Liverpool Victoria Flexi Loan CCA Enforceable?

[cerberusalert]

Do you own property?

[Braveheart12]

No I rent, I have opted to try and avoid bankruptcy for 2.5 years.

[cerberusalert]

In the vast majority of cases a SD is never carried through it is becoming more & more abused and is being used as a threat by creditors and particularly debt collectors.

 

The first SD they sent is now useless because it has to be acted upon within a certain time-frame.

 

There is no stigma in becoming bankrupt and in certain cases it can actually be beneficial, particularly if you are facing years of repayment. After a year it gives people the chance to start afresh & like defaults it drops off a credit file after six years. Even better if a creditor applies for it as they have to pay around £1K for the privilege.

 

Given that you have no assets it is highly unlikely that they will follow through with the SD threat, it just doesn't make sense for them to do so. They will have to pay more money to get absolutely nothing back.

[Braveheart12]

Thanks, If I was to go back I would have just bit the bullet and filed for bankcruptcy. However I feel more comfortable with the path I have chosen now I have got through the first year of constant hassle of threats. I have learnt to take them with a pinch of salt and respond to them in writing only when I feel it necessary.

 

You say they have not actioned the SD in time, what is this timeframe they have to stick to?

 

Is it worth writing to them to dispute the debt and update them on my current address? or just sit tight and see what their next step is?

 

Thanks again.

[cerberusalert]

You say they have not actioned the SD in time, what is this timeframe they have to stick to?

The time limit for presenting a bankruptcy petition is 4 months from the date of expiry of the statutory demand or charge for payment. If the time limit expires and bankruptcy is still sought the remedy is to serve a further statutory demand or charge. It should be noted that a statutory demand requires to be served personally i.e. by officer of court.

Is it worth writing to them to dispute the debt and update them on my current address? or just sit tight and see what their next step is?

If they haven't got your address they'll having difficulty serving a SD.

[Braveheart12]

Thanks , I was really worried until you cleared that up for me.