creditor wont accept payment-can they bankrupt me

[BornagAinBiker]

Hello, I have debts, about 60k, with many cards, banks and suppliers, such as TP. Everything is under control, except for TP.

All creditors have a breakdown of my expendable monthly income. TP are owed 6k, the pro rata offer to them is £35.00 per month, or a full and final settlement, via fund assistance from relatives, of 50%. They have refused both and their last letter says,

''we will not take a legal charge against your property to secure the debt as we feel there is insufficient equity due to other creditors having already obtained a charge against the property. We therefore request the balance paid in full over 6 months or we will take bankruptcy proceedings'

firstly, there is sufficient equity, secondly, every time TP write, it is very delayed and then they add interest and legal charges racking the debt up by £800.
In my last letter to them I requested a copy of our CCA to check the terms. They have completely ignored this request sending their latest letter with the above quote.
Can anybody offer advice on this matter.
Many thanks BAB

[Curlyben]

Re: creditor wont accept payment-can they bankrupt me

TBH, if they have ignored your lawful request under CCA then there's nothing further to say to them.
If you do want to respond, then reminding them of that fact might be the best approach.
Have a look in the first link in my siggie for further advice.

[TUTTSI]

Re: creditor wont accept payment-can they bankrupt me

Hi Bab

Here is a link to the insolvency web site http://www.insolvency.gov.uk/

There is also something called an IVA but as you have already said the Creditor is not accepting your proposals and in an IVA from memory you need at least 70% of creditors to agree. For this you will need to find a very good IVA specialist. TBVH. an IVA is as bad as bankruptcy as you are still restricted as to obtaining future credit.

Your creditor has the right to make you bankrupt if what you are offering is going to take many years to pay back. If they bankrupt you it will still take many months to sell the property and realise any assets and at the end of it they still may not achieve anything more than what you are offering them especially if you have given other creditors preferential treatment.

Bearing in mind the added stress you and your family must be going through I would have thought that the bankruptcy route may be the route you should be taking.

It has occured to me that you have credit cards and these are bumping up charges, have a look at our Credit Card section as many of our members have received refunds of all the charges, some in under 9 days. http://www.legalbeagles.info/forums/...splay.php?f=33

It is a simple process to reclaim credit card charges and it may be the credit card company will credit your account and that might bring your balance right down.

Also, have you PPI insurance that may have been mis-sold to you again have a look here as many of our members have had these refunded. http://www.legalbeagles.info/forums/...play.php?f=125

Do you have a mortgage and have you experienced excessive charges here? Mortgage ones are not as easy as the other two but this can be achieved.

Who out of interest is your major creditor, is it the Revenue or the banks or joe blog supplier?

Tuttsi

[Nibbler]

Re: creditor wont accept payment-can they bankrupt me

TP?

Do you mind telling us who that stands for?

Is this a trade debt or personal credit?

[QCKate]

Re: creditor wont accept payment-can they bankrupt me

Hello, I have debts, about 60k, with many cards, banks and suppliers, such as TP. Everything is under control, except for TP.

All creditors have a breakdown of my expendable monthly income. TP are owed 6k, the pro rata offer to them is £35.00 per month, or a full and final settlement, via fund assistance from relatives, of 50%. They have refused both and their last letter says,

''we will not take a legal charge against your property to secure the debt as we feel there is insufficient equity due to other creditors having already obtained a charge against the property. We therefore request the balance paid in full over 6 months or we will take bankruptcy proceedings'

firstly, there is sufficient equity, secondly, every time TP write, it is very delayed and then they add interest and legal charges racking the debt up by £800.
In my last letter to them I requested a copy of our CCA to check the terms. They have completely ignored this request sending their latest letter with the above quote.
Can anybody offer advice on this matter.
Many thanks BAB

Sorry for my ignorance but who is TP?

QCK

[calamity jane]

Re: creditor wont accept payment-can they bankrupt me

TP is Travis Perkins.


http://www.consumeractiongroup.co.uk...e&highlight=TP




CJ