Bankrupcy qurestions

fatbelly

That's correct about bankruptcy. Obviously if  you have assets that can  be liquidated they go into the mix as well. Nothing moral/immoral about it. It's the way things work in  a civilised society. I think the UK bankruptcy laws can be dated back more than 1000 years.

The youtube guy was talking about full & final settlements I think. If you  have a lump sum asset then rather than  get the Official Receiver involved with all their fees you can  make an offer to settle at a percentage with each creditor. 

As I understand it you don't have that so bankruptcy would be the preferred option.

Skc46

fatbelly said:

That's correct about bankruptcy. Obviously if  you have assets that can  be liquidated they go into the mix as well. Nothing moral/immoral about it. It's the way things work in  a civilised society. I think the UK bankruptcy laws can be dated back more than 1000 years.

The youtube guy was talking about full & final settlements I think. If you  have a lump sum asset then rather than  get the Official Receiver involved with all their fees you can  make an offer to settle at a percentage with each creditor. 

As I understand it you don't have that so bankruptcy would be the preferred option.

Yeah I think the idea he is going with is to get the full and final settlement down to a much lower figure (he talked about 5% in one exceptional case) but I think that's probably pie in the sky and depends on many things including time.
Correct I don't have a lump sum, I guess it would be a case of hoping to borrow it if the capital came down to a fraction of a percent. But back in the real world, bankruptcy is likely something I'm going to have to get the funds together for.

Skc46

Skc46 said
"fraction of a percent"

That's even less likely. I meant a fraction of the capital.

Skc46

Just had a bit of a nightmare. Was talking to Stepchange about saving for bankruptcy and asked about worst case scenarios - which was bailiffs coming round taking things etc if the door is unlocked. Unfortunately  my parents overheard the call and as you could imagine it didn't go down well. Now they are understandably concerned about things in their own house even though it hasn't got that far. They're concerned that someone will come round. They want to know the full details and so on, even though the amount is neither here or there now. I just want to get these fees together ASAP. Feel like a complete lowlife.

sourcrates

Bailiffs are years away if ever, the creditor has to go through a legal process first, that’s at least a 3 month wait, ain’t gonna happen.
Never ask worst case scenario, it rarely presents itself, save the fee, do the deed, think no more of bailiffs.

bradders1983

sourcrates said:

Bailiffs are years away if ever, the creditor has to go through a legal process first, that’s at least a 3 month wait, ain’t gonna happen.
Never ask worst case scenario, it rarely presents itself, save the fee, do the deed, think no more of bailiffs.

Good luck to him explaining these rational things to his parents. Probably misinformed and think bailiffs can break in and take anything they want there and then.

fatbelly

Here's another debt camel article if you need it

https://debtcamel.co.uk/bailiffs-dont-open-door/