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Administration Order for Debts less than £5,000
Comments
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Instead, taken out an unsecured loan for £5k.
Pay your creditors off immediately then pay the loan back. The interest would be less that the court fee.
The reason no one has heard of these is because they are never used because they are pointless.I am only going to make 40 posts, then I am off.0 -
Instead, taken out an unsecured loan for £5k. When you've already defaulted on other debt???
Pay your creditors off immediately then pay the loan back. The interest would be less that the court fee.The debt is frozen, to repay a debt of £5,000 would require total payments of £5,555 over as many years as the court deemed appropriate; 5yrs; 10yrs; 15yrs. You need to do your APR calculations Jonto
The reason no one has heard of these is because they are never used because they are pointless.They're pointless if your debts are above £5k, for some people they seem to ba a relatively painless way of dealing with modest debt
Jonto,
What sort of APR would you quote somebody who'd got a low income and defaulted on debt?0 -
Jonto,
What sort of APR would you quote somebody who'd got a low income and defaulted on debt?
I don't buy it. One of Desmond Flyn's stupid ideas.
Can you say consolidate?
Also, if you are prepared to go to court and get an Admin Order on your own (with no solicitor as that would incur more fees) then i think your want to get out of debt pretty quickly so would be willing to pay the £5k off in less that a zillion years like you say. Possible two for example.
If they are as great as you think they are why have i never seen one made or in operation............ever?I am only going to make 40 posts, then I am off.0 -
I don't buy it. One of Desmond Flyn's stupid ideas.
Can you say consolidate?
Also, if you are prepared to go to court and get an Admin Order on your own (with no solicitor as that would incur more fees) then i think your want to get out of debt pretty quicklyWhy would somebody want to get out of debt quickly if they'd only got a very small surplus income? A £1 today is worth more than a £1 tomorrow, let inflation deal with the balance and to h3ll with paying interest. so would be willing to pay the £5k off in less that a zillion years like you say. Possible two for example.
If they are as great as you think they are why have i never seen one made or in operation............ever?I don't have an opinion about them either, other than a Poster with debts of less than £5k was considering bankruptcy - why would you have never seen one made? What's your interest??
You've made some interesting points Jonto, but you need to refine your technique.0 -
You've made some interesting points Jonto, but you need to refine your technique.
What do i need to refine then?
If your debts are less than £5k i would be suprised to see judges passing orders for these things even though that is what they are designed for. I bet 80% of the country has atleast £5k debt.
I bet creditors would freeze their interest in anycase on something this small.
They are nothing more than a quirky insolvency vehicle that hasn't and won;t catch on, A bit like a fast track IVA.I am only going to make 40 posts, then I am off.0 -
What do i need to refine then?
If your debts are less than £5k i would be suprised to see judges passing orders for these things even though that is what they are designed for. I bet 80% of the country has atleast £5k debt.
I bet creditors would freeze their interest in anycase on something this small.
They are nothing more than a quirk insolvency vehicle that hasn't and won;t catch one, bit like a fast track IVA.
Hardly 'Fast-Track' and certainly MANY creditors WOULD, and DO, turn very nasty for debts of less than £5k.
Judges are bound by the law regardless of the amount in question.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
Hardly 'Fast-Track' and certainly MANY creditors WOULD, and DO, turn very nasty for debts of less than £5k.
Judges are bound by the law regardless of the amount in question.
Fast track IVA's were a type of IVA ran by the OR which never caught on. A bit like these admin orders.I am only going to make 40 posts, then I am off.0 -
Fast track IVA's were a type of IVA ran by the OR which never caught on. A bit like these admin orders.
Doesn't surprise me in the least. However, as implied in the name, an IVA has an element of 'voluntary' in it, whereas an Administration Order is both fixed and administered by the Court, thereby making it legally binding to all parties.
Good Night.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
I missed this but :rotfl: So we would both be winners?! Sounds like a plan!Bakey,
I have a cunning plan. I'll lend you £5 and when you don't pay me back I'll issue a county court summons against you. If you refuse to pay you'll get your CCJ. It'd seem strange to be on the other side of the fence.
Rich
:: BCSC #71 but now discharged! ::0 -
I couldn't get anyone to lend me £100, let alone a £5k loan!Instead, taken out an unsecured loan for £5k.
Pay your creditors off immediately then pay the loan back. The interest would be less that the court fee.
The reason no one has heard of these is because they are never used because they are pointless.:: BCSC #71 but now discharged! ::0
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