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Advised Bankruptcy - How do I stop creditors


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My brother has been mentally retired due to his condition (Huntingdons disease). He has no income (has applied for benefits) and debts of around £22k. The stress isn't good for him so I'm trying to help him with all this.

 

I am making a list of outgoings, income is v.simple ... But already A&L has charged him about £220. What do we do to freeze the debts and stop anyone calling him whilst we go through the Bankruptcy?

Help me to help others!

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unfortunately, it is not guaranteed that you will be able to freeze interest and charges before you enter into bankruptcy or a legally binding agreement. the best thing to do, is write to all of his creditors explaining the situation and apply to have interest and charges frozen, and make a nominal payment in the meantime. you can also contact an official receiver who is setting up the bankruptcy in order to try and move things forward asap.

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If he's going through bankruptcy then I would advise not paying a single penny more. Just list as much as you are aware he owes, do it at the last possible minute, list it on the debtors petition the day before you go to court and that should cover it. I'm sure when the OR contacts A&L they'll adjust the debt amount if it's a bit out.

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Ignore all the fees and charges. they will be written off under the bankruptcy order.

They are being added just because the creditors can add them, and of course they dont know, but there may be loads of big assets to come out of the bankruptcy, and hence a payout for them.

 

Calls will stop as soon as he is adjudged BR. It is an offence to call a debtor once they are B.R

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tell them tough your going br, if they hassle you nd if they keep on after the br report them to insolvency service,as for the creditors getting anything ive been told this is rare as the fees in the br process are huge especially if they get an insolvency practioner to deal with the assetts etc

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Just to expand on the sudden rush of charges : If you are declared bankrupt the Official Receiver takes over all your debts - as well as your assets and income (other than that on which you need to live).

 

If the value of assets is significant and some or all of the debts can be repaid then they will be. In particular if the assets do not cover all of the debts then the debts are repaid pro rata according to the percentage of the total.

This gives the creditors an incentive to maximise their claims to try and gain a bigger share of the pot than they would otherwise be awarded.

The stupid winkers don't realise that they are all doing the same thing so that their pro rata share is just the same as it would have been anyway.

I really do appreciate all those 'thank you' emails - I'm glad I've been able to help. Apologies if I haven't acknowledged all of them.

You can also ding my gong if you prefer. :)

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