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| T O P I C R E V I E W |
| sana_suz |
Posted - 18 January 2009 : 23:41:21
I am 19k in debt - credit cards, personal loan, catalogues. I live in a shared house, which has been furnished by the landlord. All my posessions are in my room - tv, dvd player ipod player, lap top.
Our fridge/freezer was not working well and my landlord was reluctant to get us a new one. So 2weeks ago I ordered one off of Freemans along with some other items.
I am considering bankruptcy, nothing else appears to have really worked, including DMP, I cannot afford an IVA.
So with my present situation, and the recent purchases from freemans, can I still legally declare myself bankrupt?
How long does the bankruptcy process generally take (ball park figures) and also, in what instances will the court reject someone's bankruptcy application?
Sorry for all the questions. I have an appt with the CAB on 9th Feb - earliest I could get it.
What should I about my creditors, offer them small token payments, or should I not pay them at all? Someone said if I pay them it shows an ability to pay and the judge will think I am not a case for bankruptcy.
I'm so very confused. Please help.
suz |
| 3 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 20 January 2009 : 18:28:17
Hi Suz,
I would suggest not informing them of your plans to go BR just yet. If you do, it is likely your creditors (even the ones happy in the DMP) will go straight for legal action (CCJ followed by a Warrant of Execution to get the bailiffs in).
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| sana_suz |
Posted - 20 January 2009 : 18:11:27
Hi Nick
Thanks for the advice it is much appreciated. I will do the 4 month payment with Freemans, and hold off bankruptcy for this time. Creditors are hassling me everyday, I was in a DMP - £130 per month divvied up between my creditors. They have all agreed, but one, whom I have spoken to myself, and therefore are not hassling. I am cancelling the DMP payments, I simply cannot afford them.
Lloyds TSB wrote me a letter when confirming the DMP payments back in December and basically warned me that if I default on it, then they will pursue legal action against me. I will be ringing my creditors myself to inform them of my plans but I am worried about legal action, people have said it's unlikely, as it costs them to bankrupt me or take me to court.
Should I inform them of my impending plans for bankruptcy or hold off for now? I am seeing the CAB on Feb 9th, so hopefully things might get a bit more clear.
Suz
quote:
Originally posted by Integrity
Hi Suz
You can legally declare a debtors petition for bankruptcy if you owe more than £750 and cannot pay your debts.
Normally, a bankruptcy lasts for 12 months provided there has been no misconduct.
Most bankruptcies automatically finish in 12 months.
You can reduce the heat from credititors by offering a token payment of £1. Though most will not agree with this most creditors will accept the payment.
When you are in bankruptcy payments to creditors should stop.
I would make some payments to Freemans for the fridge purchase (at least 4 months) so you don't run the risk of commiting FRAUD.
It is rare that bankruptcy petitions are not made. Two main reasons for petition failure. Incorrect paperwork and insufficient funds available to pay for the bankruptcy currently £495 (OR + court fee)
Hope this is of help
Nick
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| Integrity |
Posted - 18 January 2009 : 23:54:24
Hi Suz
You can legally declare a debtors petition for bankruptcy if you owe more than £750 and cannot pay your debts.
Normally, a bankruptcy lasts for 12 months provided there has been no misconduct.
Most bankruptcies automatically finish in 12 months.
You can reduce the heat from credititors by offering a token payment of £1. Though most will not agree with this most creditors will accept the payment.
When you are in bankruptcy payments to creditors should stop.
I would make some payments to Freemans for the fridge purchase (at least 4 months) so you don't run the risk of commiting FRAUD.
It is rare that bankruptcy petitions are not made. Two main reasons for petition failure. Incorrect paperwork and insufficient funds available to pay for the bankruptcy currently £495 (OR + court fee)
Hope this is of help
Nick |
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