Going Bankrupt

[BIGLURKS 874]

I just looked it up, statue of limits is 6 years. Thats 6 years of no contact with debtor, after that its time barred.

 

http://www.nolo.com/legal-encyclopedia/time-barred-debts-when-collectors-29805.html

thats an American site mate

[terryd 8,423]

bit drastic going into hiding for 6 years

[Waz 4,262]

[Kay 3,709]

Just a few words of advice regarding bailiffs... if there on your case for council tax... DO NOT CORRESPOND WITH THEM.. DO NOT LET THEM IN ... they will visit several times but what happens next is they refer the debt back to the council

 

Once the council contact you set up a manageable payment plan to pay any arrears ... doing it this way means you dont end up paying the bailiffs silly charges & agreeing an unmanageable monthly payment

 

This was advice given to me by the CAB about 3 yrs ago & its correct thats exactly what the bailiffs did ... referred the arrears back to the council... it does take the pressure off slightly but its not a get out of jail free card

 

I detest bailiffs with a passion

[nans pat 2,575]

BigLurks,

 

A good few year ago, I had the misfortune to be in the company of a proper 'tnuc' (read backwards). Anyway, he lived his life as a scammer basically, his girlfriend was in a fair bit of debt - told me he phoned up the debter and told them she was going bankrupt, and theirs no chance they are going to get anything as the list is as long as your arm, BUT.... would they accept X. After a bit of negotiation the matter got settled.

 

Someone in my exes family owed a lot on credit cards/banks mainly, no significant purchases, all silly consumerism. He did confide in me once and at that time it was 15k from memory, anyway, he had this theory that if after a certain amount of time they dont catch up with you then its written off. 7 years was mentioned. Any truth in that?

He went off travelling all over Oz Asia bit of Europe for 8 year at least.

aye count court judgements get writ off after 6yrs. but some put a charge agin your property if you own it they want their money if you ever sell.but theres loopholes thankfully any banks credit card compnies giving me money are very foolish lol

[Ossie n Arch 1,682]

http://m.stepchange.org/how-we-can-help-you/debt-solutions/debt-management-plan

Give these a call.

Have you looked at Step Change ??

 

They have sorted out a mate of mine and he owed 3 times what you owe. £680 a month he pays to Step Change, after taking into account his outgoings first, he'll be debt free inside 5 years.

[lurcherman 887 13,149]

No contact for 6 years no more debt

[South hams hunter 8,922]

Stepchangr can be good but are owned by creditors. I worked for a debt management company and stepchange where ok asling as it wasnt certain companies

[BIGLURKS 874]

Just a few words of advice regarding bailiffs... if there on your case for council tax... DO NOT CORRESPOND WITH THEM.. DO NOT LET THEM IN ... they will visit several times but what happens next is they refer the debt back to the council

 

Once the council contact you set up a manageable payment plan to pay any arrears ... doing it this way means you dont end up paying the bailiffs silly charges & agreeing an unmanageable monthly payment

 

This was advice given to me by the CAB about 3 yrs ago & its correct thats exactly what the bailiffs did ... referred the arrears back to the council... it does take the pressure off slightly but its not a get out of jail free card

 

I detest bailiffs with a passion

luckily I've not had a single visit from anyone plus there is not actually anything they could take cos I don't actually own anything

[Ossie n Arch 1,682]

Stepchangr can be good but are owned by creditors. I worked for a debt management company and stepchange where ok asling as it wasnt certain companies

 

 

Oh, right. They're not a charity then, like it says on their website.

[South hams hunter 8,922]

Yh but charities still belong to people. Iva is better than bankruptcy and debt management is better again

[terryd 8,423]

just to be devils advocate sometimes a clean break can be best. Once the deed is done you don't owe a penny and no one is allowed to chase you and when you get pay day you just have normal living expenses to pay and whats left you can save and money suddenly goes lot further.

You have to be on ball with the saving though as any thing you need if you aint got the money you are not having but that's a good thing. But what ever route you take theres nothing good about any of it

[The Seeker 3,048]

But what about all the people you owe money to?

 

Terry I don't profess to know your circumstances but I don't get the mentality, all this talk about rent free living, clearing off the debt with a fresh start, somebody somewhere will pick up the tab.

 

I've known many a good little business go under from someone deciding to go bankrupt on them.

[The Seeker 3,048]

But what about all the people you owe money to?

 

Terry I don't profess to know your circumstances but I don't get the mentality, all this talk about rent free living, clearing off the debt with a fresh start, somebody somewhere will pick up the tab.

 

I've known many a good little business go under from someone deciding to go bankrupt on them.

[terryd 8,423]

But what about all the people you owe money to?

 

Terry I don't profess to know your circumstances but I don't get the mentality, all this talk about rent free living, clearing off the debt with a fresh start, somebody somewhere will pick up the tab.

 

I've known many a good little business go under from someone deciding to go bankrupt on them.

 

I am referring to an individual who has maybe amassed debt over the years to banks, credit cards etc though bad luck or misfortune or just being daft. Grafting like an idiot getting no where fast and constantly paying interest off with out making a dent in any thing while things get worse and worse. But different ball game for a business to run up debt with there suppliers for example then just throw the towel in and leave every one in the lurch