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ranson
Junior Member
171 Posts |
 Posted - 12 May 2008 : 23:15:15
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I owe a abou £28000 to 7 C.Card companys. I have lost my job and have no way to pay them. I am renting a property. I dont really want to do an IVA or go bankrupt but what will they do if i stop paying? can they give me ccj's etc. I also started an account for my son with a few hundred pounds in, can they find it and take the money out?
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 12 May 2008 : 23:23:48
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Hi Ranson and welcome to the forum.
really sorry to hear about your situation which is obviously quite stressful.
I think it is quite a radical step to petition for Br so soon after loosing your job ( you probably don't have any disposable income so an IVA is not available to you yet either).
I believe the best plan would be to right to each of your seven creditors explaining that you have lost your job and are currently looking for a new one. Ask them to freeze interest and offer £1 per month for the next 6 months.
This allows you time to find alternative employment and then review your ability to pay the debts.
They will really only get grumpy with you if you don't communicate with them - guaranteed.
There are some standard letters available for you on the sister site www.iva.co.uk
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 13 May 2008 : 10:32:02
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Hi Ranson,
Welcome to the forum,
I totally agree with Paul.
Creditors tend to get upset if you do nothing, but by writing to them as Paul suggests you can show your willing to communicate.
By entering into a short term payment plan of £1 nominal sum per creditor this will allow you time to find alternative employment and then consider your options.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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ranson
Junior Member
171 Posts |
Posted - 13 May 2008 : 18:52:37
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Thanks, That is really good advice and i will try it first.
I was concerned that they may try and get my childs funds from his account, It's not much but can they do that? |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 13 May 2008 : 19:00:14
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Hi Ranson,
In order to do this they would require a garnishee order via the courts which can only be obtained once a county court judgment has been obtained.
A garnishee order freezes a third parties account if they believe and can prove there to be funds in this account belonging to the debtor, In your case this is extremely unlikely and in any event if this case were to go for a county court judgment claim you would be able to put your income and expenditure to the court for an affordable payment.
As Paul mentioned earlier so long as you communicate with your creditors you will find them helpful.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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I have lost my job
