my ex husband has declared himself bankrupt and the debt has passed to me. i am on incapacity benefit, will i be declared bankrupt to or can i stop this by making small monthly payments to them ? the debt is 50,000 pounds.
You can contact the creditors and see if you can make small repayments but it will depend upon whether they think that you will be able to pay the money back. Contact each one and see what they say.
Very few creditors (other than HMRC and the Council) will actually declare you BR.
welcome to the forum and sorry to read about your predicament
some of the banks and financial institutions will not make you BR, they would rather throw money at collection companies who in turn will chase you with phone calls and letters.
Yes you can try to negotiate with the creditors but for the figure you have typed and the level of income you may not get much response.
If you have savings or equity in the property, they may listern to you but if you are trying to negotiate a full and final< i would use a third party. (paul @ reviva one of the site experts)
If you do not have equity or savings and you are trying to negotiate a small monthly payment, you have to ask your self the question, Am I throwing away good money to pay a debt that i am never going to clear ?
For example paying a £1000 a month is still going to take 5 years to clear the debt, £100 a month you are still gong to be in debt for zillions of years !
how long have you and the ex been seperated ? Are you able to claim that any or all of the debt is solely his ?
Heather you have some challenges ahead and some hard decisions< I wish you the best, continue to post and people on the forum will try to help
my ex husband has declared himself bankrupt
Posted - 10 January 2010 : 18:56:48
