BR - minimum amount owed?

Bakeybadoo

Is there an actual threshold on debt to make yourself bankrupt? I hear the figure of £5000 thrown around but is there an actual legal figure you need to owe before BR would be granted? Or is it just all about what you can afford to repay?

plumduff-2

The £5000 banded about is because if you owe £5000 or less and one of your creditors has a CCJ against you, an Administration Order would be an alternative...

Bakeybadoo

Ah ok.

So, if you don't have any CC's, that's ok to file under that figure?

Bakeybadoo

Well, my debts without a family debt are just under £4k. With, just under £4500. For me, personally, on benefits, it's too hard to pay them. Well it seems to be anyway.

Sooty0404

I think the official figure for bankruptcy is £750 although I would not advise it for such small amount.

There are alternatives, especially if your debt is only £4k. I use the word ONLY very lightly as this a fortune to some people and a pittance to others.

Don't rush into bankruptcy as the fees alone would clear 10% of you debt and you could easily get the rest under control.

Tell us what you owe and who to (PM me if you don't want to go public) and lets see what we can do.

im1dful

The £750 is for a creditor's petition. If it is debtor's petition it can be as low as they like.

I have seen a couple of cases where the total debts were less than £2,000, I think one was less than £1,500.

fatbelly

Hi Bakeybadoo

Unless I'm reading your signature wrongly, it looks as if you already have a CCJ. If your debts are under 5k you can sort them out with an Administration Order.

NationalDebtline have a factsheet here.

Bakeybadoo

It's not my CCJ, that's my husbands. Yes, it was confusing, sorry, I probably should have said that up top.

shameless-about-money

Bakeybadoo - you posted the following on 7th March. How do you now get your SoA to owing only £4K ???????


Just FTR, here is a complete and full list of our current debts, as of today:

*£295.50 - Provident personal loan
*£983.10 - Abbey O/D (will go up £175 on 21st March with MORE charges added)
*£200 - NHS Bursary
*£446.49 - CapitalOne
*£13,619.92 - Welcome Car Finance
*£556.89 - Mint
*£548.36 - DWP
*£208 - Cabot (for Barclaycard)
*£605.75 - Vanquis
*£1,225.92 - Egg
*£28 - Bookclub
*£1355 - CCJ
*£1376 - Catalogue
*£786 - Family debt #1
*£250 - Family debt #2

= £21,129.93 DEBT IN TOTAL (with HPA).

Now, taking off the car as I'm pretty confident (past experience with the same company) that they would only chase us for the few months we've defaulted and nothing else.

= £7,510.01 debt + arrears on car = £9199.25 of remaining total debt.

Although, if we do get saddled with the entire remainder, after selling it for £4k, as you suggested:

= £9619.92 left from HPA + £7,510.01 = £17,129.03 of remaining debt.

shameless-about-money

Bakeybadoo wrote: »

It's not my CCJ, that's my husbands. Yes, it was confusing, sorry, I probably should have said that up top.

You listed the CCJ in YOUR list of debts!

According to the SoA above you still owe £17K ????

Mike_St_Helens

Sandra... On the list of debts Bakey states OUR debts... on the 4k thing she states MY...

Please do not be so harsh, If you require clarification please ask without all the ???? and !!!! I find them offensive for one.