HELP!!! CCJ with welcome Finance

rizla_king

katiemc1985 wrote: »

how much debt do you have to be to declare yourself bankrupt? I'm in 12k of debt

A debt relief order might be possible then if you have less than £50 per month spare and no big assets.

spacey2012

It will be more than £7k as they can charge interest, it is actually pulling away from you.

katiemc1985

I've spoken to Welcome Finance to agree to settle it but they have told me its in the court hands now and that i owe the court it? i would gladly give them back the £1000 i originally got off them, they have also had £400 off me from attachment of earnings, how do i get them to agree a settlement figure?

spacey2012

As they will be getting £120
a year until the end of time, they are not going to be in any rush to accept a settlement figure, would you when they only lent £1000.
It's win win win for them.

katiemc1985

there only getting £120 a year from me, i pay £10 a month

katiemc1985

I've no other option than to declare myself bankrupt, can i include a CCJ in the bankruptcy? the bankruptcy will be finished alot sooner than i will pay the 12K off

Tixy

katiemc1985 wrote: »

I've no other option than to declare myself bankrupt, can i include a CCJ in the bankruptcy? the bankruptcy will be finished alot sooner than i will pay the 12K off

You need to do a lot of research before you decide this is your only option. And to see if it is even an option, from the limited information posted it is not even clear if your petition would be accepted by a court.

Yes a CCJ would form part of bankruptcy.

spacey2012

That is an issue for the court, if it is filled in and qualifies it is as good as anyone else's.

Tixy

spacey2012 wrote: »

That is an issue for the court, if it is filled in and qualifies it is as good as anyone else's.

I understand that.
Its just that there isn't enough information to know whether it would even be likely to qualify, and katie clearly doesn't know very much at all about bankruptcy yet to be able to know that herself.

National_Debtline

spacey2012 wrote: »

It will be more than £7k as they can charge interest, it is actually pulling away from you.

If this debt is regulated by the Consumer Credit Act - as I would expect it to be - interest should not accrue on the CCJ. Any claim for interest would be a totally separate debt and whether that could be enforced is highly debatable. More information:

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=18_interest_charges_on_a_consumer_credit_judgment

Bankruptcy may be an option, but as tixy says above it is not something OP should rush into without looking careful consideration. The court will normally expect OP to have sought advice first before presenting a bankruptcy petition - only last week I spoke to a gentleman who had been turned away from court and told to call us instead for that very reason.


Regards

Dennis @NDL