SD issued by Capquest - 21 days past... now what?

[gingercake]

I had a SD sent through the post to me by Capquest for a credit card I had with Cap1 a while a go.

 

I didn't ask for it to be set aside because if I'm honest, I'm happy for them to make me bankrupt...

it's been something I've been hoping will happen for a while now.

The only reason I hadn't done it myself is because I could get the money together to do so!

 

I own my home with my OH which is valued about £210K. Mtg is £190K, 1st+ is £62K, secured ccj's total about £40K so nothing of value there.

OH works, I'm on DLA & ESA, 4 children still at home (3 of them dependent) with one registered as severely disabled.

 

I have one account in my name that all the benefits are paid into and one jnt with OH where his salary goes and all our bills come out of.

 

Any surplus from that account is usually put in mine to pay for food, clothes etc.

 

I have a car that was brought with one of the children's savings plans

- the receipt has their name on as well as mine.

 

Will this be taken away even though I need it for my disabled son and for me to go anywhere as I'm unable to walk very far?

It's worth about £2K.

 

My question really is what happens now?

 

The 21 day deadline was today so does that mean I will be made BR and if so when?

 

Can they do it whenever they want now or do they have to do it within a certain number of days?

 

Also, should I draw out the money in my account (£300 ish) and what happens to the joint account?

 

Thanks for the help and I'm sorry if I'm sounding blasé about it but we've been fighting debts now for over 8 years,

maintaining arrangements, providing regular financial statements, not getting anywhere etc so please don't think I'm not taking this seriously,

 

I just need to make sure I know what's coming

[citizenB]

I will try and find someone who can help

[gingercake]

Thank you, I would really appreciate it

[citizenB]

Someone will be along as soon as they can - most of the advisors have day jobs so it could be toward the evening that you will get more viewers/comments.

 

I have been advised that if the vehicle is not registered in your name then it will not be taken off you.

[oleg]

Hello Ginger

I know someone who was in very similar position. About a month after the SD letter, they wrote to say how "disappointed" they were not to have received a response and they would send another SD via a process server. (Proving they knew first one had been served improperly, btw.)

That was 2 years ago and all that's happened is a few laughable threats were received from McKenzie Hall.

Creditors will not take paupers to court unless they own property and can get anything out of that. Capquest have probably decided that in your case they can't.

If i were in your shoes, I'd just follow the wind. If anyone wants to pay for your BR, let them, otherwise leave matters be.

Best of luck to you

[gingercake]

Thank you oleg, it was really kind of you to reply and citizenB - my thanks again

[sequenci]

Hello there.

 

Sorry for taking a while in replying to you.

 

A statutory demand is just a threat that someone *may* make you bankrupt. The majority of these demands are sent just as a scare tactic. If they wanted to actually make you bankrupt they would now need to serve you with a creditor's petition for bankruptcy. It's uncertain whether or not they'll actually do this. Should they do, and you are made bankrupt it would be the actual bank - rather than the Official Receiver that will decided whether or not to close the bank account, and if the car is clearly needed for your disabled dependant then there is the possibility that you'll be able to keep it.

 

I hope this helps!

 

Seq.

[gingercake]

Thank you sequenci for your reply...

Is there a time period in which the creditors petition can be issued or is there now the possibility that I could be made bankrupt by them at any point in the foreseeable future? I suppose what I'm trying to say is does the SD 'expire' at any point and another has to be issued or is it that as they have now issued it, I will be forever looking over my shoulder so to speak?

 

Thanks again for your time and assistance

[42man]

The SD will not expire as such, and I would only recommend bankruptcy as a last resort. I hardly dare say this but if bankruptcy is the only option, then you could possibly send them an email inviting them to make you bankrupt and that you will not be disputing it. Once you are made bankrupt you will have to attend a meeting with the nearest official receiver (usually within 14 days) where you surrender your cheque books, cards, details of any pensions or any assets, list all your debts (including any disputed ones), your outgoings, etc. and it isn't as scary as it sounds. If you have a car that is vital (usually if it is valued under £1500) to your day to day needs for you or a member of your family then you should be allowed to keep it. You may have to open another basic bank account after being made bankrupt.

[42man]

You might like to try calling the National Debtline to discuss, their advice is free impartial and confidential - http://www.nationaldebtline.co.uk/

[gingercake]

Thank you 42man, I think I may give the debt line a ring