urgent bankrupt question.

THE_LONE_RANGER_4

Hi, i have been aproached my an old work associate this morning they uesed to be my line manager a few years ago when i was in debt he wanted me to answer a few questions with regards debt etc i could answer most but the serioues one with regards bankrupt i cant answer as i have little knowledge on that subject as mine never went that far .
Today he recieved a letter from capquest he says he thinks they bought the debt fo 3k it states we have completed our investigations in to you financial situation and have concluded that on the 10 july 08 you we will serve you with a statuary demand under section 268( form 6.1) when it will be served upon you .once served the agent will swear and affidavit to the effect service was sucessfull if you do not reply to the statuary demand you will be made bankrupt and goods property taken all forms are available from the court should you decide to attend to apply for the demand to be set aside.
REMEMBER YOU YOU HAVE FROM THE DATE OF SERVICE OF THE STATUARY DEMAND
[A] YOU HAVE 18 DAYS TO APPLY TO COURT TO HAVE THE DEMAND SET ASSIDE .
YOU HAVE ONLY 21 DAYS BEFORE WE MAY PRESENT A BANKRUPTCY PETITION.
IT THE GOES ON TO say as one final gesture we will and are prepared to knock of 1k and the rest to be paid in instalements all must be done before 10 july 08.



now i have said i think its a threat , he said he has 32k debt all unsecured and cant afford to pay to go bankrupt so why shouldnt he let capquest do it for him??? any advice on this one would be appreciated i have asked him to post on here for further help and given what advice i had any help will be passed on asap .
many thanks

fermi

The vast majority of these from CRAPquest (and other DCAs) are empty threats designed to scare the life out of you.:rolleyes:

Does he actually want to go bankrupt?

If he is intending to wait for a creditor to do it for him, then he will probably be waiting a long time.

It costs a creditor A LOT in up front fees to make you bankrupt (up to £1700), and they don't have any guarantee of recovering those fees let alone the actual debt. It's exceedingly unlikely they would pay that with little or no prospect of getting anything back.

They are fond of using the threat as a scare tactic though.

RAS

Hi

SDs are no laughing matter, and need to be dealt with properly.

But the chances of crapquest or any other creditor actaully making anyone BK are small. it will cost them £1200+ and they do not get preferential treatment from the OR.

I would really recommend getting him to post here and on the BK sub-forum.

THE_LONE_RANGER_4

i thought it could be a threat , the answer is i think well i know he couldnt careless if a creditor made him bankrupt he said he cant afford the fees, burt as stated above there aint many creditors going to make you bankrupt especially on the £3k mark , he has been pointed to some group or other where he can get help with the fees being paid but has been told he is not elligble any way he said he will try and post tuesday and hopefully the wise owls on here can give him some advise .many thanks