slipping towards bankruptcy,

DaisyFlower

NickX wrote: »

My feeling is that £10k is an incredibly small amount to be considering bankruptcy.

Don't take this the wrong way, but I am getting the impression that you just want to go bankrupt in order to write off the debt. I know this may seem like a good option, but believe me, it is not - you will struggle to get credit or 6 years, and it is not worth it for the sake of £10k IMO. Try and work out a repayment schedule, be positive, it can be sorted. Good Luck.

Judging from a previous post by OP "We took a better paid job abroad with better prospects for the long term future" I think you're right. I think the OP wants to simply wipe out his debts here so he can enjoy his new life.

Surely if you have a better paid job and could afford to move abroad, you can afford to pay the companies what you owe? If you are being paid more now you should be able to offer the companies a payment schedule.

At the end of the day, you spent the money - nobody forced you too. Therefore you should pay it back, even if it take years.

bethanyrayne

artbreak wrote: »

We feel we are forced into the idea of going bankrupt, re: 10,000 pound debt.
Presently working and trying to survive abroad.
No investments or property, anyone with similar experiences, or advice would be much appreciated

I think your debt has to be over £15000 to be declared bankrupt by yourself or creditors.

NickX

bethanyrayne wrote: »

I think your debt has to be over £15000 to be declared bankrupt by yourself or creditors.

Are you sure about that ? I thought the figure was more like £1500 for a creditor to be able to instigate a bankruptcy petition.

bethanyrayne

NickX wrote: »

Are you sure about that ? I thought the figure was more like £1500 for a creditor to be able to instigate a bankruptcy petition.

No, I'm not certain Nick. Maybe should've kept my mouth shut.

Bismarck

As I remember, the figure is just £750 for a creditor to start issuing statutory demands with a view to making you bankrupt...the costs incurred to actually push through a BR are more like £1500 so the £750 isn't usually mentioned...

NickX

Bismarck wrote: »

As I remember, the figure is just £750 for a creditor to start issuing statutory demands with a view to making you bankrupt...the costs incurred to actually push through a BR are more like £1500 so the £750 isn't usually mentioned...

That all seems familiar Bismark, I think you are correct.

Generally creditors wouldn't go for bankruptcy over a £750 debt because it would cost them the same again, however they may well issue a statutory demand to "scare" the debtor into repaying if they do have the funds.

Troubled_Joe

Yup - it's £750

artbreak

Thanks for all your debate and interest.
We have crossed many letters with the four parties concerned who we owe money to. Trying to get a delay or the interest down to no avail. Maybe with the new advice we are receiving we can re enter negotiations and avoid this bankruptcy thing altogether.
Do we really owe too little to file for Bankruptcy, I'm confused. Is it 15000 or 750 ?

NickX

artbreak wrote: »

Do we really owe too little to file for Bankruptcy, I'm confused. Is it 15000 or 750 ?

No, I think we have established that the limit is £750 so you could file for Bankruptcy.

However, my advice would still be for this to be very much a last resort option, and that you attempt to work out a payment schedule with your creditors before choosing this root. Good Luck.

Toomuchdebt

TBH if my debt had been as low as 10K I would have struggled on somehow and tried to pay it all off.I wouldn't have gone BR over such an amount, especially with (I presume) 2 people working(I don't know if you have children or not but just so you know I was a single Mum at the time I went bankrupt with 4 children).You need to speak to someone before you go bankrupt anyway and provide a full SOA, and depending on what your actual income/outgoings are they may not advise bankruptcy anyway.