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Searcher
New Member
60 Posts |
 Posted - 09 August 2010 : 22:11:59
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We (the Mrs and me) are all set to go down the BR route but getting stressed and wondering if we are doing the right thing after all. I’m probably being stupid here (but it’s that time of day when the worries well up as usual) but we have read so much and listened to quite a few and it all starts to whirl around inside your head. It’s too late tonight to smell the roses, so turning here for some help and reassurance, please…
A friend who I confided in a few days ago said “ why don’t you just offer what you can, and if they aren’t happy with your offer then just let them take you to Court and you'll probably get CCJs?”. In our situation, we have no assets (not homeowners, so no mortgage or secured loans) just several credit card debts and loans, but they do add up to a tidy sum. 
Many years ago, we defaulted on a loan and the bank wanted us to pay back (on an informal arrangement) more than we could afford. We offered 1/5th per month of what they wanted and they refused and it went to Court. We admitted the claim and filled out the form from the Court detailing our financial situation and made the offer per month (as above) which was accepted.
So, as you can’t get blood out of a stone and we have no significant assets nor at our age are we ever likely to want to take out any more credit, could this be a better way forward than BR? What might the pitfalls be in taking this approach?
Also, if a CCJ is made, can the creditors go back to Court later on and ask for the payments to be increased?
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debtinfo
forum expert
2826 Posts |
Posted - 09 August 2010 : 22:39:27
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| The biggest pitfall as i see it with this approach is the possibility of Baliffs and attachments of earnings |
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Searcher
New Member
60 Posts |
Posted - 10 August 2010 : 02:21:25
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quote:
Originally posted by debtinfo
The biggest pitfall as i see it with this approach is the possibility of Baliffs
Fair point - my Mrs agrees, and I don't think it's worth the additional stress and uncertainty hanging over us all the time...
Regarding CCJs - can creditors go back to Court later on and ask for payments to be increased? |
Edited by - Searcher on 10 August 2010 02:22:14 |
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theguvnor
Junior Member
100 Posts |
Posted - 10 August 2010 : 11:21:57
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I was in a very similar circumstance to you. I tried for an iva but this was not do-able so I went on a dmp which would have taken me 45 years to pay off. Once I realised that br was my only option I took my head out from the sand and did the necessary. After 20 plus calls a day from creditors ( no I'm not joking) I took control of my life again and went br. Give yourself a fresh start and the opportunity to move on. I know for a fact my wife and kids have a better life now then ever before. We manage to get by and everything we buy is our own.
Make sure u have spoken to an expert as there may be other options open to you.
Good luck! :) |
Edited by - theguvnor on 10 August 2010 11:22:38 |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 10 August 2010 : 13:28:59
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well said the Guvnor
once i lifted my head out of sand, i also knew that BR was the only realistic option. I discussed all of my options and consequences with my expert then took the plunge.
My wife is now BR discharged, I am in the last few months of bankruptcy, the phone calls have stopped, the mailbox is empty and we are now looking forward to a debt free future
regards richard |
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Searcher
New Member
60 Posts |
Posted - 11 August 2010 : 01:31:58
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| Thanks guys for your thoughts and support. |
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Getting stressed - BR or just allow CCJs??
