Bankruptcy and offers

wwwdotcom

Excuse the AE, I post on here regularly and do not wish my circumstances to be widely known.

I am being made bankrupt next thursday 18 sept, for the sum of approx £20k. The debt is from a house I abandoned about 11 years ago. Fair enough, they have caught up with me and are after their pound of flesh. But they seem unwilling to do a deal, which I find strange.

I asked what they would require and they said £15k, I said this was impossible and offered £3k which is the same amount that they said it would take to get out of it about a year ago. They have simply said "no" and insist on it going to court. Is this normal?

Also, the mortgage was in joint names so do I still owe ALL the outstanding £20k.

Thanks in advance

peachyprice

Hmm, interesting, if they make you bankrupt the debt will fall entirely to the person the joint mortgage was with, assuming they're not bankrupt, and you won't owe them a penny.

wwwdotcom

peachyprice wrote: »

Hmm, interesting, if they make you bankrupt the debt will fall entirely to the person the joint mortgage was with, assuming they're not bankrupt, and you won't owe them a penny.

But i do not want to be bankrupt. Do they not owe it to their shareholders to take an offer rather than recieve nothing?

tigerfeet2006

Yep! that is very normal. If you have other debts those to will be included in your BR. If it is a joint debt then the other signatory will be responsible for the whole debt after your BR.

YOU NEED TO GET PROFESSIONAL HELP FROM ONE OF THE DEBT CHARITIES NOW!! sorry to shout but it is important that youknow all your rights. I would give National Debtline a ring. Links and numbers in my sig.

If you need any help or just need some support then there is usually some one who can reply.

wwwdotcom

tigerfeet2006 wrote: »

Yep! that is very normal. If you have other debts those to will be included in your BR. If it is a joint debt then the other signatory will be responsible for the whole debt after your BR.

YOU NEED TO GET PROFESSIONAL HELP FROM ONE OF THE DEBT CHARITIES NOW!! sorry to shout but it is important that youknow all your rights. I would give National Debtline a ring. Links and numbers in my sig.

If you need any help or just need some support then there is usually some one who can reply.

Thanks.

Do I HAVE to go to court?

blind-as-a-bat_2

wwwdotcom wrote: »

But i do not want to be bankrupt. Do they not owe it to their shareholders to take an offer rather than recieve nothing?

No they dont, they just want this debt of there books, if they make you BR they will recoup what they can and then write the rest of as bad debt and get tax relief on it

Do you know the situation of the other joint party, as they will be looking to do the same to them, if they know where they are

Do you have any Assets of value to lose out of intrest as thats the only other reason they might try there luck

blind-as-a-bat_2

wwwdotcom wrote: »

Thanks.

Do I HAVE to go to court?

No it will go through in your absence, if you have no way to defend it there is little point going

tigerfeet2006

You don't have to go to the court BUT those that have been in your position have said it has been very helpful to them to go and to talk to the court staff and judge.

peachyprice

wwwdotcom wrote: »

But i do not want to be bankrupt. Do they not owe it to their shareholders to take an offer rather than recieve nothing?

I meant it in a way that it's a strange approach as they'll get absolutely nothing from you if they bankrupt you.

wwwdotcom

blind-as-a-bat wrote: »

No they dont, they just want this debt of there books, if they make you BR they will recoup what they can and then write the rest of as bad debt and get tax relief on it

Do you know the situation of the other joint party, as they will be looking to do the same to them, if they know where they are

Do you have any Assets of value to lose out of intrest as thats the only other reason they might try there luck

I have no assets of note, and she lives in Thailand.

Would all my other debts get written off at the same time?

tigerfeet2006

wwwdotcom wrote: »

I have no assets of note, and she lives in Thailand.

Would all my other debts get written off at the same time?

Yes they will except for a few exceptions like student loans.

Please ring NDL and get some professional advice.