Police Officer needs bankruptcy advice

maxmycardagain

lifes too short....just DO it...

Reviva_UK

Hi

It sounds as though Bankruptcy may not be the very best solution because of the lump sum entitlement from the pension. This would be lost in Br and if you were to take it before Br then you would need to account for every penny spent.

I would recommend a different path.

Depending upon the amount of debt, the assistance from your father and the lump sum available in December it is probably possible to negotiate with the creditors, one at a time and achieve reasonable settlements.

The current position where the money for the settlements is coming from your father rather than you , plus your medical position will help with the negotiations.

headoutofsand

maxmycardagain wrote: »

lifes too short....just DO it...

I agree. Life is very short. Somethings have to be said in a blunt fashion, faffing around can cause more misery. The creditors "£ are not for turning" they smell blood. Of course the action you take is yours and yours alone. Choose wisely.

Princess9

I have a friend that is a police officer, I thought that the police pension could be split 2 ways - take a lump sum and then 50% final salary for life as pension, or, take no lump sum and 2/3's final salary for life - why not go for the second option?

maxmycardagain

Reviva_UK wrote: »

Hi

It sounds as though Bankruptcy may not be the very best solution because of the lump sum entitlement from the pension. This would be lost in Br and if you were to take it before Br then you would need to account for every penny spent.

I would recommend a different path.

Depending upon the amount of debt, the assistance from your father and the lump sum available in December it is probably possible to negotiate with the creditors, one at a time and achieve reasonable settlements.

The current position where the money for the settlements is coming from your father rather than you , plus your medical position will help with the negotiations.

the OP has to consider an AD is 12 months, and ED can be 6 months, and the time it could take for his pension lump sum to be available (presumably at his behest and own timetable), so its hardly rocket science to assess who the winner would be in this 2 horse race, he should take advice on his timetable planning...

soccer32

Well I have today made offers to my creditors as my dad said he can pay a total of £10k.....My debts are in the region of £47k so dont know how they will respond? I have no house and no other assets as I lost them all when my relationship ended....well fingers crossed and thank you all for your messages. I will kepp you informed.

skylight

If you want to go the full and final settlement route, there are lots of things on the DFW board to look out for. Creditors are slimey sods and the wording of letters is crucial to you. Check them out - they are a friendly lot too and can help in this.

maxmycardagain

dont forget, if just ONE says no, your path to BR is almost a certainty...

start filling out the online forms, dont forget "PPPPPP"

tomterm8

Fill out a bankruptcy form. Scan it in, unsigned. Send it as an attachement by email to each of your creditors, tell them that you are off work sick and your employer intends to sack you because you are unable to do your job, and consequently the national debt line has advised you to declare bankruptcy. You do not own any significant property.

Ask if you can do a deal, since your father has available savings in the amount of £xxx which he will be able to provide on a pro-rata basis. If not, you have no personal assets and they will only get what the OR awards them (which they know will be next to nothing).

You're going to drop in the bankruptcy petition on friday.

Make sure that you specify that your father will only pay the money in full and final settlement of all monies owing, and on condition that they will not take any further action to collect the debt.

If they say no, phone them up on friday morning to ask them to reconsider, and say you are going into town to hand the bankruptcy petition over in thirty minutes.

Whatever you do, make sure they agree to your terms in writing before you hand over any money.

maxmycardagain

tomterm8 wrote: »

Fill out a bankruptcy form. Scan it in, unsigned. Send it as an attachement by email to each of your creditors, tell them that you are off work sick and your employer intends to sack you because you are unable to do your job, and consequently the national debt line has advised you to declare bankruptcy. You do not own any significant property.

Ask if you can do a deal, since your father has available savings in the amount of £xxx which he will be able to provide on a pro-rata basis. If not, you have no personal assets and they will only get what the OR awards them (which they know will be next to nothing).

You're going to drop in the bankruptcy petition on friday.

Make sure that you specify that your father will only pay the money in full and final settlement of all monies owing, and on condition that they will not take any further action to collect the debt.

If they say no, phone them up on friday morning to ask them to reconsider, and say you are going into town to hand the bankruptcy petition over in thirty minutes.

Whatever you do, make sure they agree to your terms in writing before you hand over any money.

say "relative" not "father" - as that will mean they cant hassle anyone....cos they may try

dont give em long if you wanna run fast with BR, tempus fugit

personally id send the offers by "to be signed for" mail, its not cheap but IS 100% proveable...