I owe approx £2000 to a creditor, and have offered payments of £150 per month, based on my income. They won't accept this and have adviosed me that they will instruct a bankruptcy order, and use the equity from the sale of my house. I have two home-owners loans on the mortagage, and when it was last valued, there would be no profit from the sale, what can I do ???
Hi Schmoo - I am sure there will be an expert along soon who will tell you there are other ways to avoid bankruptcy for £2k. Creditors like to threaten bankruptcy to scare the wotsits out of you, but if you take advice from one of the forum experts I am sure there must be another way out. Good luck
They can petition for you Bankruptcy if you owe £750 or more, however as Vicki has said it seems they are using this as a means of putting you under pressure to pay.
As it is a small amount you owe have you thought about a debt management plan?
Do you owe any other creditors other than the £2k?
No equity in house-can a credit force bankruptcy
Posted - 12 May 2008 : 12:45:01
