Full & final offers, on the brink of bankruptcy

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hart wrote: »

The debtor must allow all his financial affairs to be scrutinised, and can face crinimal charges if irregularities are found. Any Landlord would be automatically be informed of the situation.

Again, you use the word "automatically" without any reference to the practicalities or to law.

If I were sitting around my pool in Spain and my tenant was made bankrupt, then just how "automatically" will I be informed ? I put it to you that I will not be informed unless I am party to the bankruptcy. If you believe otherwise, please state your source.

seh567

Think I will give full & final offers a go just so that I do not regret trying this route before going BR.

I am going in with a 25% offer and will be telling them that my parents will give me £5k only. Should I tell them my CCCS DMP payment has now reduced to £25 from £100 per month to cover all creditors because I have now been made redundant, and should I tell them that if they reject this offer I will have no alternative but to file for bankruptcy. Thanks

MS_Dolphin

Hi Seh,

First of all good luck to you. Secondly, there seems to be a lot of opinion dressed up as fact on this thread, so check any 'facts' before you act on them.

Having said that, my comment is also only opinion but ifrom experience with dealing with my own debts I have days when I want to throw in the towel and take the option that I feel ends things quickly - in your case bankruptcy. If you feel it is really the right option then go for it, but don't just give in on a bad day, you can deal with it.

For me it doesn't seem like bankruptcy is the best option. If you've got a fighting fund of £7k then go for F&F's first. At 43% of your total debt I'm sure you could deal with all the creditors if you can stick with it. I think you could actually get it resolved for less and as others have said, fight for every penny and give them as little of your/your parents' money as possible. You never know, you might also get a new job quicker than you think and not need to go bankrupt anyway.

If it gives you hope, I've not paid mine for several months (because I believe I've a strong CCA case). In that time I've had hundreds of phone calls, dozens of letters and one DCA visit, but now I've had 3 CC companies settle for around 20% and 2 others have made offers (not acceptable, but its a start) out of the blue, so if you can ignore the bullying contact, it does get better. I'd also check out your CCA agreements - are you sure they are enforceable or do you just think they are?

Try and ignore the calls etc and focus on whats best for you. Whatever you do, good luck with it.

fatbelly

seh567 wrote: »

Think I will give full & final offers a go just so that I do not regret trying this route before going BR.

Some strategies do not work well together. If one or two creditors accept the deal but you then decide to go bankrupt then you may have trouble wth the OR deciding that you preferred one creditor over another.

seh567

Then I guess its unlikely that all 5 creditors will agree f & f settlement so I suppose this could open a can of worms for me.

Not sure which route to take now

kerrypn

Hi Seh

Please post on the bankruptcy board-there are several very experienced people on there who will advise you about BR.