Honour amongst thieves

[airtomoreira]

Let's say that Bank A can enforce a debt of 5k against me. They get a CCJ, and the Court decides that I have £100 per month of disposable income, and must pay this sum on a regular basis.

 

The next month, Bank B, to whom I owe 20k, tries to take similar action. But now I have no disposable income, how can I pay them anything? Bank B would not be happy bunnies. Is there anything they can do to get my £100 payment pro rata'd, or is it the case that, once the CCJ has been granted to Bank A, they are able to enforce it no matter what.

 

If however I were to be made bankrupt, then I would need to disclose all my Bank debts, and any surplus income would be split proportionately (presumably) between the Banks - as I understand it.

 

Is it therefore a worthwhile exercise for me to approach Bank A, before they get a CCJ, offering say £50 per month, otherwise I will declare myself bankrupt, disclose all my debts, in which case Bank A would get less than £50 per month? My attitude here is that, if I'm going to have to pay out my disposable income, I'd rather address all my debts bit by bit, rather than all of it go to the miserable b******s at one Bank.

 

Thoughts anyone?

[blind-as-a-bat]

While your logic is correct there is no point as the bank simply wont believe you will declare yourself Bankrupt.

 

seen it dozens of times on Moneysavingexperts Bankruptcy board the bank will just egnore, refuse, or even claim even if you go Bankrupt you will still have to pay them:rolleyes:

[mr.ton]

We are assuming that the disposable income is whats left over after the court takes into account...rent/mortgage, water,gas,elec,tv,clothes,food,travel costs...and so on - all classed as legal essentials that have to be catered for

[blind-as-a-bat]

We are assuming that the disposable income is whats left over after the court takes into account...rent/mortgage, water,gas,elec,tv,clothes,food,travel costs...and so on - all classed as legal essentials that have to be catered for

 

The irony is if you where to go BR the allowable amounts for food, clothing etc the Oficial Reciever uses are a lot higher as well than any other I&E allowences i have seen, IE DMP, IVA etc

 

You may think you would have a surplus if you went BR, but unless you got a git of an examinour you might be surprised at what is allowed

 

Not that im saying Bankruptcy is an easy route to take, and should not be a disicion taken lightly but it is greatly missunderstood by many how it works