Hi,I have received a B10 Notice of registration of a bankrupsy notice from the Land registry. I rang them and they advised that it was instigated by a solicitors firm on behalf of 1st credit finance who in turn bought a debt i had for approx £19000 with first direct bank. A hearing has been listed for 24 February 2010. Is there any way I can avoid this? I do not want to be made bankrupt but on the other hand do not have the money to pay off the debt. Do you think they will accept a repayment plan or an offer of full and final settlement for a lesser amount? I would prob have just enough equity in my house if the took it and sold it but I really don't want that to happen. Please help!!!
i would also strongly suggest getting professional advice from the likes of Paul Johns at RevivaUK www.revivauk.com as Richard has said because if made BR the equity would belong to the OR and his trustee and realistically after a forced sale the creditor would not receive all his debt paid. If an agreement could be reached before court itt should be beneficial for all concerned
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman) RevivaUK and Paul Johns helped me through it all i can't recommend them enough!!