IVA with Churchwood/Kingsgate Insolvency. Money Gone Missing?

[silentmovieman]

Still no sign of anything from Kingsgate following my SAR, the 40 days runs out in five days time.

 

I sent a holding letter to Marlin who have just written back asking me to clarify my problems with the debt.....do I just let them stew for now?

 

Do I then chase Kingsgate if they don't answer my SAR or do I go over their heads to an ombudsman or something.

 

Regardless of this, should my wife file for bankruptcy I have a question re our car. At the moment we have a car that barely runs and is worth nothing but with the new baby on the way we are looking at getting a bigger one. Its going to be second hand and likely under £1500 but could they take this as an asset?

 

I don't drive but if we bought the car in my name would it be my asset not hers regasrdlkess of who drives it?

[dx100uk]

'they' the DCA can take NOTHING

 

 

they are NOT BAILIFFS.

 

 

only after a debt has been to court

and IF they get a CCJ

and IF you fail to pay the judgement

then poss court bailiffs might get involved

 

 

please don't fall for the scare tactics they write in threat-o-grams.

 

 

dx

[The GodMother]

Tell them nothing.

[silentmovieman]

'they' the DCA can take NOTHING

 

 

they are NOT BAILIFFS.

 

 

only after a debt has been to court

and IF they get a CCJ

and IF you fail to pay the judgement

then poss court bailiffs might get involved

 

 

please don't fall for the scare tactics they write in threat-o-grams.

 

 

dx

 

Was actually thinking of the court in respect of assets in the case of bankruptcy. If the car was in my name would it not be my asset not hers?

[The GodMother]

You are thinking WAY to far ahead but to answer your question IF they take it that far and they could in theroy look into the car but as its in your name then it would belong to you.

[silentmovieman]

I dont think its that far ahead tbh.

 

 

The Northern Rock debt is now with Marlin,

 

 

regardless of what they decide to do CCJ etc

 

 

we can't afford to pay towards the debt now let alone after the baby arrives in April.

 

the only real option in regards to this situation is for my wife to file for bankruptcy,

 

 

at least that's the only way I see it going but then I am a glass half empty kinda guy.

[The GodMother]

then if your wife files for bankruptcy they will investigate where the new car money came from and how comeu can afford a car but not a debt

the car is a luxury

[silentmovieman]

Would it be considered a luxury if our old car is in need of work that costs more than the cars worth and that with the new child on the way we need a bigger car with the necessary seltbelt connection in the back?

[The GodMother]

yes.

You don't need a car to get about

you don't need sky or subscription based tv.

even the internet can be classed as a luxury.

 

They would look at everything money in and out.

mostly only the wifes stuff but anything that is Jointly owned/named and maybe just your stuff.

 

 

They would definitely have to see all the bills for the house then consider if money is being used wisely.

 

I read online how one family income and outgoings were assessed and the bankrupt official told them

that the only way they could keep the car was as its a disability car.

[silentmovieman]

So today marks thee 49 days since Kingsgate received my SAR and lo and behold nothing arrived. Do I send a chase letter to them and how long do I leave it before complaining about their inaction?

[dx100uk]

there is a failed letter in the library top left

 

 

dx

[silentmovieman]

That's the one that mentions 7 days to comply or face court action? Should I complain to the financial ombudsmen too?

[dx100uk]

no its the ICO that regulate data

[silentmovieman]

Ok thanks. If they don't respond after the seven days what do I do then? I certainly don't have the resources to actually take anyone to court and what would their inaction mean for the debt? I'm assuming nothing.

[dx100uk]

change it to reporting them to the ICO

[silentmovieman]

Done and letter sent.

 

 

If they still don't respond I'm assuming I fill out the form on the ICO website and pass the matter onto them.

 

 

Do you have any idea what the ICO does in matters like this?

[dx100uk]

they usually get things moving quickly.

[silentmovieman]

So the package arrived today but I'm not sure it helps really. There's plenty of documentation, copies of all the letters etc but as best I can tell there is no list of transactions that show Kingsgate receiving our payments or how they distributed it (or didn't as the case may be) to our creditors.

