Will not accept payment plan.

shellshocknam67

To cut a very long story short.

Lost a court case and ordered to pay over 150k. Made an offer to the ********* of £600 but they declined the offer. Solicitor advised me to pay anyway as a gesture of goodwill, they wanted a charge on the house and solicitor advised to not contest to cut costs. We have now been served with bankruptcy and have to attend cout in September. I have made a new offer to the ********** which would pay off the debt in 10 years. They have again declined saying 10 years is not realistic and said they will bankrupt us.

We can not offer anymore as we have made major cutbacks to pay the new offer. If we were to go bankrupt total assest would amount to a couple of thousand at best and collateral in the house is probably less than 30k.

Any ideas what we should do to stop them making us go bankrupt.

RAS

Hi

People will need a bit more detail.

Is the court case against you personally or you and any others?

Who is we, have been served with bankruptcy?

Re the equity in the house, do you own it or is it jointly owned? If it is jointly owned is the other person in the "we".

Also, given the housing market, if you had to buy the Benificial Interest in a year's time, it might be less than £30K. A lot would depend on whether your mortgage payments were comparable with the cost of renting locally.

Also, if you have a high enough surplus in your income, you would pay back an amount each month (IPA).

HAve you spoken to any of the debt charities or the Insolvency Advice line about your situation?

shellshocknam67

Hi,

The court case was against myself and wife. We have both been serverved with individual bancruptcy petions for the same time in September.
House is in both our names
Have other debts which are all handled by CCCS and they recently reviewed and carrying on.

Its just that we dont want to go bankrupt as we have a couple of buisness and would take ages to set back up.

The large debt is nothing to do with the buisness and they are worthless to anyone else.

RAS

What is the status of your businesses, ltd company, sole trader, partnerships etc?

shellshocknam67

Limited Company