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Buachaill, Barrister
Category: UK Bankruptcy Law
Satisfied Customers: 10534
Experience:  Barrister 17 years experience
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What would be the best way to approach the creditor? Any idea

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What would be the best way to approach the creditor? Any idea how much they might agree to. I don't have any money but I might be able to borrow it from friends/family to get this thing done once and for all.

Buachaill :

1. I would not advise you to borrow money from friends/family to pay off a mortgage lending institution, as then you are essentially creating a debt which will have personal and emotional consequences if you do not repay it. You need to have a colder attitude to mortgage debt and not merely be replacing one debt with another which has greater adverse consequences if you do not repay the money. Going bankrupt owing money to family & friends is not recommended!!!!! Secondly, in approaching the creditor you really should just write to the creditor and state that you have no money and no job. Do this regularly over a two year period and then suggest a proposal. But be in no rush whatsoever to repay the money if you don't have it. There is no legal penalty for owing money under a judgment. Additionally, do not suggest any repayment plan until you have some source of income to repay the money. You seem overburdened by owing this money without realising that you cannot get feathers off a frog! You can still live and carry on life and owe this money. So wait until you do get money before tackling this issue.

Buachaill :

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I certainly am/have been over-burdened with this problem which occurred when my ex-husband did a bunk and left me to clear up the mess many years ago. I know I should take a harder view on this debt, but its difficult when you're naturally a law abiding person who's never been in any type of trouble. Thank you for the advice, its made me feel less scared. I thought bankruptcy would be the quickest way to get this over with, but now I know its not. I'll write to them and let them know I've no feathers!!

2. Owing money is not the end of the world. Essentially, you need to realise that if you don't have money or assets to pay the debt, then don't go borrowing again to pay off borrowed money to a financial institution. Ultimately, a financial institution will write off a large portion of the debt if this is the commercial reality of the situation. A family member or friend will not take such a commercial attitude and you will only sour your personal relationships approaching the matter in this fashion.
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