I have offered a creditor(£5000)to repay this amount by instalments He refuses & is issuing a Bankcrupcy Pet.

Question

Can a creditor refuse an offer to pay by instalments and still get a Bankcruptcy Petition? This is a personal case NOT business

Answer 1

they are just trying to intimidate you. tell them you are going to declare yourself bankrupt. you will find their attitude usually changes. if you go to court they do usually take a lenient view if you can show you have the funds to make the payments.

Answer 2

A creditor cannot put you forward for bankruptcy - he can file for a county court judgement. This will be where a court will decide a correct repayment scheme and you will be asked to supply an income / expenditure report so they can work out how much disposable income you have.

I am sure that a creditor cannot refuse and reasonable offer of repayment but many creditors will try to intimidate people into thinking they have no option in an attempt to force people to pay up.

The best bet is to get some advice from the Citizens advice bureaus.

Answer 3

Okay, here this. Get someone else to take your money, not the £5,000, but say £3,000, as a part payment, and legally, when the other party accepts the payment, even in part, then the debt has passed from you.

The person who pays on your behalf is not liable for the rest, nor is he the new person in debt, but simply the person negoiating your debt.

Chances are you pay only £3,000.

Answer 4

You need to get some advice on this, try citizens advice. I have always been under the impression that as long as you show willing to pay the debt and you offer an amount you can reasonably afford, they have to accept it.

Answer 5

Get in touch with people on site below

http://www.insolvencyhelpline.co.uk/bankruptcy/what_is_bankruptcy.htm

Answer 6

I don't believe so but you need good legal advise.