I have a couple of questions but first some back ground info
I'm a pivate hire driver so my wages are up and down like the moon for the last 4 weeks i havent even made £200 a week and the company i work for (im still self employed) is heading into its quiet period so i dont expect the money to increase until september.
I dont have my own house or any property infact. I live with my girlfriend in her sisters house.
I have a astra thats sworn of the road needs an engine brakes exhaust mot and a good clean I doubt i could actually sell it.
My debts amount to £48k al unsecured with no hp there all either overdrafts (3) and credit cards (6) now all my debts have been passed on to various debt collecting companies.
I did try and setup a IVA but it was turned down and cost me £1200 to boot.
So My Question
I have just recieved a formal letter called a statutory demand requesting £1,400 payable immediatly, i have 18 days to apply to set it asside or have to pay it within three weeks, if i dont then i could be made bankrupt.
I think going bankrupt is the best option for me but how will it affect my girl friend she pays all the bills from her bank account i mean all of them my mobile phone is in her name my pc is in her name even my astra is in her mums name in fact its never been in my name.
I get paid by cheque weekly and pay it in to a basic lloyds tsb account when its cleard I withdraw it and pay it into my girlfriends account to help with the food bills her wages all go and we are both completly skint by the end of the month.
she is managing to pay her debts off each month. but we have no spare money to pay the debt collectors i cant even save enough money to make my self bankrupt.
i havnt been able to pay my debts for some time now years in fact.
recap. can the courts close my girlfiends account and take charge of her wages all our furniture is her's the tv the wii her own car will they come and take it ?
whats the difference in making my self bankrupt and being made bankrupt ?
everytime i speak to the collection agency's I tell them I intend to go bankrupt but they seem to just pass on the debt and I get a new company sending threatening letters.
How come i havnt had any balifs yet after not paying for so long ?
when i finally go bankrupt will they come and take what ever they can sell from my home ?
Sorry for the very long post but i hope i have given enough information to get the answers im looking for.
From what you say it certainly seems that Br is the right course of action as your income is too variable to successfully enter an IVA, plus I doubt you have sufficient disposable income per month.
No one will come to the house and as all the assets appear to be in your girlfriend or sisters name then they are not at risk.
Her bank account will be fine.
ThAfter the 21 days the creditor may decide to petition for your Br but it will probably cost them around £2000 if they get a firm to do it for them, so it the debt is around 1400 then it may just be a warning shot to frighten you into paying.
You can download a statutory demany from the internet and serve it on anyone if they owe you £750 or more as an individual.
I would suggest youe wait and see what they do - it may save you the £495 in court fees to petition for your own Br
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
whats the difference
Posted - 14 June 2008 : 22:38:57
