I have offered 30% in full and final settlement twice to all my creditors, I asked for the replies on writing and have heard nothing on either occasion that I wrote. They have been phoning but I have been advised to accept only written offers. So I haven't answered the phone. i am too scared to anyway as they've always so horrid to me in the past! We cashed in some endowments in order to make up the money and we will need £12 500 which I still have to one side. I'm not sure whther to write a final time or whether to just go bankrupt. I have told them there is a possibility I may do this so all my creditors know this is a possibility. Bankruptcy does seem to be a way out and I have posted on this forum before about the house being in negative equity. However, before I go bankrupt would it be considered wrong if I used some of that £12 500 to get repair work done on the house? I'm only talking basics which really need doing-guttering and roof repairs.
Hi seems to me you have tried your level best to make a settlement and these appear to be essential repairs so go ahead but keep receipts so you can evidence the money was not spent frivolously or on any kind of preferential payment. You can also use some of the money to fund the bankruptcy fees.
Just be sure that Bankruptcy is right for you before you take the plunge.
John White Independent Debt Consultant Specialising in Bankruptcy
Personally I would bite the bullet & phone. Letters do go astray & if you can avoid bankruptcy by getting them to agree to a settlement that woud be better.
Can we get some basic repairs done on the house ?
Posted - 03 January 2010 : 19:36:22
