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Do you know would happen if

6 replies

upthewall · 17/11/2005 14:27

Currently pay debt management company to pay creditors what would happen if I stopped paying would one of them make me bankcrupt. If so what would happen to the others that money is owed.

OP posts:
expatinscotland · 17/11/2005 14:34

I don't think that would make you bankrupt. Don't you have to apply for bankrupcy? I'd think whoever the creditor is would come after you to recoup their losses.

Creditors have a pecking order - things like council tax and taxes owed the IR come first, followed by eldest debts.

munz · 17/11/2005 15:58

erm to my knowledge they would send debt collectors out - then court - (after red letters etc) on't know after that, is there a prob with debt management? - if u can't afford the payments talk to them or CAB and see if they can renegotiate for u.

starlover · 17/11/2005 16:12

if you stopped paying they would send bailiffs out to repossess all your stuff

upthewall · 17/11/2005 16:43

Thanks I think I know this really. Would just have loved to have never been in this position in the first place, but thats life. Never mind in the year 2000 and frozen to death it'll be paid off

OP posts:
SackAche · 17/11/2005 16:45

Upthewall - Are you in England?

In Scotland Bailiffs can only be used to recover Council Tax Debt. Nothing else.

munz · 17/11/2005 16:56

utw, what's the prob, see if we cna't help u out with suggestions.

honestly thou if u can't afford the debt mnaagement - and thats the only issue then talk to ur company. u should be better off not worse

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