Should i tell my creditors i am going to petition for BR

ranger24

I have been on once before have struggled to maintain my DMP with the CCCS. Have recently had a review and have not enough money left to meet their financial criteria for continuing with a DMP. Have sent all my creditors a token payment of £1 and am currently getting the paoperwork together for the court. Some creditors have found this sum unacceptable and are loking for repossesion. The property is in negative equity and has a loan secured against it any advice welcome.

DaveBrum_2

Hiya!

I wouldn't recommend you tell them you're thinking of going bankrupt, as they will call you constantly trying to squeeze the last penny out of you beforehand. Just keep paying the token pyt.

All the best!!!

ranger24

Thanks DaveBrum do i ignore their letters and phone calls in the meantime as i am sure if i phone them they will try to get some money out of me

hadenoughnow

ranger24 wrote: »

Thanks DaveBrum do i ignore their letters and phone calls in the meantime as i am sure if i phone them they will try to get some money out of me

i have been ignoring them for 12 months! its diffcult, but you soon realise that they are empty threats. Make sure you keep them though as you will need addresses, ref numbers, amounts etc.

peachyprice

ranger24 wrote: »

ISome creditors have found this sum unacceptable and are loking for repossesion. The property is in negative equity and has a loan secured against it any advice welcome.

If you cannot afford your secured loan or mortgage you will have to start looking for somewhere else to live because they will repossess, it may take some time, but it's something you need to consider.

skylight

Stop paying the £1's. Its a waste of money. They will chase you hard if you are paying £1 or zero £. Its not what they want, so will call lots. But ignore. And those few £ save will get you to your BR fees sooner.