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 bankruptcy postbag for may
 No equity in house-can a credit force bankruptcy
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schmoo
Junior Member

170 Posts

Posted - 12 May 2008 :  12:45:01  Show Profile  Reply with Quote
Hi

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 ???

m and v
Average Member



United Kingdom
760 Posts

Posted - 12 May 2008 :  15:21:16  Show Profile  Reply with Quote
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

Vicki x
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JulianDonnelly
Junior Member



United Kingdom
325 Posts

Posted - 12 May 2008 :  15:26:10  Show Profile  Visit JulianDonnelly's Homepage  Reply with Quote
Hi Schmoo,

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?

Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
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