go br or offer reduced final settlement?

hanstar

just wandering if anyone can give me some advice....
i was all set to go bankrupt last month but i had to put it back to august, so me and my partner are due to go br next thursday (1 week...:eek:. eeeek). but my partner has now decided that he doesnt really want us to go br and thinks we should use our fees plus some other money that a family member has offered to lend us to try and negotiate some reduced final settlements with our creditors. in all we owe £15,000 ish and most we can raise is £1600,
(£5000 of the debt is tax debts so we would have to set up a payment plan with them).
does anyone think its worth a try or are we best just going for br. we will never have the chance of this much money again and it could be do-able but im not sure, i was all syked up to finally go br after months/years of stress and trying to get to this point,
so annoyed at my partner and now he's making me feel like a vilan. im just not sure it will be enough money to spread between creditors - pro rata it means a debt of £500 is will get about £75, i just cant see them going for it, but maybe knowing we are booked in to go br on thursday will work in our favour. just dont have much time to get in touch with creditors.

any advice greatly recieved. i just dont know what to do for the best.
(dro is not an option for us)

Deep_In_Debt

Hi and welcome

I always say it's worth a try...nothing ventured, nothing gained...and all that.

However, £1,600 against £15,000, I think it's going to be hard to be honest.

No harm in trying though...

Good luck.

skylight

HMRC are "happy" to petition for your BR, so if you are able to come up with a repayment plan for them then great! So after they are sorted, would it be £1600 against £10k??? Thats better I guess, and you can but ask. Whats the worst they can say?? Then at least you would have the BR fees still tucked safely away if they say no. Remember, you need all creditors to agree; which is the difficult bit.

And the most important thing - there are template letters on DFW board. Your letter and their "acceptance" must be worded in a particular way or you could find the sneeky sods take your money and still demand the rest as you have been offered something thats worthless. Always check with the "experts" over there before you send any money off to them.

Feelingfoolish_3

Hiya

IMO like deep in debt says worth a try but dont hold out much hope tbh

For a full and final you really need a good %

Good luck

notenoughmoney

what is the DFW board please

skylight

Debt Free Wannabee - if you go to the main forum then its listed directly under this bankruptcy board.

hanstar

thanks for all your replys. i will ring our cab advisor tomorrow and ask her what she thinks. it would be £1600 against £10,000, a few creditors i know would definately not take what i could offer them pro rata.

i think more than anything its my partner getting cold feet about going br, im the one who has had to sort everything out and deal with all our debt, and think it is only just starting to hit him what we are actually doing.

fiveyearplan

F&Fs wouldn't be worth doing unless all of them agree or at least most of them agree and then if you could afford to make a payment arrangement with the others.

How much do you owe to each creditor? Apart from HMRC, are the rest credit cards? Have you checked if the agreements are enforceable?

hanstar

weve been working with the cab so think they got copies of all our credit agreements and checked they were ok. i wil add my list of creditors and debts when i get a chance later. thanks for all the advice again.