How should I repay a debt

4 posts Page 1 of 1
Post Reply
 
 

lcr

User avatar
Posts: 1
Joined: Thu Jan 31, 2008 1:41 pm
Location:
Post by lcr » Thu Jan 31, 2008 1:42 pm
Quote
How should I repay a debt (between £8K and £13k (disputed) if I haven't got that amount and can only offer £50 a month. What about an IVA? My creditor is former solicitor who was crap and says he will apply for an order to sell my house or have a share of it. Advice needed please.
Top
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:
Post by Adam Davies » Thu Jan 31, 2008 3:02 pm
Quote
Hi
An IVA will not be suitable for just one debt I'm afraid.
You need to come to an informal arrangement with the solicitor to repay the debt.
If you are unable to do this then you need to take legal advice as it is very possible that he solicitor could petition for your bankruptcy over this or apply for a charge on your property
Regards
Andam Davies
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Thu Jan 31, 2008 3:14 pm
Quote
You will be unable to avoid a charging order if the solicitor is intent on going down this route and the debt is undisputed. But the Court will allow you to make affordable repayments if the creditors presses for a payment arrangement.
Regards, Melanie Giles, Insolvency Practitioner
Top
 
 

J-DOUBLEYA

User avatar
Posts: 162
Joined: Wed Jan 30, 2008 4:21 pm
Location: United Kingdom
Post by J-DOUBLEYA » Thu Jan 31, 2008 6:05 pm
Quote
If you can prove that the solicitor was negligent then you may be able to challenge the bill - if that is the case. As for the CO, its not guaranteed, the Judge can grant by installments but at the final hearing it will basically come down to best argument for or against wins.You could consider a Time Order ?
Top
Post Reply
4 posts Page 1 of 1
Return to “postings for january”