imminent bancruptcy

[andye]

Hi

Sometime ago (going back to 2001) I bought a computer and (I can't remeber what went on) last year someone contacted me saying that they had bought the debt and wanted the money. I went to court over this and escaped baccruptcy by the skin of my teeth. I had to pay 500 a month (2000 gbp in total), I paid the first amount and I have had other problems. I now need to raise 1500gbp by Tuesday 2nd May (cleared funds)or I go bankrupt. I am in a good job earning 25K and they even wont let me give them a cheque for end of may for the amount.

I am worried as I have a house and car (the car has a loan attached to it - logbook type) and I have no equity in the property at all.

I desperately need help. I dont want to loose my home and car and if I do my job. If any one wants to make 500 pounds out there I could do with their assistance - 1000 end of may 1000 pounds end of june (sorry I am really desperate). I dont want to become bankrupt- I also have a mother who is intensive care in the south of france at the moment and a father (71) with heart problems visiting her twice a day -I cannot face telling them -it would probably kill them.

please help

andye

[johnnybriggs]

Relax, you are not going to be made bankrupt for �1500. It would cost the creditor more than that to demand and petition you.

If there is a county court judgement in place you need to contact the court which issued the judgement and ask them to vary the payment arrangement(you will have to fill in a form and pay a small fee- a judge will make a fair judgement.).

Speak to your local CAB or phone Debt Free Direct for free advice. (google them)

Send your creditor a cheque for an amount you can afford, they won't send it back.

[themas]

You're probably over-reacting to aggressive tactics from a debt collector. Do see the CAB or contact CCCS or Payplan. Debt Free Direct probably make their money by suggesting people go into IVAs - which would not suit your situation.

If you are made bankrupt you should be offered the opportunity for someone to buy out you beneficial interest in your house. This is a way of avoiding the possibility of the house being taken. If the equity is (as you say) nil then it should be possible for your interest to be bought (by a relative?) for �1 plus some legal costs. Look at the Insolvency Service website and download their leaflet on houses and bankruptcy.