Bankruptcy Enquiry... GULP!!!

championi

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.

Ineedaname

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.

thechippy

What do you mean by BR "enquiry" and who's chasing you for this exactly??

championi

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

who is the credit management company

thechippy

Bear in mind also that Cap1 rarely have enforceable agreements, or can't locate the agreement at all...

Scuba_Steve

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

lets hope its not lowells/ Hamptons?

Ineedaname

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.