Hi all

There should never be a situation where an IP seeks the equity and also £500 or whatever sum. There is either equity or there is not.

As a firm we look at the valuation and redemption at the start and that is the end of the matter. If there is equity, then it is calculated at that date and agreement is made on how to pay this. If there is no equity, then the matter is finished. We do not seek £500 as the work involved in this is minimal and it does not take any legal input.

In the event of a sale or repossession within the sequestration, the individual should never have any responsibility for any shortfall. This falls as a claim.

Mark

That seems to make it very clear-thanks!

For DaisyDaisy, seems equity was not seen to be available ( sale costs etc more than amount potentially released) but is now.

September val. done in preparation for sequestration which didn't happen till feb. A Later, updated valuation arguably would reflect equity position at start of sequestration in Feb.2012 but wouldn't have been done because equity was not seen to be required.

Having never had equity etc clarified despite asking before and during sequestration, we have been asked for a proposal in 7 days as to hoe equity will be paid.

We entered sequestration dec 2012 after clarifying that our trustee's firm do not charge for removal of interest relative to negative equity property.

We were discharged 2013, 12 months from being sequestrated, as expected.

June 2017 is the first communication we have had relative to equity or removal of IP interest, stating that £550 per negative equity property is to be paid to discharge IP interest and that a sum of equity is due, our proposal requested as above.

How can we deal with this?

How can we determine if IP ever registered title to any specific property?

Is there any recourse to report the firm's dealings with us in terms of providing no guidance or response to requests for clarity at the beginning and throughout? We feel aggrieved that this is being asked for, for the first tim, almost 4 years after we entered sequestration, almost 3 years after discharge.

Hi RBSB.

I think that these are questions that David or Kevin are much better equipped to answer than I am.

You were given nothing in writing before going ahead about how the properties would be dealt with?

Hi RBSB,

It’s unlikely that the IP would have taken title to the property. An inhibition would have been placed upon your property at the start of the Sequestration.

I would remind them about the arrangement you made at the outset of your Sequestrations regarding the property. If you had agreed that no nominal sum fee would be paid then I’m surprised that they are now asking for this. It could be an oversight on their part.

Do you have anything in writing from them confirming no nominal sum payment would be sought from you?

I would give them a call or email / write to them seeking clarification regarding the nominal sum payment and outlining what your understanding of the position is.

We are now speaking with our trustee and AIB, not the intermediary /Assistant who signed us up.
I now feel as though we are being listened to.
Many things were unsettling in how our case has been administered. Hopefully, an imperfect but helpful solution is imminent.