Debt help please

[johnnywgk]

I'll try to explain as easy and short as i can. (not very good at this)

I was made bankrupt 3yrs ago, and house repossessed.
I thought all my debts were paid using procedes from the money left
over from the house, or all my debts were now finished, due to the bankruptcy.

Anyway i've been tracked down by a debt recovery Co. asking for £4764.47.
This is a debt of about 5yrs old.

I think you get the picture. How do i stand, what to do now etc.

Any advice, i would be grateful for.

Thanks in advance.

[Ling Valentine]

Unfortunately, I am the first to reply to this as I am here for that M3 thread.

Answer: you should pay your debts. You created them, you pay them. Easy.

What on earth do you think happens to the people/businesses who are robbed of the money you owe them? Unless they have misled or misrepresented, they deserve (and need) that money. People should take self-responsibility for debts. This is typical of the current climate of not taking ownership of problems.

Sorry to be so harsh, but if you have had the money or built up legal interest on it; pay it back.

Ling

Edited by Ling Valentine on Saturday 18th April 12:44

[CatherineJ]

Johnny,

If the debt was 5 years old and you were bankrupt 3 years ago, then that debt should have been included in your bankruptcy.

[Ling Valentine]

I will add to be constructive:

If you do not have sensible cash reserves then you should reconsider what you are doing on a day to day basis. This seems to be a common problem in the UK. In China (where I lived until 10 years ago) even poorer people - that's very poor - build up a safety net of savings. That is because they HAVE to, for things like medical emergencies, childrens' opportunities and education etc. This is not common in the UK, as it means missing some jam today. People in the UK seem to enjoy spending more money than they have got.

Change how you do things, save 10% of your earnings. Then in the future you will have the ability to ride out a small storm like this. I am trying to be constructive to say you should have learned from the past mistakes. If you haven't built up £10k savings over 3-years (that's about £10/day, and most people could spend £10 a day less) then you are doing something wrong. Change it today, for the fuure.

I'm not sure that Bankruptcy automatically includes all debts. I think they have to be included - if you missed one to include then surely it still exists. The people you owe money to should have the opportunity to be included in the bankruptcy proceedings, and if they weren't then surely the debt still exists?

The answer in the long term is a hard one to swallow: analyse your current position and change your behaviour to improve your future position.

[johnnywgk]

ling, as i said, i thought this would of been paid from the procedes of
the house, but you chose to ignor that bit, go back to the M3 thread
and lease a car, dont waste you precious time on lil ol me.

Catherine, thats what i thought, its a bummer cos nowhere is open,
so have to wait til monday, so anymore help from here, or slagging offs,
this way please

[pugwash4x4]

Ling Valentine said:

I will add to be constructive:

If you do not have sensible cash reserves then you should reconsider what you are doing on a day to day basis. This seems to be a common problem in the UK. In China (where I lived until 10 years ago) even poorer people - that's very poor - build up a safety net of savings. That is because they HAVE to, for things like medical emergencies, childrens' opportunities and education etc. This is not common in the UK, as it means missing some jam today. People in the UK seem to enjoy spending more money than they have got.

Change how you do things, save 10% of your earnings. Then in the future you will have the ability to ride out a small storm like this. I am trying to be constructive to say you should have learned from the past mistakes. If you haven't built up £10k savings over 3-years (that's about £10/day, and most people could spend £10 a day less) then you are doing something wrong. Change it today, for the fuure.

I'm not sure that Bankruptcy automatically includes all debts. I think they have to be included - if you missed one to include then surely it still exists. The people you owe money to should have the opportunity to be included in the bankruptcy proceedings, and if they weren't then surely the debt still exists?

The answer in the long term is a hard one to swallow: analyse your current position and change your behaviour to improve your future position.

that's all very lovely and patronising BUT we have bamkruptcy laws in the UK because we AREN'T China!

Bankruptcy allows entreprenurial types to take risks without ruing their lives- most bankrupts didn't get there by being stupid arses with their money!

Anyway- when you go bankrupt ALL debts are written off- included or not- you are utterly debt free- send this lot a copy of your Bankruptcy statement and tell them that if they continue to peruse the debt then you wil sue them for harrassment!

[johnnywgk]

Thanks Jimbo, that's what i thought.

and you saved me typing that other bit

[Deva Link]

pugwash4x4 said:

Anyway- when you go bankrupt ALL debts are written off- included or not- you are utterly debt free- send this lot a copy of your Bankruptcy statement and tell them that if they continue to peruse the debt then you wil sue them for harrassment!

