Statutory Demand under section 268(1)(a) of the Insolvency Act 1986

martonic

What does that mean, am I liable to have my home taken if I am declared bankrupt?? Should I send a CCA letter in the hope that they don't reply within 12 days then attempt to have the debt set aside or should I make an offer to pay some of the debt back? I am going to the CAB office seriously worried now.

Anondebtadvisor

If you cant release the equity in your home you could risk losing it - CAB is a good place to seek advice, when can you get an appointment?

debt_doctor

debtinfo wrote: »

Hang maths alert there is 24k of equity rather than 14. That's a bit weird DD that we both read it wrong at the same time

Whoops:o

DD

Anondebtadvisor

You can also call National debt line, CCCS or payplan for advice you might get the advice quicker than waiting for an appointment at CAB

debt_doctor

Sorry for the poor maths.....
Your home is more at risk with your share being 12k, hard to say which way that may fall within 2 -3 years - sale or charging order.

I feel that your best practical action is to convince 1st credit that they will see nothing for their investment. Can you come up with any reasonable monthly offer to them, or you could consider offering a voluntary charge on your property.
Of course a stat demand is simply a piece of paper, it is not sanctioned by the court. Stat demands are often used as a threat with no intention to go ahead with a (costly) creditors petition - unfortunately, you wont know if it is bluff or not until your response time has expired............

DD

Anondebtadvisor

I agree that a Stat D can be used as a threat but i have come across this a lot from 1st Credit and they seem to be a bit ruthless at the moment with BR

martonic

Hi, I have been to CAB and got an appointment for Wednesday to carry out a means assessment. What I can't seem to find out as yet is how can a bankruptcy claim be made and assets be seized for an unsecured loan. I was under the impression that as long as a mortgage was paid and there were no arrears that your property was untouchable. Especially as I have 3 young children.
I am also requesting a copy of the loan agreement from 1st credit along with a copy of the proof of assignment and full account statement.
Does anyone know if I have to be in receipt of these documents before 1st credit can continue with any claims and if they take longer than the 12 days if I can use this to have the debt set aside?
Thanks.

PippaGirl_2

Bankruptcy only deals with unsecured debt, but once bankrupt the official receiver will take control of your estate and can claim the equity in your home. Your home is at risk whatever your circumstances, children etc. Also the council may consider you have made yourself intentionally homeless by not paying your bills/debt though the council may be generous and help you with housing.