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turborat
Junior Member
289 Posts |
 Posted - 11 September 2008 : 16:44:49
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Just wondering about 2 things..
1. How long after stopping paying debts would it take before your creditors put a mark aginst your credit file which will then make it hard to rent a place??
2. What would happen if you just stop paying all debts but don't bother declaring BR yourself? How long before people take action and what action would be taken?
Another couple of wierd questions but the old grey matter is working overtime at the moment!!
Thanks in advance... |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 11 September 2008 : 18:29:48
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Hi Turborat,
I think its almost immediately that they mark your account, but it starts of with a payment late, then progresses on to other warnings if you like. I know what i mean.
As for creditors making you BR then that if they do decide could take ages as they dont like to do it, they will try anything else first, a charge on your home, ccjs etc but they would take ages before they would go to make you BR.
Hope i have helped.
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
For links to help with Bankruptcy, useful web pages and also a run down of my new debt free life, both before and after Bankruptcy, then please visit my blog:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
Edited by - Needafriend on 11 September 2008 18:30:43 |
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turborat
Junior Member
289 Posts |
Posted - 11 September 2008 : 18:59:17
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| If we waited for them to make us bankrupt would we still have to pay the BR fees? |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 11 September 2008 : 21:12:29
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Hi no i dont think so, but the debt would go up as they add in more fees to the money you owed to them.
Maybe one of the other experts can offer more advice on that one for you.
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
For links to help with Bankruptcy, useful web pages and also a run down of my new debt free life, both before and after Bankruptcy, then please visit my blog:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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turborat
Junior Member
289 Posts |
Posted - 12 September 2008 : 08:50:50
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Thanks again Needafriend.
If any experts have more advice on this subjet I would really appreciate it.
We are now looking into renting a place as from next week all debt payments stop.
What checks would be performed on us by the letting company and what answer do we give as to why we are moving? If they see the 2 missed payments would this arrise suspission??? |
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eamonn
Junior Member
320 Posts |
Posted - 12 September 2008 : 11:24:12
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hi turborat,
i am no expert but i was advised that in a large number of cases the creditors will not make you bankrupet unless you have a large amount of equity in your property or high disposable income because it cost them a lot more to make somebody br i was told that they would enforce ccj's etc, with baliff's and just keep adding the court fees to your bill, so if you want peace of mind and no more letters/calls you would be better off to bite the bullet and pay for br yourself |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 12 September 2008 : 12:13:11
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Hi Turborat,
Eamonn is absolutely right. It can cost a creditor about £2k to take you BR, so they'll only do it if they are sure they'll get a return.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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turborat
Junior Member
289 Posts |
Posted - 12 September 2008 : 12:40:55
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So can you just carry on not paying you creditiors until they decide they want to pay out to make us BR? Sounds cheaper than paying out fees yourself when they will declare you BR anyway at some point??
Also if we stay in our house until we are evicted what problems would we encounter when trying to rent with a repossession against us?
The reason I ask is that if we will still be able to obtain a rental property without major problems after say 5-6 months of not paying our debts and staying in our current property will be able to save a lot more money for living costs etc??
Thanks for all the replies so far but new questions seem to pop up every day at the moment!! |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 12 September 2008 : 14:01:07
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Hi Turborat,
It is likely the creditors will go the CCJ andf bailiff route rather than BR.
With a repo against you, it will be a black mark on your credit file. However, landlords much rather take a chance than have an empty property!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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turborat
Junior Member
289 Posts |
Posted - 12 September 2008 : 14:07:45
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| I see what you mean. Thanks for the advice Julian |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 12 September 2008 : 14:32:51
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No problem.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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What if ????
