Token payments or bankruptcy?

fermi

Ames wrote: »

From what I know of it, 'going to court' is just going into a room with a judge and signing a piece of paper. Theres no jury, or panel of magistrates, no lawyers and grilling questions. In fact, it was probably a harsher process to take out the debts in the first place!

Exactly right.

A meeting with the bank manager is scarier.

RAS

Ames wrote: »

From what I know of it, 'going to court' is just going into a room with a judge and signing a piece of paper. Theres no jury, or panel of magistrates, no lawyers and grilling questions. In fact, it was probably a harsher process to take out the debts in the first place!

And that is if you get called in to see the judge at all. Based on the cases on the BR forum most are too busy.

Most folk just get to talk to the court staff who are regulalrly praised for their kindness. They may have to wait a while whilst their paperwork is put in front of a judge.

pluto12

Hi
I have had a lot of nice heart warming feedback and advice.
I have been told to ask for a CCA off each of my creditors, and then offer a token payment.
I am thinking of finishing with payplan, and I am going to go it alone, I will do my own DMP, with some help from people from here.
Thank you for all the helpful advice.
All advice is gratefully received
Thank you
Pluto12

property.advert

I've been in the High Court, you know the one you see on the TV in London which looks like a cathedral ? Not scary, just a process you are unfamiliar with.

I've also got mega debts like yours, probably more, I'm trying to find out the sum. My thinking is as follows.

I can't pay much now if anything so if I were the creditor, I'd refuse. I also don't want to think that every extra I make will get swallowed up in payments. I also don't want to think that my life will be limited as I can never see a day of having more money in my pocket. I will most likely go BR.

However I have one final way out. If I get a job for good money, I could pay back quite a lot. Rightly or wrongly, I am not going to agree to pay large amounts for the next X years to clear it. My offer is going to be partial settlement or nothing at all.

If I owe 100k, then they can have circa 20k or nothing. I can then give them that over a year and then what I make is mine. If they refuse, I go BR and they get nothing. They have to agree or I don't earn.

If you really don't want to go BR, find some way to get some leverage. You cannot pay off over 40 years. It will drive you mad. Find some way of getting it over and done with and don't rule out BR.

pluto12

Hi
I have contacted my payplan adviser and told them my situation, he is going to speak to his boss to see what he says.
Can anyone tell me if my budget is only £30/£40 between 12 credit cards every month, can they tell you to leave payplan and go it alone, this is what I think th they will say, I have decided not to go bankrupt, at least not for now, so I am thinking of going it alone and giving token payments every month.
Can anybody tell me if this "token payments" is what they are doing.
Pluto 12

property.advert

65,000 at an average of 325 a year (makes easy maths) means you will pay it off (assuming no interest) in 200 years !

As a creditor with 1/12th of 65k so about 5k, and receiving 1/12th of £30 each month or £2.50 it is not worth my time to do the paperwork.

Neither of those scenarios is going to work so have a think about it.