 

Not sure what I'm looking at to be honest.

[dx100uk]

can you scan them up?

[silentmovieman]

THere is literally two massive stacks of paperwork they have sent me so scan it all would be a mammoth task that I dont think would bear much fruit.

 

That said I did spot the following -

 

A breakdown of receipts and payments between May 2008 and February 2011 which breaks down as follows -

 

Interest on Clients money = £7.05

Monthly contributions = £6209.00

total Gross Reciepts = £6216.05

 

Less Implementation Costs -

 

BIS Registration Fee = £20

Bond = £156

Irrecoverable VAT = £6.30

total net receipts = £6033.75

 

Payments -

 

Dividends = £3714.31

Nominees Disbursements = £0.00

Nominees Fees = £1489.36

Supervisors Disbursements = £0.52

Supervisors Fees = £484.72

Irrecoverable VAT = £344.84

total net payments = £6033.75

 

Thats all the information theyve provided me with in regards to the money paid out.

 

 

There is certainly nothing resembling a breakdown to show how the money was paid out to the various creditors.

 

 

Am I right that the Dividends is the sum paid out to the creditors?

If so then I don't know why they never paid anything to Northern Rock in respect of the debt

that is now being chased by MArlin (Im basing this on the list of payments that Marling sent me

that showed nothing being paid during the duration of the IVA being in place).

 

Speaking of Northern Rock and the debt that all of my queries are relating to KIngsgate have provided me with copies of a letter

that they wrote to Northern Rock (one for the debt in my name and one for the debt in my wifes name)

and on both letters it quotes the debts as being in both of our names which as I pointed out before is incorrect.

 

 

Both of these letters have a line through them and Unapp written on them,

though this is written on the photocopy not on the original if that makes sense.

 

Can I request a breakdown of the payments made by Kingsgate

and if so can this be done without incurring a further fee being charged.

 

Finally they have also included a letter that does not belong to my SAR.

It is for somebody not related to me, my wife or our financial matters in any way.

 

 

It is for a person that I have never heard of who at the time of the letter lived in Milton Keynes (somewhere I have never lived).

 

 

If gives me their name, address, date of birth, reference and account numbers a

s well as the names of the companies involved (MBNA and Max Recovery).

 

 

I'm fairly sure this breaches some sort of data protection, should I just return it to Kingsgate?

[dx100uk]

you need to demand from Kingy's WHERE are the statements for where my money went please..

 

 

and no you don't have to pay again.

 

 

give them 7days to comply

 

 

or you are off to the ICO/FOS/FCA.

 

 

looks like its been magic'd away.

 

 

I wonder where.....

[silentmovieman]

Ill get a letter sent off tomorrow asking for that information. That said the lady who has signed the covering letter from Kingsgate has given me her email address so could I make the request that way and speed up the whole process?

 

What should I do about the information they sent me about somebody elses account?

 

Makes you wonder whether any of my wifes details have been passed to somebody else.

 

Could it be that they paid the creditors once every so often? I know that my money went to them on a monthly basis but does that mean that they paid the creditors every month or did they pool the money and then pay it out every three months for example?

 

Just say that they cannot show that the money went to the creditors, where would I stand then?

[dx100uk]

it is typical for the fees to be all taken first

 

 

remember this is an IVA

they should not be 'amassing' a pot.

its not a DMP.

 

 

p'haps theoldrouge would like to comment

 

 

this is beginning to smell badly.

[silentmovieman]

My understanding of the figures I've listed is that the fees have been taken out of the total monies received which leaves £3714.31 to be paid to the creditors right? If that's right then that sum would be shared equally to the creditors or would the higher debts get the most out of what we have paid?

[dx100uk]

typically it would be pro rata I think

the bigger the debt

 

the greater % of your payment.

 

however, I think there are far greater issues here

 

the DMP [you say it was wescot - they are a DCA they don't do DMP's]

 

any resord of those payment s on your debt

 

and ofcourse the IVA

 

all the details MUST be in the T&C's you have?

 

 

this really smells to me.

 

 

dx