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Statutory Demands - It seems so easy?


mrdonk
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Hi all,

 

I have to say I really love the support this forum offers.

 

I'm dealing with some creditors at the moment - one of them has taken me to court and I'm currently going through the procedure but the more and more I read about S.D's, the more shocked I am. It seems so easy to serve one to a debtor - no Court interaction at all, and I suppose this is my one concern in dealing with debts - the fact I can be made bankrupt after 3 weeks by one of these being served on me.

 

My question is - why do CC companies seem to threaten legal action when they could just go down this route and, potentially, scare us all more - or at least put us to a great deal of work in a much shorter timeframe than the CCJ route?

 

Thanks,

 

MrD

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Because, actually going the next step (serving a bankruptcy petition) costs around £1,100, and there is no guarantee a court will grant such a petition... if the court does not grant the position, then not only will they be down a grand, you will be able to claim your own costs, and that could easily run into £5,000 if you chose to hire a lawyer or £10,000 for a barister.

 

Plus, after paying £1,100 quid, they would have no greater claim to your money than other creditors, unless they were secured creditors - and if they are secured creditors,they can't file for bankruptcy.

i will be off site for the next month or so. if you have any problems, feel free to report the post so a moderator can help you.

 

I am not a qualified or practicing lawyer.

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