Hi all,
A short background:
Separation after X returned from latest sting in rehab (she has a poly substance abuse issue) –
At the time we had a number of properties – all assets, loans and debts in my name.
I was removed from the home by police.. IVO etc. That was a sorted after a few months – but financially, the rot had set in.
This was 2 years ago…
Fast forward to today. A lot has happened, Childress court, magistrates court.. then finally Federal Court.
Financially my X received over 100% of the assets – YES it possible – but I'm not here to post about all that.
My question is:
I now have about $200,000.00 in personal debt(s)
2 properties repossessed by ING – both have just sold BUT have over $100,000.00 in combined losses.
My court orders prohibit me from declaring bankruptcy – this was ordered by the FM as he new that the orders MADE be bankrupt, but he wanted to protect my X wife's litigious earnings.
I have no assets, and am now itinerate… moving between my parents house and a mates (close to work)
What will ING do?
Thoughts appreciated.
Not quite the answer you're after but something to consider: do you have enough in super left to cover your debts? Trigger a release event by working overseas (with the intention never to return) & pay out debts. Work OS for a year or two, then start fresh.
hmmm, that's an interesting idea.. thank you
Gee… sorry to hear your story, mate.
I’ve never been in your position nor know anybody who is. But theoretically these are the procedures (same for all banks, not ING specific):
– ING will claim the difference from LMI.
– If there is no LMI, or not enough from LMI they’ll come after you.
– They’ll talk to you, negotiate, try alternative payments etc. Stop interest (they are legally obliged to stop interest if you apply – I think you need to use some government agency to do this)
– Still not happy with that, they’ll continue pursuing you, trying to get their hands on whatever assets you have car, watch, jewellery, anything. But they cannot touch your super unless you take it out. So if you decide to take your super out, be mindful on how much you take out and what you do with it.
– Next step is ING will either outsource or sell your case to a debt collector who will contact you.
– At one of the above stages, depending on how much they think they can collect from you, they will start amortising your loan. Meaning in their book they write off your loan. But this has nothing to do with how they chase you. They still ask you for the full amount, just in case you win a lotto. Basically they won’t stop until you either pay in full or declare bankruptcy even if your loan has been fully written off in their book.
– If outsourced, you are chased by the debt collector acting on ING’s behalf. So ING is still legally responsible for their conduct. All funds collected go to ING and the debt collector gets a fee or a cut.
– If sold, the debt collector act on their own. They pocket whatever money you pay them. ING is not legally responsible for their conduct.Hope this helps, and good luck.
CattsCattleya
Here to learn the ropes of property investing & share knowledge, not trying to sell anything at all.
I've never heard of court orders like that. Do they prevent you from entering bankruptcy, but what about someone else initiating the bankruptcy proceedings?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terry is on to something here. Maybe find someone with a finger in the pie and see if they can initiate the bankruptcy proceedings.
The first thought that came to my mind was: Sack your lawyer.
I have never heard of a court injunction preventing someone from filing for bankruptcy.
I just had a glance at the Commonwealth Bankruptcy Act 1966. It looks long and complex. To muddy things further, there appears to be variations between the States.
I would seek proper legal advice with the goal of filing for bankruptcy and getting the creditors off your back.
All the best in your endeavours in what appears to be a rather complex case.
Hi guys,
The orders were designed to protect X's litigious earnings.
The court knew that the passing of property and cash assets would send me bankrupt – and ordered me against doing so. The only debts left are unsecured.
There are 2 parts:
1. I am not to declare bankruptcy and/or commit and act of bankruptcy or present a debtors petition
2. I am not cease my employment
The family court is a farce – so none of this is a surprise.
My initial question is – if ING HAD secured property, and through sale are left with a loss (in this case 100k+), are they an unsecured or secured creditor.
Cheers
If ing sold the security property and there was a shortfall they would then be an unsexured creditor
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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