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hi if a crediter can go for bancrupcy at anytime why dont they.i am after piece of mind here guys
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at the start of this journey i owed
£52000.00 UNSECURED £5000.00 SECURED
£0000.00 secured debt as of 17/12/2010 fingers crossed
on 14/07/2012 i now have £32.000 unsecured and £15.000 unenforceable [thanks to niddy and aad ]
as of 17/03/13 its now £26K AND £15K UE
ITS COMING DOWN SLOWLY WHILE STILL ENJOYING MY LIFE -
Re: bancrupcy
Creditors will very rarely go for bankruptcy as an option as it costs them considerably more money to do so than it would you
the only people usually that would are AMEX council tax HMRC
Have you spoke to any of the free debt helplines? http://www.cccs.co.uk
http://www.nationaldebtline.co.uk/
or your local CAB?
they can advise on the best way to go...and if bankruptcy is an option sort out creditors with minimum payments etc till you can source the fees for going bankrupt -
Re: bancrupcy
no i dont want to go bankrupt just wondered why crediters dont,when i had my original telephone meeting with cccs they said it was a posibility with having collateral in the houseat the start of this journey i owed
£52000.00 UNSECURED £5000.00 SECURED
£0000.00 secured debt as of 17/12/2010 fingers crossed
on 14/07/2012 i now have £32.000 unsecured and £15.000 unenforceable [thanks to niddy and aad ]
as of 17/03/13 its now £26K AND £15K UE
ITS COMING DOWN SLOWLY WHILE STILL ENJOYING MY LIFEComment
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Re: bancrupcy
Basically if you havent got anything to get off you in a bankruptcy, they will often go for other options such as bullying you into paying, CCJ's Ataachment of earinings, charging orders etc, whatever will help them get their money in the quickest possible time. If they risk bankruptcy and you dont have anything then the debt is gone and can never be collected on again, if they put you on a DMP, the Debt stays live they can keep adding some interest and if your situation improves later they can then choose another option to collect.
There are some companies for instance Lowell that buy up debts n the cheap find out who has properties and take the risk of bankruptcy, presumably it must work for them and they come out ahead overallComment
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Re: bancrupcy
dont like the sound of thatat the start of this journey i owed
£52000.00 UNSECURED £5000.00 SECURED
£0000.00 secured debt as of 17/12/2010 fingers crossed
on 14/07/2012 i now have £32.000 unsecured and £15.000 unenforceable [thanks to niddy and aad ]
as of 17/03/13 its now £26K AND £15K UE
ITS COMING DOWN SLOWLY WHILE STILL ENJOYING MY LIFEComment
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Re: bancrupcy
But like others have confirmed, it is rare that a lender will go for B/R Petition for small unsecured debts. A CCJ/CO is the obvious choices....Originally posted by wishfullthinking
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