Hello All
To clear a few points up.
I have through hard work managed to pay back all my loans, with such large amounts of money involved this is something I am very very proud of.
Having a friend who sadly for him, found himself going down the route of bankruptcy, has helped me make a few suggestions for LBB and others. Thus, hopefully reducing the amount of illness caused by stress. Remember that being forewarned is to be forearmed. Thus the reason i took the time and trouble to respond to LBB.
Preston Watson, all I can say is that you have displayed a true lack of knowledge of this thread. You’re cynical, ill informed, contradictory comments combined with an inability to read properly, does you no favours at all. Cheap comments are never going to help anyone. Your other comments where merely a reiteration of advice I had already given,( I’m flattered).
Bankruptcy is the term given when you cannot afford to pay your creditors, and they take you to court to claim back assets you may have
Not to be as vauge as PW.
Bankruptcy is in fact the granting of an Order from the bankruptcy court following the presentation of a Bankruptcy Petition to the Court to obtain protection from collection efforts of your creditors. The court fee is to be paid in cash only, wise people.
When you cannot pay your creditors this is called, going into further debt.
If the Bank place a 'seriatim' on you and want the whole lot back then take you to court and you can't pay then you go through the process of bankruptcy if you have assets, otherwise I believe it is a discharge.
So by this logic if you have no assets, you are therefore discharged? You
believe it is a discharge?
Fact. Bankruptcy is there to protect you and help you settle your debts the best way for both parties. Providing you have not been made bankrupt before, your bankruptcy will end (you will be ‘discharged’) after about 12 months, after which you will be free from debt and no further action can be brought by your creditors, although you may still have to make payments from your income for a further 3 years. There are certain exceptions to this, for example you may still owe any unpaid court fines and student loans. The trustee will still be able to take action to sell your house etc. (assets) if equity rises significantly, and the trustee will retain this right indefinitely.
The bankruptcy
will remain on record at the Land Registry and with credit reference agencies, although you will no longer be declared bankrupt
Seriatim is latin for one after another.
I've heard that mortgages are still available at maybe 1% extra, and you can still get credit after having been in this situation
So where PW conjured up this magical figure then, I dont know. But as i mentioned before lenders will have a rate which you will find to be a lot higher from the deals on offer to most. With good reason too.
For LBB and others I hope that you will see that at the end of the day, bankruptcy is best avioded, head off towards the CAB and deal with this sooner rather than later. For wannabes out there think carefully please, and have a plan B just in case you dont manage to walk stright into the right seat.
http://www.citizensadvice.org.uk/index.htm
If I missed this from the previous post, then the best of british to you all and I wish you well for 2006 .
Mr W