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1st Credit still making people bankrupt !!!


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sorry. don't agree. It doesn't matter whether the debts are secured or not, BR is a remedy available to any creditor if the debtor is insolvent and cannot meet their liabilities. This is the reason for the Stat Demand - it is a notice that you need to pay a debt (and prove you are solvent) or face BR.

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Kraken you make BR sound like some terrible thing that can befall an individual - actually BR can be the best/right thing for someone & the worst option of all for the creditor...coz they'd get even less money then..if anything at all.

It costs the creditor money to make someone BR & for what? just to get a £1 per month if lucky? :rolleyes:

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sorry. don't agree. It doesn't matter whether the debts are secured or not, BR is a remedy available to any creditor if the debtor is insolvent and cannot meet their liabilities. This is the reason for the Stat Demand - it is a notice that you need to pay a debt (and prove you are solvent) or face BR.

 

You may legally be right but morally the way to go is the CCJ route and then a CO if the CCJ fails!!!

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Certain DCAs use the insolvency route as it initially doesn't cost them anything. They then check the land registry to see if there's equity and make a calulated guess to see if they can get their money back. Unfortunately for them , to make someone BR costs over £1000. The person they're making BR may have way more debt than equity so then the DCA gets nothing, hopefully :D

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