Neighbor about to suffer house repo.

[52classic]

I like to consider myself a trustworthy soul..... Maybe that's why a near neighbor confessed to me, out of the blue, that he's got himself into a bit of bother and is about to lose his house.

It follows that I have been drawn in to trying to help him. Single bloke, pensioner and in failing health.

Probably shouldn't publicise the gory detail but it is a sequence of - Debt, Judgement, Bankruptcy Order followed by Repo Order which has been Stayed for now.

For what it is worth, he probably had a valid defence to the original claim but it is too late now.
But my question for the PH Eagles is:- If he acquiesces to paying the debt is there any legal instrument which would allow the claim to be challenged retrospectively? Either on the basis of unreasonable charges being applied or that the Bankruptcy Petition was flawed?

Edited by 52classic on Tuesday 14th March 17:02

[megaphone]

Is this in the USA?

[52classic]

No. UK. The complexities of the problem would take all day to explain but costs are rising all the time and the thinking is to release equity from the property to get the debt paid off then deal with the original train of events.

[AndStilliRise]

52classic said:

No. UK. The complexities of the problem would take all day to explain but costs are rising all the time and the thinking is to release equity from the property to get the debt paid off then deal with the original train of events.

That sounds like a plan, but if he has been made bankrupt, then should he still have debit to pay?

[52classic]

The debt is to the Liquidator for his costs via a debt collection company. The house would be being sold to pay it. The outstanding (stayed) Order is for the Liquidator to take possession.

[TallPaul]

I may be reading too much between the lines but are you thinking of buying a percentage of his house to give him the money to clear the debts and you become a part/joint owner? If so, it "may" work but you'll want to get a proper agreement drawn up in case his family decide to fight it on his death...

[52classic]

Nice idea Paul. Definately crossed my mind but I'm too old to benefit from the deal!
No, I think the best I can do is help him towards an Equity Release scheme and then rely on getting my reward in heaven.

[Eric Mc]

52classic said:

No. UK.

"Neighbour" then

[52classic]

Thank you Eric. I am afraid that, on this occasion and against my judgement.... I gave in to the spellchecker!

[RWD cossie wil]

Where abouts in the country is he? May be able to help

[52classic]

We're in Cardiff. Do PM if you need any more about it. Thanks.

[Eric Mc]

52classic said:

Thank you Eric. I am afraid that, on this occasion and against my judgement.... I gave in to the spellchecker!

Don't give in - be strong....