Can Travis Perkins bankrupt me ?

[BornAgainBiker]

Hello, i have a debt with many cards, banks and suppliers such as TP. everything is under control , except for TP.

 

I have provided TP with a breakdown detailing my expendable monthly income of £547.00 which, pro rata, offers £35.00 payment per month. as an alternative i have offered them a full and final settlement, via fund assisstance from relatives, of 50%. they have refused both and the latest letter they have sent says,

 

''we do not feel there is sufficient equity in your property for TP to be paid on the sale of the property due to other creditors having already obtained a charge against the property, we therefore request the balance paid in full over 6 months or we will take bankruptcy proceedings'

 

TP are charging me interest on the debt, and legal fess, which has increased the debt by some £800. i requested a copy of our consumer credit agreement to see if this term existed on the agreement. they have ignored this request.

 

can anybody offer advice on this matter. many thanks BAB

[comebackjimmy]

hi

 

I am by no means an expert so wait for others to post but a couple of quick thoughts if I may:

 

1. If you have asked them for a copy of the agreement under which you took out credit and they don't provide it within 12 days then the account is in dispute and you can tell them as much and withhold any payment to them until such time as they produce it. If they try bankruptcy proceedings they ought to fail on that point alone.

 

2. Firms often threaten bankruptcy but it is, in general, a stupid threat because a). it costs them quite a lot of money to take it through to an actual bankruptcy and b). if it succeeds then your assets are shared amongst all your creditors and they only get pennies in the £ and you quite quickly walk away from the whole mess.

 

In this case it looks like they have done their sums and realized you have no equity. They cannot have what you have not got so the sensible course of action for them would be to take your offer and eventually get all of their money back.

 

The reason they have not adopted this approach thus far is either because a). they are stupid, b). they have a corporate policy that the desk monkeys carry out and it has not yet got to someone sensible to make a decision, or c). they know full well their position and are trying to put pressure upon you to get more, which sometimes works but at the cost of damaging your other creditors, which you should not let happen.

 

In my view you have done the correct thing by determining what your income is, what your responsibilities are and what you can offer. Only you can determine what you can offer and that in light of your other commitments.

 

My next acts would be:

 

1. Wait a while to see what else gets posted here.

 

2. In the absence of any other advice start making your payments when they produce a valid copy of the agreement, making sure there is an audit trail (E.G. recorded delivery for cheques, or a bank statement for transactions from your bank. Don't offer a direct debit as they can help themselves to as much as they want. Instead do it by manual transfer or standing order).

 

Good luck

[BornAgainBiker]

Many thanks for your time in replying CBJ. i note what you say with interest and for now think i'll write to DCA saying account in dispute, as it is over 12 days since i wrote them.

 

any further advice will be gratefully recived, BAB