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Bankruptcy Enquiry... GULP!!!

I've got an old cc debt that's chased me to the point of a bankruptcy enquiry, but i have some money and want to buy them off.

It's for 4,300, but i've only got 1,500.

Any advice?

I own 2 properties... no equity. just lost my job. 1 dependent.

Comments

  • Ineedaname
    Ineedaname Posts: 3,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I guess you've two choices to try and stop them proceeding with making you BR.

    1. Offer them the £1,500 you have as full and final settlement;

    2. Make an offer of regular payment within your means and hope they accept that.

    Either way it would probably be a good idea to contact one of the free debt advice agencies, CAB, CCCS or National Debtline. Not only can they give you specific advice on your particular finances, but they can negotiate payments on your behalf.
    When I joined, I needed a name. The forum members gave one to me...I am INAN :D
    "Fortunes ebb and flow and a boat must move with the tide and be thankful that it floats." Judith Allnatt
  • thechippy
    thechippy Posts: 1,938 Forumite
    What do you mean by BR "enquiry" and who's chasing you for this exactly??
    Happiness, is a Kebab called Doner.....:heart2::heart2:
  • championi
    championi Posts: 8 Forumite
    thechippy wrote: »
    What do you mean by BR "enquiry" and who's chasing you for this exactly??

    it was a capital one credit card, but it's been handed over to a credit management company.

    (B10A) Bankruptcy Enquiry is what the letter from the land registry says... that's how i found out they'd taken it this far.
  • debtinfo
    debtinfo Posts: 7,012 Forumite
    who is the credit management company
    Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
    Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.
  • thechippy
    thechippy Posts: 1,938 Forumite
    Bear in mind also that Cap1 rarely have enforceable agreements, or can't locate the agreement at all...
    Happiness, is a Kebab called Doner.....:heart2::heart2:
  • I would ask for legal advice and try to find out if the agreement was mis sold to you, did you have any form of PPI you could claim back. I do not think they can just force bankruptcy, you could try calling the company that have been passed the debt and see what you can arrange with them in terms of repayment try and make the arangement with the credit card company if possible cut out the agency!
  • debtinfo
    debtinfo Posts: 7,012 Forumite
    lets hope its not lowells/ Hamptons?
    Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
    Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.
  • Ineedaname
    Ineedaname Posts: 3,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Scuba_Steve - if the debt has been sold on then Cap1 will no longer be interested in repayments direct to them. However, if a DCA has got hold of the debt then quite a low offer of settlement might be more readily accepted as they probably didn't pay Cap1 much to take the debt on.

    Championi - before doing anything, please speak to one of the free debt advice agencies as mentioned above.
    When I joined, I needed a name. The forum members gave one to me...I am INAN :D
    "Fortunes ebb and flow and a boat must move with the tide and be thankful that it floats." Judith Allnatt
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