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So if I'm going bankrupt...


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Having taken the decision to go bankrupt as soon as I've managed to get enough for the fee I have a basic question. Is there any point in telling creditors (or rather the DCA's most have flogged the debts onto)?

 

They keep sending letters demanding I get in touch and I know they can't really do anything. In fairness the letters aren't too harsh once you know that. They can get a CCJ, they can all get a CCJ but that doesn't magically give me any more money to pay them each month. I presume such debts would just be treated like any other in bankruptcy?

 

I have no intention of ringing them, as I know what they are like from helping others, I'd probably begrudge even a stamp for the envelope but it seems only polite to let them know, at least once, that they are wasting thier time.

 

Any thoughts and wisdom welcome. First time on this new layout, hope I've posted this in the most appropriate place...

 

Having taken the decision to go bankrupt as soon as I've managed to get enough for the fee I have a basic question. Is there any point in telling creditors (or rather the DCA's most have flogged the debts onto)?

 

They keep sending letters demanding I get in touch and I know they can't really do anything. In fairness the letters aren't too harsh once you know that. They can get a CCJ, they can all get a CCJ but that doesn't magically give me any more money to pay them each month. I presume such debts would just be treated like any other in bankruptcy?

 

I have no intention of ringing them, as I know what they are like from helping others, I'd probably begrudge even a stamp for the envelope but it seems only polite to let them know, at least once, that they are wasting thier time.

 

Any thoughts and wisdom welcome. First time on this new layout, hope I've posted this in the most appropriate place...

The views I express here are mere speculation based on my experience. I am not qualified nor insured to give legal advice and any action you take will be at your own risk.

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Hi there

IMO I would just mark these Return to Sender --let them keep paying Postage etc --keeps the Post Office still in business too.

 

If you are made Bankrupt then that's IT -- Not even the Holy Ghost or JC himself can make you pay --at the time of Bankruptcy ALL DEBTS are GONE - wiped cleaned.

 

If you had any assets the Receiver who deals with Bankuptcies would have apportioned these to relevant creditors so you don't have to do ANYTHING.

 

If you don't own a House and really have too much debt that cant be paid back or written off via the usual processes such as invalid CCA's etc this is not a bad route to go down -- but if you DO own a house then it's best to avoid Bankruptcy as the house is certain to be sold.

 

I wouldn't worry too much about CRA's --these seem to carry more importance than they are worth --I doubt having gone Bankrupt whether you would even want to THINK about having a Credit card or other loans ever again.

 

Note that it IS possible for a Discharged Bankrupt to get a mortgage although you would probably have to wait 6 years before you might get it.

 

 

Cheers

jimbo

Edited by jimbo45
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The one I'm mainly concerned about is eighty quid or so to the power company that was here when I moved in. Not my current supplier so I'm guessing there is not much they can do either. My only reservation was I understand the OR can and often does tell the landlord you are bankrupt. If the landlord found out about the debt I could be in breach of the tenancy agreement which says the power bills must be paid.

The views I express here are mere speculation based on my experience. I am not qualified nor insured to give legal advice and any action you take will be at your own risk.

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Well for your own piece of mind and if its only 80 GBP I'd pay something and see if you can pay by installments.

 

If you explain that you've been through SEVERE financial problems they may take a small token payment each month.

 

You could also write to the power company concerned to get details of the account and if its NOT yours then you wont have to pay it.

 

Cheers

jimbo

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