Tradefair & Financials
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A relative has just divulged he faces a bankruptcy petition on Thursday. The actual petition is only for 3k but he does have numerous other debts though he has there under a debt management plan which he has kept up too. I realise this is the eleventh hour but can anyone offer some advice for the hearing eg will the court grant some time to pay. He does own a property but with a lot less equity than the total debts
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Replies: 11
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offer what he can afford ;judge settle for that....they may try for an attachment of earnings......bluff em out ...this is what i can afford ....
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Thanks, id like to help, cant understand why this isnt under his DMP
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no wonder this country is in such a state, he should'nt of borrowed wot he cant pay back.
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a failed business EMR, pretty similar to those he borrowed from imo
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cat if thats genuine them i'm sorry if he's gone under. i dont like the ones who have borrowed £10,000s on their credit cards knowing full well they could never pay it back.
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is it something secured for the 3k bit... you cant include secured stuff in DMP really other wise you will lose them
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im not sure Sheriff, but presumably so if its not in DMP. The crux is whether the judge will allow some time or allow the bankruptcy..he is willing to make an arrangement but cannot pay immediately..it seems the petition has come out of the blue
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its the country that borrowed in the first place riser...800 new taxes;5 billion year pinched of pensions..record fuel taxes...and they still cant get it right.
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Early Morning Riser 16 Feb 20:40
cat if thats genuine them i'm sorry if he's gone under. i dont like the ones who have borrowed £10,000s on their credit cards knowing full well they could never pay it back. My old man lobbied to introduce tiered bankruptcy a while back, essentially such that small business owners and sole traders who could show that their spending was on investment or genuine running costs could be discharged more quickly, and face more lenient conditions in the meantime, than those who essentially sp*nked their creditors money up the wall on personal consumption. Eventually got told that the additional bureacratic costs of such a system would be excessive, which is probably a fair point. |
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lots had 10k or far more ;couldnt pay it back;cos they went broke .....i.e waiting for there money...or there customer going broke...happens all the time riser.........hence my user name..
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no wonder this country is in such a state, he should'nt of borrowed wot he cant pay back.
Wrong - He should not have been lent the money in the first place Banks that have made ridiculous amount of loans to consumers for personal consumption need to face the consequences of their actions. Unless there are more people defaulting on their personal credit obligations banks will continue their business of suffocating the growth of economies by diverting captial from productive areas to completely unproductive consumers Understand mate? |