Can anyone help us please. We have provided the Bankruptcy Trustees an internal valuation of our property which is 18 months old. They want to do their own valuation in full PPE during lockdown. Do we have to agree? The estate agent valued slightly higher than them but with Covid reducing property values and our short lease, we feel the house is worth a lot less. I don't trust their over inflated drive by valuation am I within my rights to insist we do our own valuation or do we not have a choice?

Yep they were particularly challenging. We just had to agree to not discuss the suspended case and didn't want to tip the balance when an order for sale was particularly imminent - the Judge would have granted it, I am almost certain, he was as unforgiving as they were! The debt charity suggested we accept the terms too so here we are now defending an unforgiving Trustee instead!!

Hi, it was CMS. I am bound by confidentiality so can't discuss the content but a junior solicitor dealt mainly with the case and more senior solicitors created the witness statements and a barrister attended the hearing. I used a debt charity to help me write to them with our final payment plan offer and they accepted. To say we were gobsmacked and relieved is an understatement. Just gutted we are now fighting with a trustee in bankruptcy and so worried we may lose the house afterall

We did hire a solicitor at the time to challenge it as it was an old business debt and it was against an overdrawn directors loan account, now liquidated company. The solicitor failed to fight it. Is it still worth challenging?

Yes, you're right. Perhaps wishful thinking of no news is good news but unfortunately it's raised its ugly head again!

Hi, thanks for your reply. The last house sold like ours was about 10 years which has a big extension. We did have our property valued about 18 months ago by a local agent but not sure how we would calculate what it would be worth with a short lease, as they calculated using freehold value. Also, with the fragile economy the way it is, I would have thought properties would be less now? Thanks.

Hi, we have managed to agree terms with this creditor, thankfully and finally. Now we face another problem... my husband was declared bankrupt in 2018 by another creditor. Long story short, it's now in the hands of a trustee. They have apparently completed a drive by valuation which is higher than the first creditor mentioned previously so the trustee believes there is more equity for them to take. Our property is leasehold with a 54 year lease so tricky to value. We made an offer based on the first creditors valuation which was rejected by the trustee because, guess what, their valuation stands. So, I am now fighting again to save our home. Is there anything we can do to challenge the valuation and suggest the equity isn't as high as they think it is? Will a trustee be brutal enough to effectively push us into a homeless situation during a global pandemic because raising the funds they are seeking, is somewhat out of reach? Any help is gratefully received. Thank you.

Ok great, we will leave it as it is - thanks so much for your help

Ok great thank you. I will ask them to confirm they are going to lodge an Official Consent Order as this was not mentioned in the letter.

Hi, it's a letter reconfirming our payment arrangement offer agreeing to adjourn on the basis the terms are met each month until the debt is paid off. Any breach will result in them relisting the OFS but they want us both to sign confirming, which I am reluctant to do when the charge is in one name only. The fact it hasn't been in both names is one of the defences we put forward. I worry that if for whatever reason, we break the agreement (believe me we want to stick to it wherever possible), we are both then liable as the agreement letter has been signed. Thanks.

Hi, finally the creditor has agreed to our payment arrangement and adjourned the case if the repayment terms are met. The debt is in one name only but have asked us both to sign an agreement. Not sure how to respond; gut feeling is to start paying immediately and returning the form with just the debtor's signature with a covering note explaining. We would be grateful for some advice on this please as soon as possible as the deadline cut off is next week. Thanks in advance.

Hi, we submitted the 8th suggested offer of monthly repayments 3 weeks ago (all other offers have been rejected so far) and was told by Banks solicitor they would reply asap. Have heard nothing since. Extremely frustrating as we only have 6 months to work out a solution before the hearing. We have been told that OFS are extremely rare by several forum groups but at the initial hearing the Judge indicated we should accept either the OFS claim or the adjournment to find a repayment solution - suggested arguments ie. children; one debtor on joint home; small debt in comparison, etc were ignored arguments. We feel like we are fighting a losing battle and the slow replies from the bank denying us the opportunity to repay the debt is not helping our state of mind. Struggling to know what to do as we cannot pay the debt off in full quickly. Can anyone offer any suggestions please moving forward? Thanks.

Sorry, have just picked up your messages and am not understanding what is being suggested we do and wondered if you wouldn't mind explaining. The Judge gave us 2 options - to accept adjournment the Bank requested in order to reach a repayment deal or the OFS claim. There is enough equity at the moment but the house value is decreasing due to a short lease (leasehold property) so the Judge is concerned the creditor will lose out the longer it continues. There are school aged children in the family home and there being only one debtor irrelevant arguments. The debt is only worth about 5.5% of what the value would be if it was a freehold property and 13% of the total value of debt. Again the Judge considered these as irrelevant arguments.

Ok great thanks. The Judge knew we had already made 7 offers but wasn't bothered, just said he couldn't comment on that, we have to work with the creditor so we will continue to do so.

Ok no worries, we will keep going with the negotiations. Is it worth asking what their expectations are considering they asked for more time to negotiate with us?