is it worth bankruptcy?

nottoolate

BAILIFFCHASER wrote: »

Once bankrupt you cannot run a company,become a mp and so on. Is it really worth it ?

didn't realise that was permanent. thought it was only for 12 months. oops..

rog2

BAILIFFCHASER wrote: »

Once bankrupt you cannot run a company,become a mp and so on. Is it really worth it ?

BC - I appreciate that you feel that your advice is correct, and I concede, willingly, that bankruptcy is not the answer for everybody - hence the consistent advice from this forum that anyone contemplating bankruptcy should take professional advice, ideally from one of the debt counselling charities.
I have followed some of your threads, with interest and support, on these forums, but I have to say that the advice that you are posting in this thread is not relevant to the OP's question.
I would, also, suggest that you check out the process of bankruptcy, and the restrictions that bankruptcy places on bankrupts.
No offence, BC, but your posts could be construed as misleadsing and 'off topic', whereas, with some thorough research into bankruptcy and its effects/implications, I'm sure you could become a respected poster on this board.

BAILIFFCHASER

Before going bankrupt these unknown avenues should be explored properly. Rather than going bankrupt.

gratton20

nottoolate wrote: »

didn't realise that was permanent. thought it was only for 12 months. oops..

It IS only for the period in which you are an UNDISCHARGED bankrupt. Normally one year.

rog2

gratton20 wrote: »

Normally one year.

And, in most cases LESS.

fiveyearplan

I've seen this letter before and wonder does anyone know what are the chances that the bank/cc company would NOT have the credit agreement?

RAS

Not inconsiderable based on the number of DFWers who DCA cannot produce a CCA..
And really, would you pay a DCA who claimed money from you unless you had check this out first?

Dragonlady_2

gratton20 wrote: »

You are right up to a point, BUT ... any credit card company, bank, or other lender will almost certainly have made the borrower sign a credit agreement at the time they took out the loan, cc or whatever. They will certainly provide a copy as required by law and the debt will stand. Of course you might, as an outside shot, get lucky and the lender had a computer system crash at that time and the records were wiped but its odds on they have a paper copy in archive somewhere too.

In my opinion it is unrealistic, at best, to put this forward as a solution, even a possible solution to debt problems in this manner. It is better used as a method of finding out exactly what is owed. I would certainly be wary of giving the impression to the OP or anyone else that this is a viable option to clear debt in the manner suggested. Just my opinion tho!:rolleyes:

You would be surprised how many alleged agreements do not exist.

We used to think 50% of these agreements would be unenforceable, but the figure has gone up considerably.

By using the CCA, you might never have to enter bankruptcy and you could be in line for resitution as well refund of all charges.

The companies send out what they claim is an Agreement. To quote one Judge, an Application Form does not an Agreement make.

To spend £1.00 and the cost of RD postage, it a worthwhile excercise to see what is sent is back.

The OFT and FOS are now aware what has been happening when complaints are made.

If an alleged agreement does not conform to ALL the regs in the CCA, this cannot be enforced by law.

it is up to the consumer to make themseves aware of ALL their rights under the ACT.

I have been down this path and won. it is a fight, but I am so glad I did not choose bankruptcy the option offered to me. It affects your life for many years to come. You have to be prepared to stand, research and argue your case.

fiveyearplan

The companies send out what they claim is an Agreement. To quote one Judge, an Application Form does not an Agreement make.

To spend £1.00 and the cost of RD postage, it a worthwhile excercise to see what is sent is back.


If an alleged agreement does not conform to ALL the regs in the CCA, this cannot be enforced by law.

it is up to the consumer to make themseves aware of ALL their rights under the ACT.

Do you know where I can find out what does constitute an agreement? It is certainly worth looking into. Fingers crossed MBNA's application form doesn't comply!!!

Dragonlady_2

fiveyearplan wrote: »

The companies send out what they claim is an Agreement. To quote one Judge, an Application Form does not an Agreement make.

To spend £1.00 and the cost of RD postage, it a worthwhile excercise to see what is sent is back.


If an alleged agreement does not conform to ALL the regs in the CCA, this cannot be enforced by law.

it is up to the consumer to make themseves aware of ALL their rights under the ACT.

Do you know where I can find out what does constitute an agreement? It is certainly worth looking into. Fingers crossed MBNA's application form doesn't comply!!!

I am betting MBNA doesn't have an Agreement for you. You can download the CCA and go through it. if you PM me it will be easier to explain.

We have found none of the MBNA agreements conform with the Act.