Do you know if there is any equity in the house, sparky1? If not then sequestration may be an option without losing the house.

However, given the sum involved maybe a payment arrangement could be made, possibly through the Debt Arrangement Scheme, to pay off the debt by affordable instalments?

Does it cost to set up a debt arrangement scheme Mark? If bankruptcy was the only option how would they avoid losing the house?

Sorry I ment Kevin

Hi sparky

No, there's no set up costs.

He has the choice of the free sector ( CAB etc) or private to deal with it.

DAS would certainly be the obvious choice, although the position with the property may result in sequestration as an option.

Mark

I think he has contacted the debt collection companies that I have mentioned directly, but then again there is no way of knowing. I'm just worried for my mums sake as the house is jointly owned and any implications it will have on her.

Hi sparky1.

Does he seem ready to deal with the debts? It's very hard to persuade someone that isn't to take positive action.

By the way... there's extra information about dealing with debt collection agencies like Moorcroft and Wescot at:

https://www.trust-deed.co.uk/debt-purchasers-and-debt-collection-agencies.html

I've told the both of them to go to cab for advice...that way my mum will know something is getting done in a sense as well as her partner. He doesn't know I've been in a trust deed but my mum does so this is where this website helps, far from claiming that I'm a debt expert at least reading posts on here, I can point them in the right direction and all ur help is much appreciated.

Hi sparky

Trying to negotiate with debt collection companies is a skill and a half as you are entering call centre couldn't care world. Any agreement for repayment, freezing of interest should be confirmed in writing, but that in my experience is unlikely.

The DAS option would at least allow a planned way forward and safeguard the house. Hopefully the will speak with the CAB and agree a plan.

Mark

Ok if he signs up to das and misses one payment does that lead to bankruptcy ? Thanks

Hi sparky1.

No. A consistent failure to make payments will result in the DAS failing. This comes with the risk of interest being re-added.

Hi, can a debt recovery firm petition him for bankruptcy and does the court appoint a trustee to run the bankruptcy?

In what circumstances do you envisage that this might happen sparky1?

Without addressing the debts at all? During DAS? After a DAS fails?

Hi sparky

It will normally be the creditor who petitions and more often than not, appoint the AIB as Trustee who will deal with this inhouse or appoint an agent to administer the sequestration.

Mark

Thanks Mark. TDA, if he continued to ingnore the letters and calls I was just wondering if the debt collections firm can petition him for bankruptcy as an alternative form of action.