To respond to bank or not

Shattered_Dreams

My situation is sort of similar, so I'm hoping someone can advise. On the advice from the Buisness Debtline, we have done a SOA and are now offering token payments to all our creditors, with a letter of explanation. I did ask for the interest to be frozen, not one of them have done this) :mad:

We will at some point definitely be made BR by the HMRC but they are really taking their time over it. They told us they were starting proceedings last November, but all we get is continued letters threatening the BR. They know we can't pay, but are dragging their feet.

I'm hanging on in there until we can find somewhere to rent, but now all the credit card and loan companies are demanding that we supply a SOA to them.

If I supply this, they'll know for certain that we're heading for BR. Business Debtline say I'm not obliged to provide it but may keep them sweet. I don't think it will!

I'm not sure how to do this - either way they're going to get nasty and the last thing I need is court and bailiffs.
Any suggestions?

btw - the reason we're not doing this VR is because we're finding it very difficult to get somewhere to rent at the mo- not helped by 2 defaults and a CCJ on my credit file.

Marru

Hi,

I would also be grateful for advice about timing. I set up my own DMP about a year ago and now I have decided that instead of continuing on that route the BR is the answer for me. Now if I miss any of my monthly payments all the creditors are straight on my back and as I am approaching for a full year on DMP they all want new SOAs. As far as I am concerned I don't have proper figures until the start of new tax year (this year I have been self employed and working as temp, next year no self employment). I really don't want to pay anymore monthly payments but on the other hand don't want them breathing on my neck either. Most of my debts are with DCAs and those have already been defaulted. So what will happen if I miss March and April and go BR in early May? Oy by the way I also have some overpayments due back to tax credits and council tax payments that are now hanging on my neck. EEEK!!

headoutofsand

Marru wrote: »

Hi,

I would also be grateful for advice about timing. I set up my own DMP about a year ago and now I have decided that instead of continuing on that route the BR is the answer for me. Now if I miss any of my monthly payments all the creditors are straight on my back and as I am approaching for a full year on DMP they all want new SOAs. As far as I am concerned I don't have proper figures until the start of new tax year (this year I have been self employed and working as temp, next year no self employment). I really don't want to pay anymore monthly payments but on the other hand don't want them breathing on my neck either. Most of my debts are with DCAs and those have already been defaulted. So what will happen if I miss March and April and go BR in early May? Oy by the way I also have some overpayments due back to tax credits and council tax payments that are now hanging on my neck. EEEK!!

Why don't you go BR as soon as possible. You don't have to tell any of them. However because you're on a DMP I am not sure, as I did mine without bothering with any of this. It will probably take them sometime to execute legal proceedings, but because you are already known then they may be able to act quicker than say a person who had not made an arrangement.
I am sure someone will know, who may be or was in the same predicament.

fiveyearplan

harold59 wrote: »

Our bank has written to us regarding repaying our overdrafts, which they suddenly withdrew a couple of months back (and which was a major factor in pushing us over the edge to BR). We have been ignoring them until now (not answering phone or letters) but they are now threatening debt recovery action.

Should we continue to ignore them or write back saying we have difficulty and ask for more time?

We are planning to file for BR in about 6 weeks.

Barclays chased me for months before they took any action - from August/September through til April before they started CCJ proceedings. That was 2007/08 not sure if they are acting quicker these days though.