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| Stressed.02 |
Posted - 29 March 2010 : 11:15:45
I am thinking of declaring myself Bankrupt as I have debts pouring in and no means to pay them, the stress it is causing is making me ill. The problem I have is after reading your "How to declare Bankrupt" page I do not have the funds to do it! I live on State Benefits only and these come to less than £100 per week, is there anyway I can declare bankrupt without paying the exorbitant court fee?? |
| 5 L A T E S T R E P L I E S (Newest First) |
| Housing |
Posted - 29 March 2010 : 12:52:50
Hi stressed,
You might want to go to the CAB, take a ticket and wait - that may be faster than waiting for a "conventional" appointment - take with you your papers - loan agreements statements etc - you never know.
I work as a CAB volunteer in a very rural setting and that is what most of our clients do - I live in a big city (Plymouth) and know that is what that CAB does too
Yes, basically you have hit the nail on the head with the Statutory Demand - as I said you have 18 days to submit a response - the process is actually geared to 21 days though.
No telling whether the high street lenders or credit cards will use the method - as I said, it tends to be HMRC and local councils that use it. Some lenders do - not all though by any means.
Some companies use statutory demands as a scare tactic. They know that when someone is unable to repay a debt, they generally have more than one debt, and that whomever shouts loudest tends to get paid first. However, you should always take a Statutory Demand seriously.
On the depression, I too have suffered depression and still see my GP (who has been great, I have to say). It is slowly "getting better" and does take time. Are you seeing your GP?
Again, I would say that 95% or thereabouts of those of us who have debts, suffer with anxiety in one form or another.
I wish you well on that - I am still on medication - but weaning off slowly - now down to one tablet a day and no sleeping tablet now 
Believe me there is a way forward - I lost three businesses - one was an estate agency, the other was two in one - a letting agency and a housing consultancy - I am almost at the end of my BR - 7 weeks to go - Please God!
On the car front, you should be OK with that as it is worth less than the £2,000.00 that the OR sets as being the maximum value. I assume you are on DLA - if so, have you thought of getting a car with your DLA allowance?
Try the walk in approach with the CAB and post back as you get some more news, Richard
quote:
Originally posted by Stressed.02
Hi again Richard
I do owe a couple of companies (credit card & loan) over £750 and the way the Credit Card company is going I think they will be the ones to serve a Statutory Demand on me, I take it that if I do not respond the action will just go ahead?
I've heard from a couple of people that it has taken a couple of months to get a CAB appointment in this area due to high demand, I will still ring for an appointment and see what they can do for me.
I know I am not alone in having debt and that there are people far worse off than me but I suffer with severe depression and I have just managed to crawl out of the worst of it only to feel I'm being pushed back down again. I have no one close that I can talk to as it would worry my mother into an early grave if she knew my real situation and she is all I have left so there is no way I will tell her!
I have no assets, only an old banger of a car worth approx £400 which I need to get me around as I am also disabled and cannot walk more than a 100yds or so...hopefully they wont want to take that!!
"There are no problems - only solutions" |
| Stressed.02 |
Posted - 29 March 2010 : 12:25:33
Hi again Richard
I do owe a couple of companies (credit card & loan) over £750 and the way the Credit Card company is going I think they will be the ones to serve a Statutory Demand on me, I take it that if I do not respond the action will just go ahead?
I've heard from a couple of people that it has taken a couple of months to get a CAB appointment in this area due to high demand, I will still ring for an appointment and see what they can do for me.
I know I am not alone in having debt and that there are people far worse off than me but I suffer with severe depression and I have just managed to crawl out of the worst of it only to feel I'm being pushed back down again. I have no one close that I can talk to as it would worry my mother into an early grave if she knew my real situation and she is all I have left so there is no way I will tell her!
I have no assets, only an old banger of a car worth approx £400 which I need to get me around as I am also disabled and cannot walk more than a 100yds or so...hopefully they wont want to take that!! |
| Housing |
Posted - 29 March 2010 : 12:06:54
Hello again,
Thanks for the response and more info.
yes, a creditor can "make you bankrupt" - if you owe a creditor over £750.00 they can petition what is known as a Creditors Petition against you - it is quite an expensive option for them. They need to serve what is called aStatutory Demand upon you first of all and then you have to respond within 18 days if you want to file a defence - a process that is often used by:
HMRC
Local authorities for council tax
some of the larger lending establishments
Yes, the CAB may well take a couple of weeks before you can get an appointment - but they will be able to point you in the right direction.
You are not alone in having debt - hundreds and thousands of people petitioned for bankruptcy and IVAs last year and the numbers are rising.
Do think about contacting Reviva UK who are expers on the site and also Jones Giles. Both firms are excellent and may well be able to assit you - they can certainly talk you through your options without costing you anything initially.
Do you have any assets? I think particularly a house or valuable car.
Good luck, Richard
quote:
Originally posted by Stressed.02
Hi Richard
Thanks for your advice, I will try and get an appointment with CAB for more advice but know that in this area it can take weeks to get one.
I feel there is no other option for me, bills are coming in on top of debts already there, it seems a never ending problem. Just this morning I received one solicitors letter and one baliffs letter from different companies I owe. Now to learn that I have to find £600 to declare BR is so depressing as I know I cannot pay it 
Can a company make you bankrupt? Maybe if they can then I will have to wait until one does that with me, it seems my only answer to this mess I'm in! I will add that most of my debt is bills that I have forgotten to pay (terrible memory!) along with one loan and my credit card. I do have another loan but the insurance is paying for that so it isnt a worry (thank goodness!)
"There are no problems - only solutions" |
| Stressed.02 |
Posted - 29 March 2010 : 11:58:27
Hi Richard
Thanks for your advice, I will try and get an appointment with CAB for more advice but know that in this area it can take weeks to get one.
I feel there is no other option for me, bills are coming in on top of debts already there, it seems a never ending problem. Just this morning I received one solicitors letter and one baliffs letter from different companies I owe. Now to learn that I have to find £600 to declare BR is so depressing as I know I cannot pay it
Can a company make you bankrupt? Maybe if they can then I will have to wait until one does that with me, it seems my only answer to this mess I'm in! I will add that most of my debt is bills that I have forgotten to pay (terrible memory!) along with one loan and my credit card. I do have another loan but the insurance is paying for that so it isnt a worry (thank goodness!) |
| Housing |
Posted - 29 March 2010 : 11:45:12
Hi
Welcome to the Forum.
The short answer is that the fees must be paid, in cash to the local county court with bankruptcy jurisdiction. This is currently £360.00 plus £150.00 court fee - total £510.00. This will increase from the early part of April to £450.00 plus £150.00 court costs = £600.00
If you are in receipt of welfare benefits you may be entitled to some assistance with the court fee - there are forms to fill out.
If you have had time in the armed services, you may get some assitance with your fees from SSAFA or the Royal British Legion - there are some other possible avenues for charitable donations.
Have you established that you are insolvent - i.e. that you cannot meet your bills when they fall due? if so, then BR may be the best option. I do, however, suggest that you seek advice - first of all you could make an appointment with your local CAB - that will start you off and see what is what.
I would also speak to one of the insolvency experts that post on here too - that will cost you nothing initially and there may well be ways to fund your BR petition.
Good luck, Richard
"There are no problems - only solutions" |
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