Posted: Thu Aug 07, 2008 12:42 am
What would my Banks say to this?
I have just had a big business failure which means I am looking at debts of £250k owed to two banks, backed by personal guarantee.
My personal credit is (was?) excellent but I have absolutely no assets whatsoever.
What I am thinking of doing is completing the bankruptcy statement of affairs to show that I simply do not have any assets, swearing this statement at court or solicitors and then sending this to the banks to ask them to agree a nominal payment.
My thinking is that if they see that I dont have any assets then they are guaranteed to get nothing from me in bankruptcy, however if they agree to write off the debt in return for a monthly payment they will get something.
Have I entered cuckoo land or am I thinking along the right lines.
Hoping that someone can help
I have just had a big business failure which means I am looking at debts of £250k owed to two banks, backed by personal guarantee.
My personal credit is (was?) excellent but I have absolutely no assets whatsoever.
What I am thinking of doing is completing the bankruptcy statement of affairs to show that I simply do not have any assets, swearing this statement at court or solicitors and then sending this to the banks to ask them to agree a nominal payment.
My thinking is that if they see that I dont have any assets then they are guaranteed to get nothing from me in bankruptcy, however if they agree to write off the debt in return for a monthly payment they will get something.
Have I entered cuckoo land or am I thinking along the right lines.
Hoping that someone can help