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| jayneashton |
Posted - 18 January 2009 : 15:56:01
I have been threatened being served with a bankruptcy petition by one of my creditors it was a mbna credit debt which has been sold on to Arrow debt - I owe 7,000 and I have been told to pay 205.00 per month for 3 years and they also want a charge on the property. I have no equity in the property and in fact in negative equity. My partner will not sign the charge - what can I do???? |
| 1 L A T E S T R E P L I E S (Newest First) |
| John |
Posted - 18 January 2009 : 17:27:50
Hi
the creditor does not need your partner to sign anything, nor should he, or you for that matter,in order to place a charge on the property.
This can be acheived, at a cost to Arrow, by following due process through the courts.
To petition the court for your bankruptcy will cost Arrow £1500 to £2000 AND immediately disqualify them from recovering any money from your estate unless you have sufficient assets, you haven't so I feel they're bluffing.
My guess is you could probably settle the £7K debt for around £1.5K but that's no use to you if there is no way of raising £1.5K.
Dependent on how much you owe overall and your ability to pay, you could look at a DMP as, at least, a tool to stave off creditor hassle whilst you further research your position.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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