests with them under the terms of bankruptcy.

On the other hand, I am still having daily contact from the secured loan lender via telephone and letter. I have accepted that the property will be repossessed and told them to proceed with this. They would then have to share the property sale funds with the mortgage company who I understand would take their share first as the majority lender. The Official Receiver has also confirmed that if there was then any shortfall then this would be covered under my bankruptcy as 'contingent liability'.

I repeatedly told them of this and finally they issued proceedings to repossess the property. However, I am still getting letters and calls threatening to enforce the order of possession and confirmation increasing fees onto their balance which I suspect is the reasoning for this course of action.

Should I be doing anything else than the above or just wait for them to complete proceedings and then let the Official Receiver take care of any shortfall as instructed?

Thanks in advance!
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Hi Jon

Sorry another question please. It looks like I am going to apply for Bankruptcy, would you recommend that I do it myself or via a management company/advisor? If so, are there any that you would recommend?
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That's great, thanks again.
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