Full and final settlements

[MBC]

Basically i would like some advice. I have about 120k of debt and have 80K of equity in my home which i am in the process of selling.

If the two creditors i owe take me to court i will have to enter an IVA and they may get 30-40% after 5 years, if i offer a fair proportion of the £80k split between them they will get 56%. Are they likely to accept based on anyones experience??

doeas anybody have experience in the best way to go about this in making an offer and what info they may request upon writing to them and making the offer. Bank statements? Valuations ect.

The property is in joint names so can only have the £80 if they persue through to making me bankrupt, and led to believe that one of them can not take a charge as this would discriminate the other creditor, is that right?

Any help apreciated

[lindalou]

Re: Full and final settlements

Basically i would like some advice. I have about 120k of debt and have 80K of equity in my home which i am in the process of selling.

If the two creditors i owe take me to court i will have to enter an IVA and they may get 30-40% after 5 years, if i offer a fair proportion of the £80k split between them they will get 56%. Are they likely to accept based on anyones experience??

doeas anybody have experience in the best way to go about this in making an offer and what info they may request upon writing to them and making the offer. Bank statements? Valuations ect.

The property is in joint names so can only have the £80 if they persue through to making me bankrupt, and led to believe that one of them can not take a charge as this would discriminate the other creditor, is that right?

Any help apreciated

Hello
If a bankruptcy petition is commence then all creditors would be notified and the receiver would dish out the estate on a pro rata basis. So it would really make no difference.
In my opinion the best way forward is to present a third party repayment offer.
This means that you would approach each of the creditors with the proposition that a third party will pay a full and final for you.
This is a legal device that creates a new contract between your creditors and the party paying the bill and stops them chasing you for the balance at a later date.
You could transfer the cash to the third party, (a relative or friend) and they would issue the payment.
This is a very tricky area of law I will try and dig up some reading for you
LL

[lindalou]

Re: Full and final settlements

HI
Sorry
I just noticed you mentioned a charge on the property.
This could be obtained after a court judgment (ccj), and yes you could contest the issuance of a charging order on the grounds that it would prejudice other creditors, amongst other things.
LL