Unwanted BR

zolajack

A DCA is wanting to make me BR for around £3500. After a load of emails between me and their Solicitors asking for a settlement figure before the court hearing, they have sent me an email demanding the full amount plus around £1500 costs. Question is can they do this. Ihad begged ,borrowed, and used all my savings to pay the initial bill, but this has really thrown me. Any advice will be appreciated.

bat-out-of-hell

Do you have assets of any value, property for example, whith a large amount of equity?

zolajack

Thanks for the reply
Yes I have a joint property asset of around £130000.

bat-out-of-hell

Unless a creditor is likely to see a return from makeing you BR, it aint gonna happen, have you had official papers from the court that a BR petition has been filed against you?

What other debts do you have? as they would only get 'there share' if the did make you BR, so if you dont have sufficiant assets to cover all your debts plus the cost of adminestering your BR, making you br would be pointless, but a threat they use anyway.

Depends on your situation as to how serious this threat is, with a few noted exceptions, like the tax man or council tax for example

Edit - Post crossed with the obove reply

bat-out-of-hell

Then to be blunt, they are useing a sledgehammer to crack a nut, depending on your other debts that is, who is the creditor

bat-out-of-hell

Look at it from the other sides point of view, you are sitting on potentially 65K of assets, you owe them 3.5K, the odds are good that if they make you BR they will get there money, plus costs as stated, plus more by the time they are done most likely.

So the first question has to be, how did this happen for such a small amount, with so much equity you 'could' have secured funds to clear the debt against?

Don’t take that the wrong way, that’s the way they look at it, not a judgement against you, as so far you have not responded with enough info to form an informed opinion, trouble is creditor rarely take the time to ask question if they think you have a large amount of equity, its all relevant, if you have 65K of equity, but 300K of debts, then they are still onto a loser

In short more info is needed

fiveyearplan

zolajack wrote: »

Thanks for the reply
Yes I have a joint property asset of around £130000.

Is that the total equity in the property or the value of the property?
How much is your mortgage and how much is the property worth?

zolajack

Hi thanks everyone for answering
I have no worries about my equity, I have the money to pay my debt and expressed a wish to repay the money.
I was served a Statuary Demand in the first week of Feb and a few days later sent a letter to the named peson on the SD that I wished to repay the debt, and to let me know the total for a F&F settlement . This was ignored so sent another by Recorded mail with the same wish also ignored.
I was then petioned with a BR, again tried to get in touch with my creditor but again rebuffed, and was directed to their solicitors. I sent solicitors various emails again with the wish to settle , and today had a reply that I could without Predujice pay them the original debt ,but also clients costs of £1840 , A later E mail this was reduced to 1300 costs.
Now the question is ,that as I had made an offer to pay after the SD, then costs of a BR should not be levied against me
.
Does anybody agree with my argument
Thanks

JCS1

They will argue that they have incurred solicitor costs which are approx £1-2k.

But, I'd try arguing that they ignored your letter dated X which you can prove was recieved by them and see what they come back with.

sizzler

Hi

They are playing a nasty game and putting pressure on you to pay the costs rather than face the BR court which can be expensive.

I am sorry but I am not an expert on fighting this sort of thing is.

But if you would like my opinion.

They know you have the money and will pay.

They want the most in expenses from you.

Your choice is do you pay it as full and finall or argue it.

If I was you and they want that amount of expenses I would from what info you have given prepare a case with dates copies of emails, replies etc. i would consider a judge would look at it fairly from what you have told us. The worst would be you would have to pay the court fees and thiers.

A Gamble im affraid. but in your position I would go for it at court.

I wish you the very best.

debtinfo

lowells and hamptons by any chance?