It's more straightfoward if the debt was declared at the time of the bankruptcy. But even if it wasn't then it's up to the creditor to spot the listing in the London Gazette and come forward.

[ianash]

My understanding is that the debt MUST be listed in the Bankruptcy petition. If not, the creditor has 6 years to come after you. I'm sure this is not the answer you were hoping for. IANAL so you should contact your trustee in Bankruptcy and ask his opinion. HTH

[johnfm]

Firstly, Ling, the OP did not ask for your advice or opinion on the ethics of bancruptcy. He does not care what you think he should have done or should do now. You have no idea of the circumstances leading to his decision. So please, for your sake, stick to the M3 forum.

OP, the bankruptcy rules have changed. You should seek advice from an Insolvency Practicioner (try lady hayles on PH), as I cannot recall when the change re: notifying creditors became effective.

[smartie]

All debts, whether notified or not, fall into your estate in bankruptcy and as such you cannot be legally persued for this debt.

[Stu R]

get to the CAB

[johnnywgk]

cheers for all replies,

Ling, went round my mates today and saw you on dragons den,yes you,
SO DONT GIVE ME YOUR CRAP.
YOU GIVE ME, THE CHINESE CRAP, VERSES BRITAIN.... AND THERE YOU ARE, ON DRAGONS DEN, PONCING CASH, not very chinese, as you say.

GO BACK AND READ YOUR REPLIES TO MY QUESTION.

i know your a female, so i'll be nice

please dont come here and slag my country off.


i'll end now, before i get banned

[bigandclever]

johnnywgk said:

Ling, went round my mates today and saw you on dragons den,yes you,
SO DONT GIVE ME YOUR CRAP.
YOU GIVE ME, THE CHINESE CRAP, VERSES BRITAIN.... AND THERE YOU ARE, ON DRAGONS DEN, PONCING CASH, not very chinese, as you say.

Without wanting to be a Ling apologist, I'm pretty sure she was approached by the BBC for Dragons Den and there was never any intention of 'poncing cash'... it was all about the publicity.

Anyway, hope you get the debt sorted.

[Tony*T3]

johnnywgk said:

I'll try to explain as easy and short as i can. (not very good at this)

I was made bankrupt 3yrs ago, and house repossessed.
I thought all my debts were paid using procedes from the money left
over from the house, or all my debts were now finished, due to the bankruptcy.

Anyway i've been tracked down by a debt recovery Co. asking for £4764.47.
This is a debt of about 5yrs old.

I think you get the picture. How do i stand, what to do now etc.

Any advice, i would be grateful for.

Thanks in advance.

Seek legal advice.
I understand there is a growing trend for companies to sell on debt to hard line debt collectors. This might well include stuff thats been covered by bankrupcy.

[DBSV8]

Ling Valentine said:

I will add to be constructive:

If you do not have sensible cash reserves then you should reconsider what you are doing on a day to day basis. This seems to be a common problem in the UK. In China (where I lived until 10 years ago) even poorer people - that's very poor - build up a safety net of savings. That is because they HAVE to, for things like medical emergencies, childrens' opportunities and education etc. This is not common in the UK, as it means missing some jam today. People in the UK seem to enjoy spending more money than they have got.

Change how you do things, save 10% of your earnings. Then in the future you will have the ability to ride out a small storm like this. I am trying to be constructive to say you should have learned from the past mistakes. If you haven't built up £10k savings over 3-years (that's about £10/day, and most people could spend £10 a day less) then you are doing something wrong. Change it today, for the fuure.

I'm not sure that Bankruptcy automatically includes all debts. I think they have to be included - if you missed one to include then surely it still exists. The people you owe money to should have the opportunity to be included in the bankruptcy proceedings, and if they weren't then surely the debt still exists?

The answer in the long term is a hard one to swallow: analyse your current position and change your behaviour to improve your future position.

Muppet

move along now ...............

[johnnywgk]

DBSV8 hehehe,
anyway, phoned them up to explain, they took details and said they
would take me off there list.

thanks for all advice, and the bits that made me larf

[ACEparts_com]

Make sure you get a copy of your credit records from experian and the other one (is it equifax?) (Only costs £2 for each) and check that all debts are marked as 'satisfied'. Companies often 'forget' to do this.

[ianash]

ACEparts_com said:

Make sure you get a copy of your credit records from experian and the other one (is it equifax?) (Only costs £2 for each) and check that all debts are marked as 'satisfied'. Companies often 'forget' to do this.

How can you say the debts were satisfied, when clearly the bankruptcy does not satisfy the debts; just releases the debtor from any future liability