Further to my previous question about NRAM, Mortgage Express and UNB. The option my creditors have will be a lump sum or I will have no alternative than to go bankrupt. I have been paying everyone a small amount each month including Mtg Express but Mtg Express have now issued in court for a shortfall. I had been hoping to do a full and final at some point with creditors but now I have been pushed into doing something now. The funds will come from a family member. If my IP have made this clear in the proposal surely my creditors will opt for a lump sum rather than what would be nothing in a bankruptct?
Yes, they probably will, but of course the devil is in the detail. I can only repeat what I said before in that my own experience of these type of proposals is that they are almost always accepted.
The other way of thinking about it is what have you to lose if they say no? As it would be 3rd party funds then it is very much a take it or leave it basis, and you would of course not have to pay this lump sum in BR as it is not your money in the first place. Speak to as many people as you need, but given what you have said then, in the unlikely event they say no, you can go bankrupt knowing that you at least tried your best.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
