The Property Law Act has a section that allows a debtor to make an order to the courts to ask for a determination to be made as to the legality of the claim against them.
Just had a call today from the debt collector. Certainly the bank has not written anything off and the phone call confirmed that they are continuing to act and collect for the bank and that they have spoken to the bank today also. I didn’t confirm any of my personal details so we couldn’t continue the conversation.
I noticed a few days ago I still have access to my internet banking and I have downloaded the statements. Earlier on, I did ask to bank to separate out the purchases from the interest as a starting point for negotiations but they chose not to respond. They have also seen the hardship letter from the IRD. I have forwarded a networth statement and budget with a personal drawings undertaking (as was advised by an insolvency accountant) to both banks but they were ignored. I even included the monthly payment arrangement I had proposed. I don’t know why the banks are continuing to collect. My entire networth is completely negative. I live in a two bedroom rented flat in Linwood. Apart from the few dollars in Kiwisaver that’s all my assets.
No, life is indeed not fair. And yes, morals don’t come into it. But I though the law did at least.
Its sad to think we truly live in a society that is without moral judgement. That’s too crushing to think about.
I say, why can’t we have a better society? Don’t we all deserve that? Sure human nature is unpredictable and some people will always do wrong, but we could have better systems that actually worked for everyone, that would be a good start.
I did start making payments to the bank but they would not enter into any formal arrangement. Thats something I can’t control.
I stopped the payments when I became aware that money had appeared to have gone missing and the alleged debt was not at the balance it should have been. I did alert the bank and they did confirm that other transactions have occured against the account.
The bank are within their rights to make an order to the courts for a financial assessment hearing. I’ve advised them I would participate in that.
I certainly have considered my options and I appreciate all opinions that have been suggested on this board.
I believe what I am doing is in the best interests of everybody.
A formal insolvency procedure is also public. I don’t have an issue with people knowing about my position but there may well be other parties who are not immediately part of the proceedings, but who may be effected negatively from such an action.
If there were no life long negative consequences to an insolvency procedure and that such action didn’t also cause harm to others, I would file for the NAP, in a heartbeat.
I appreciate that your circumstances are different than mine, and thank you for your comments.
You are lucky you have the skill to have made a good comeback from your own situation.
As the matter of the original post has been explained, I’m sure BNZ would like to close this post now.