Hi all. The Bankruptcy annulment concept does work, however, in my experience it is usually directed at individuals who have been made bankrupt by creditor petition. Often when this happens, and Melanie is quite right, it is when people have buried they're heads in the sand to the point whereby I have spoken to people who didn't even realise that they had been made bankrupt!!.
The fees are excpetionally high in these cases, it does work may I add, but at an indirect cost of some £12,000.00.
Usually bridging finance is arranged, the debts cleared, the bankruptcy annulled and then a specialist re-mortgage put in place.
I have to say, people still receive such varied advice across the sector it makes my job personaly very hard. I, by and large, deal with practical debt management solutions for people, often when an IVA has failed or an IVA is not an option and the amount of people who receive such varied advice is shocking.
So, Bankruptcy annulment, it does work however at a price, like most things these days.
In my opinion, if you have petitioned for your own Bankruptcy, it is fair to say you have thought long and hard about your decision and I cannot understand why BPF would even consider mailing you. They are the largest firm doing it and in my opinion you would get around 10 letters from different companies. The fairest and most reputable I have seen so far is Absolute Financial. Hope this helps.
John Taylor-Groom has over 20 years experience in the Debt Management sector.
www.ukmoneyadvice.co.uk
www.blufinancial.co.uk
0800 280 2437
