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dcs1407

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Everything posted by dcs1407

  1. Bazooka Boo, it is just one debt. Thank you for comments. Is it true that if the DCA takes this to court, before my brother can file for bankrupcy, he then has to wait for the court hearing? And so is making an offer and threatening bankrupcy, risking that they may immeadiatley take this to court, to prevent him going bankrupt?
  2. Thank you for your quick responses! Cerberusalert, he actually has a meeting with a solicitor to discuss the debt relief order, but doesn't think his monthly disposable income will meet the required level - he has been told that it has to be £50 or less? Rory32, the debt is in relation to credit card. I see what you are saying regarding starting low, and it's interesting that you say they will not accept the starting bid. I was thinking that if you wrote to them and said we can only pay £2000, and they say no, and you then say well how about £3000? They are going to see that you have more money, and try to push you further. I was thinking it would be better to pick a price and say that is literally all we can pay, or go bankrupt. Have you heard of any cases where lower amounts were accepted? And does negotiating on the price useally happen then? And does anyone have any idea generally how much these loans are bought for? How much would a DCA generally pay for a £10,000 debt for example? Many thanks.
  3. Hello I found out this week that my brother has got a debt problem. He built up a lot of debt at univerisity, worked out a repayment scheme with his bank, but failed to make some of the payments, and now he has Fairfax Solicitors writing to him. First of all I would like to thank you all for this website, and your very useful posts, it has helped us a lot and made it seem much less daunting knowing that others have been through exactly the same. My brother is prepared to go bankrupt, he owes £9,000 and has no savings or assets. But I am able to lend him some money, and I'm prepared to do that so that he doesn't have to go down that route. We realise that it is possible to offer a smaller amount to write off the debt. We have a template letter which we can use to offer this. I can only afford to lend him £4,000, but I would rather it be less. Am I right in thinking that if he goes bankrupt, they get almost nothing? (I believe they can get some of the tax he pays on his earnings.) If I offered £2,000 - would they be inclined to accept that, rather than force him to go bankrupt? Does anyone have any experience of making offers? Is there a danger of going too low? I am guessing if you make the offer too low, it would be difficult to increase it. I would very much appreciate any advice on this. Dan.
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