Not paying Loans would it be better to write to Loan Company's

tryinghardtosurvive

Hi Everyone, yet another question once you start going down the route you have lots of questions that suddenly spring up. Could not see the answer on previous threads so thought I would ask.

I am not going to make this months payments to Credit Cards, Loans or Mortgage (Due to the size of the mortgage we are resigned to getting repossessed) would it look better if I wrote to each lender to explain the situation?

Do you have to get Debt advice prior to going BR? Does the Judge ask for a reference number or anything?

Thanks

Feelingfoolish_3

tryinghardtosurvive wrote: »

Hi Everyone, yet another question once you start going down the route you have lots of questions that suddenly spring up. Could not see the answer on previous threads so thought I would ask.

I am not going to make this months payments to Credit Cards, Loans or Mortgage (Due to the size of the mortgage we are resigned to getting repossessed) would it look better if I wrote to each lender to explain the situation? If you are going BR then save your stamps! Wouldn't bother, they will soon get in touch with you, I ignored all telephone calls and just put letters to one side

Do you have to get Debt advice prior to going BR? Does the Judge ask for a reference number or anything? Yes, it is always best to get debt advice anyway but just to make sure you understand what you are doing and the implications of BR. A judge will ask you if you have taken advice, but not for a ref number

Thanks

Hope that helps. Good luck

tryinghardtosurvive

Thanks for the advice.

I was not going to bother getting advice as due to losing company etc there is simply no way I could sign up to any form of payment plan and be able to stick to it.

My wife and I have decided after much soul searching that by going BR and moving into rented we can actually have a life without worrying everyday.

Must say the forum is a great help knowing you are not the only one

tigerfeet2006

Please ring Business Debtline (number in my sig.) and go through the implications of BR with them. The court can turn you away if you haven't taken professional advice and ask you to come back when you have. I personally know 2 people who this has happened to.

fiveyearplan

Hi and welcome tryinghardtosurvive. Business Debtline is great - phone them and they will be able to tell you your options. There is also a guide to bankruptcy sticky on the front page of this forum. I would advise going through that. Good luck!

tryinghardtosurvive

Thanks for the advice I have spoken to an advisor who said BR was probably the best option and explained the implications including BRU/BRO.

One question I forgot to answer as I have a business which is a Limited Company which we are winding down as we speak, what is the OR's view on this? Would they want evidence of the process we have taken? We have complied with all requirements such as informing creditors by letter that we have ceased trading, kept board minutes and accounts plus evidence of why this occurred.

My case is one of the business failing and although no guarantees in place that would force BR having been able to meet my committments during the good times simply not being able to now and very few jobs at my level in what I do due to the recession and company's not hiring at Senior Positions.