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monkey
Starting Member
15 Posts |
 Posted - 14 November 2008 : 11:24:44
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| Is there any actual advantage to me petitioning for my own bankruptcy? If I would have to pay 500 quid to do it, could I just wait and let my creditors petition for my bankruptcy instead? |
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synaesthesia
Junior Member
233 Posts |
Posted - 14 November 2008 : 11:47:31
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Before they even consider doing that, they'll go through months and years of harrasment, default charges, CCJ's involving getting you in court too, bailiffs - all hassle, a long period of time which leaves you in debt for even longer, and in the long run will cost you more than the £500 fee in the first place.
If you're in trouble now, don't wait for them to take action. |
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kazy1
Junior Member
United Kingdom
120 Posts |
Posted - 14 November 2008 : 12:08:24
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Also there is no gaurantee that they will make you BR as sometimes they use this as a way to make you payup the only people for definate who will persue you to the end and make you BR is the inland revenue.As Syn said think carefully as you could get deeper into debt
Kazy1xxxx |
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monkey
Starting Member
15 Posts |
Posted - 14 November 2008 : 12:12:24
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| Thanks. I'm just kind of wondering if it might be LESS mental hassle if I don't have to think about it for a while. To reach this point has basically been a terrible year of stress, and the idea of just letting go of it and relaxing for a while is appealing. I just want to rest! If I KNOW that I'm going bankrupt anyway, then they can send their letters and stamp their little feet... What difference will it make? Just a thought... |
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monkey
Starting Member
15 Posts |
Posted - 14 November 2008 : 12:16:50
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| Thanks Kazy. I already owe about 90k so I don't really think that getting deeper into debt would make much difference as the bottom line is: I can't pay it back. Something has just occurred to me though - if I do start defaulting and wait for the creditors to bankrupt me, are they likely to put charging orders on my house? If so, how quickly are they likely to act... after 1 missed payment... 2 missed payments...? Would token payments keep them away from issuing charging orders for a while...? |
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synaesthesia
Junior Member
233 Posts |
Posted - 14 November 2008 : 12:21:15
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I can't go into the finer details of the latter part of your post as I'm no expert, however it's clear you do need to get it sorted asap. It may well be hassle for a couple of months (or shorter) whilst you go through bankruptcy yourself but surely that's a lot better than years of hassle from different creditors.
For instance, bankruptcy for me took 2 weeks in total - 3 hours in a single day signing paperwork and paying the fee, then another hour on the phone in total to the receiver. Job done.
It's worth getting further advice anyway just to make sure you're doing the right thing, but ignoring it or even waiting is just going to make it a lot worse than it already is. Bite the bullet, get it done now while you can and you'll feel all the better for it afterwards. Give these guy's (the forums) helpline a call though and without doubt you'll get the right advice. |
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Can I just wait and let my creditors make me BR?
