bankruptcy
27 January 2006, 09:17 AM
#32
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Dave,
It reads like the debts have already been sold to the debt agencies, in which case there is little or no room for negotaition.
Ps - he's the debtor, the creditors are the ones owed the money
It reads like the debts have already been sold to the debt agencies, in which case there is little or no room for negotaition.
Ps - he's the debtor, the creditors are the ones owed the money
27 January 2006, 09:23 AM
#33
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Apples, he owes 25k already, I bet you if he spoke to the companies he owes money too (creditors, lol sorry D, Dunno what I was thinking on the last post) and explained hes considering going bankrupt this is his position, explain what he can and cant afford I bet that debt will be cut down to about 5k. I kid you not. 5k is fairly easy to pay back once you have a job and no other responsibilities like running a car....
Diablo, didnt think it sounded like hes sold the debt already, I could be wrong but its certainly not what it sounds like to me
Diablo, didnt think it sounded like hes sold the debt already, I could be wrong but its certainly not what it sounds like to me
27 January 2006, 09:28 AM
#34
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I know a couple of people who have gone bankupt and as far as I am concerned there is no stigma attached these days. One of them managed to run up debts of £100,000 and we actually laugh about the money he borrowed and spent when he knew the enevitable was going to happen. If these finance companies are stupid enough to lend the money then they deserve everything they get.
The bankruptcy will last 12 months and he may find it difficult to get credit for the next 6 years. He has no assets to reposses and he has no job so they can't even make him pay anything towards the debt. You are allowed to earn enough to cover your living costs and everything over that goes towards paying your debt. When my friend went bankrupt the advisor said the best thing he could do was to go unemployed for 12 months as that way he would not have to contribute to the debt. He now delivers car parts and tries to earn just enough to cover the amount that was determined he needed to live each month.
If your friend tries to pay the money off it is very unlikely that his credit rating will be repaired in under six years anyway.
He just needs £400 so he can file the bankruptcy petition.
The bankruptcy will last 12 months and he may find it difficult to get credit for the next 6 years. He has no assets to reposses and he has no job so they can't even make him pay anything towards the debt. You are allowed to earn enough to cover your living costs and everything over that goes towards paying your debt. When my friend went bankrupt the advisor said the best thing he could do was to go unemployed for 12 months as that way he would not have to contribute to the debt. He now delivers car parts and tries to earn just enough to cover the amount that was determined he needed to live each month.
If your friend tries to pay the money off it is very unlikely that his credit rating will be repaired in under six years anyway.
He just needs £400 so he can file the bankruptcy petition.
27 January 2006, 09:29 AM
#35
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Originally Posted by davegtt
Apples, he owes 25k already, I bet you if he spoke to the companies he owes money too (creditors, lol sorry D, Dunno what I was thinking on the last post) and explained hes considering going bankrupt this is his position, explain what he can and cant afford I bet that debt will be cut down to about 5k. I kid you not. 5k is fairly easy to pay back once you have a job and no other responsibilities like running a car....
Diablo, didnt think it sounded like hes sold the debt already, I could be wrong but its certainly not what it sounds like to me
Diablo, didnt think it sounded like hes sold the debt already, I could be wrong but its certainly not what it sounds like to me
CC coy's will generally sell old debt to recovery agencies. If the Bailiffs are looking for him, the chances are they've been instructed by the recovery agencies.
If not, then there is a chance the CC coys will reduce the debt, but its not like he's been upfront with them to daye, so his chances are limited.
27 January 2006, 09:32 AM
#36
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ahh fair call, yeah course if they have bailiffs on the case I suppose there is a high chance they've passed the debt on.
Sorry misunderstood. Still worth the phone call, can only hurt your pride and the cost of the phone call if its not an 0800 one.
Sorry misunderstood. Still worth the phone call, can only hurt your pride and the cost of the phone call if its not an 0800 one.
27 January 2006, 10:00 AM
#37
Originally Posted by davegtt
ahh fair call, yeah course if they have bailiffs on the case I suppose there is a high chance they've passed the debt on.
Exactly, the banks have already written the debts off their books - they never expect it back and they would have already accounted for bad debts in the first place, so the only losers here are the bailiffs.
I've seen the relief it brings, one day you are pestered by bailiffs, letters, phone calls etc essentially making your life a misery and then suddenly all of that is lifted and you can start again.
Now I don't support running up huge debts intentionally and then going bankrupt but I think in these cases where he has lost a job etc then people sometimes deserve a break.
Quite seriously if most of us lost our income and remained unemployed for a long period of time then I imagine there would also be many people in similar situations.
27 January 2006, 12:00 PM
#38
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Some attitudes today are not good news for the future.
As in its the CC cards fault for giving them so much credit. Cr4p.
As far as I'm concerned anyone who takes credit with no intention of paying it back is committing fraud. If they did the same from their work/club/charity they'd be jailed.
Fine people can get into difficulty if job lost etc but how long does it take for them to realise they are in deep kaka. Watched a guy on tv the other night who had nearly a 100k in debt but did'nt give a toss. Had nothing to show for it either. He decided to go bankrupt and was chuffed that the law had changed to 12 months.
Rant over
As in its the CC cards fault for giving them so much credit. Cr4p.
As far as I'm concerned anyone who takes credit with no intention of paying it back is committing fraud. If they did the same from their work/club/charity they'd be jailed.
Fine people can get into difficulty if job lost etc but how long does it take for them to realise they are in deep kaka. Watched a guy on tv the other night who had nearly a 100k in debt but did'nt give a toss. Had nothing to show for it either. He decided to go bankrupt and was chuffed that the law had changed to 12 months.
Rant over
27 January 2006, 12:59 PM
#39
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Originally Posted by Distinguished Gentleman
Apart from the stigma attached to being declared bankrupt, there are all sorts of other ramifications that could be a problem long term. I don't suppose that is of any concern to him at the moment, but my advice is to get down to your local CAB. His situation is one that they encounter every day> They will give impartial advice and will, I'm sure, be of use to him
DG
DG
I would go and see an IP.
27 January 2006, 02:10 PM
#40
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[QUOTE=Diablo]
Snap, i work for one of the big boys and personally would not go anywhere near the consolidation loan companies.........Ocean Finance etc.
If you are a no income, no assets case consider petitioning or seeing an IP. If you has contributed to your own financial position, ie hammered you credit cards on purpose etc you my get stung by a Bankruptcy Restriction Order but other wise you could be lucky and discharged within 8 week.s
Originally Posted by 2000TLondon
Yep, agree best to be in contact with the debtors, although I would know all my options and rights from debtline people first. But like you say, they will want to help him, even if they just get pennies from him for ten years.
They won't be heavy with him, but he could always cry down the phone for good measure!!!![/quote}
Ok
I deal with personal insolvency (bankruptcy) as part of my job.
Do NOT go anywhere near one of the consolidation loan companies. they know neither the law or the options, regardless of what they may say.
PM me if he is serious, or you want further info.
They won't be heavy with him, but he could always cry down the phone for good measure!!!![/quote}
Ok
I deal with personal insolvency (bankruptcy) as part of my job.
Do NOT go anywhere near one of the consolidation loan companies. they know neither the law or the options, regardless of what they may say.
PM me if he is serious, or you want further info.
If you are a no income, no assets case consider petitioning or seeing an IP. If you has contributed to your own financial position, ie hammered you credit cards on purpose etc you my get stung by a Bankruptcy Restriction Order but other wise you could be lucky and discharged within 8 week.s