UK Bankruptcy Law
UK Bankruptcy Law Questions Answered by Verified Experts
Thanks for your question. Please kindly RATE my answer when you are satisfied
Is there any form of court judgement in place please or have matters proceeded without recourse to court?
No court judgment, no.
Just the usual letters in the mail etc.
If there is no judgement against you in the creditors favour there is nothing stopping you attempting to strike a deal.
Would it be a final settlement" ?
ie they couldn't come back 6 months down the line and ask for the remaining amount(s)?
It is very much a case of painting the right picture. e.g. you may be able to borrow some money from a friend to settle the debt but can only borrow say £8000 and so on or whatever story you feel comfortable with. Creditors will often accept a reduced settlement for an account.
ok - thanks.
An alternative is to settle with them on a technicality. If you send them a cheque for the amount you wish to settle under cover of a letter that states the cheque is in full and final settlement.
If they then bank the cheque this is taken as strong evidence of acceptance of your terms.
I'll try the - "this all I have, as I've borrowed the money, will you accept final settlement"
I guess I have to get them to confirm (in writing) they accet the final settlement
Providing you use the cheque and covering letter approach their banking the cheque is evidence of acceptance but if you can get them to commit to confirm in writing before hand this is all the better.
I assume from their perspective
they prefer a final settlement
rather than spending more money and time chasing
Quite so. It is worth accepting less rather than holding out for the full sum. Something is better than nothing as they say. However there are no hard and fast rules and much will depend upon what they know about your financial circumstances and their business model in terms of writing off bad debts.
thanks for everything
life is funny
A pleasure. Good luck negotiating.
I'll rate you now
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).