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Can I defend bankruptcy petition


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Hi,

 

Please can someone advice me if I can defend against an Involuntary Bankruptcy Petition by a creditor who has taken over a personal loan debt which I could not pay a while ago. I am making monthly payments to the creditor even though it hasnt been accepted and I have even offered legal charge over my property.

 

I do not have any other creditors other than my mortgage company and have some equity in the property.

 

The bankruptcy hearing date is at the end of this month

 

Any advice would be appreciated

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You should see a Solicitor who handles personal bankruptcies as soon as possible, so they have the time to deal with it. The danger in not getting a Solicitor to act for you, is that you get to a court and lose due a Judge lottery. You will read on here, examples of people losing, because the Judge has sided with creditors and has not helped a LiP.

 

If you get made bankrupt, the costs are so huge, that the trustee appointed to take over your finances, may want to sell your house. This is not a risk you should take on yourself acting as a LiP.

 

Is this Lowells ?

 

Did you try to set aside the statutory demand ?

We could do with some help from you.

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Give us background on the debt. Link are known spoofers and his kind of bysiness has made the owner millions.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

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Making payment of £120 on balance of around £17k. House worth £150k approx mortgage o/s £50k

 

You can probably defend, but I would advise a Solicitor. Have you read Wendyboats thread, where a £1500 debt, turned into a £30k debt following bankrupty. This did not involve Link, but is is just an example of how much the added costs might be, if you lost at a bankruptcy hearing.

 

In your situation, if a Solicitor cannot come up with a defence that could stop the bankrupty, could you obtain an advance from your mortgage company or other loan, that would allow you to pay off this debt ?

We could do with some help from you.

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Don't understand bankruptcy when they could secure a charging order.

Anothe example of a creditor trying to convert unsecured debt into secured debt.

 

Why accept a charging order, which would mean them not getting their money for years ? They may get some payments, if the debtor enters into a payment arrangement, but at £120 a month for a £17k debt it is going to take time.

 

Plus I expect that they have a deal with Solicitors they use, to provide a certain amount of business their way.

 

Not saying I agree with this. But bankruptcy numbers appear to be increasing and people need to get expert legal help or risk getting scr*wed.

We could do with some help from you.

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Why accept a charging order, which would mean them not getting their money for years ? They may get some payments, if the debtor enters into a payment arrangement, but at £120 a month for a £17k debt it is going to take time.

 

Plus I expect that they have a deal with Solicitors they use, to provide a certain amount of business their way.

 

Not saying I agree with this. But bankruptcy numbers appear to be increasing and people need to get expert legal help or risk getting scr*wed.[/quote

BR limits should be raised to 25k.]

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  • 2 weeks later...

Hi everyone

 

No luck with the installment option but am in the process of taking out a secured loan to pay these guys off.

 

But now their solicitors added £2k on top - can someone please advise if I need to pay this fee if I pay the total original balance off.

 

 

Cheers

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be very careful. Especially if youre thinking of getting a secure debt to pay link off. Link are one of the biggest fleecers in this country. have you ever checked the validity of the debt?

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Ok. Give us as much background on the debt as you can. Something isnt sitting quite right here.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Give dates please. Also was there any period of 6 years ( 5 in scotland) where you never made a payment or written acknowledgement to the debt? Does this debt have any Charges/PPI/insurances on it? Link are known fleecers and use a SD as a form of debt collection. Even if the debt is bad. Thats why i say to stay far away from getting a secured loan until you know the facts about the debt.

 

The owner of link has made tens of millions for his own pocket from practices like this.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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