Creditor Issuing Bankruptcy

gunnapaul2

I have recetly bought some excercise equipment on credit and unfortunately made a bad mistake. The creditor made out that this equipment would sell for great profits, unfortunately he was totally wrong and I was stupid enough to believe him.

Anyway, now the situation is this, i have paid back half the money from sales and will pay back more next monday, i then have 1 item left to sell which will sell for £200, leaving me with £660 to pay back out of my own pocket.

This is impossible for me, I am unemployed and trying to get a job, but for now i am just on benefits and have no assets of much value so have no way to pay him back, even through a payment scheme it would take ages.

So he is going to put me through bankruptcy, I dont really understand it fully but have looked it up on the net and kind of get the idea of it.

My questions are:

Can he have people come round and take my small amount of assets, i.e. tv, pc?
Can he only make me bankrupt if i owe less than £750?
What other things should i know?

Very worrying time for me this and i really dont need this stress as i have already suffered mentally recently and this will only make me go back that way.

Thanks, Paul.

skylight

He cannot make you bankrupt for less than £750, but at the moment you owe him £860 until you sell the last item??

It will cost him a lot of money to make you bankrupt and if you have no assets he will never realise that money. Its possibly scare tactics, but I would try to negotiate with him a small but regular payment plan if bankruptcy is not an option you want to take.

Also, he cannot have anyone come round at all. If he wants to, he can go to court for a CCJ and then send round baliffs if you do not keep up with the court agreed payment plan. The official reciever (if you are declared bankrupt) is interested in higher value items, so it wil depend on the value of the tv PC, etc. Although they do not come round to inspect either.

We do have a great bankruptcy board here (a sub-board under debt free wannabe section), so have a good nosey around there and post there for any other bankruptcy queries you may have.

gunnapaul2

Yes thats correct i owe £860 til the last item sells.

Thanks for the info skylight, much appreciated, i didnt see the bankruptcy section so will post in there next time i have a querie.

thanks again.

fatbelly

Definitely scare tactics

Tassotti

Turn the tables.

Tell him you are speaking to a solicitor about his fraudulant actions.

He will soon back off

Tass

lucyyy_2

thats just not right! name and shame i say!

gunnapaul2

Im not sure I should name them or not, they have been quite understanding in helping me, on the other hand I wouldnt be in this much bother if I wasnt ripped off with the price of the products, although obviously Im to blame for that as well for being stupid enough to accept the offer.

What I'll do for now is pay back the last sale of the equipment when/if it sells and let you know what happens with this bankruptcy thing.

Thanks all.