Statutory Demand in Bankruptcy. URGENT! : LUSENET : Repossession : One Thread

I have received a letter from Edwards Geldards Solicitors,Cardiff. They state that they are instructed to prepare and serve a Statutory Demand in Bankruptcy against me. They have instructed their agents to attend my home to serve me with these papers. If I do not make an appointment with them for this their agents will still call at a time convenient. What do I do? My house was repossessed in 1995 by Derbyshire B.S I believe it was sold in February 1996 for an undisclosed sum. ANY and ALL help PLEASE

-- Sally Lowery (, January 31, 2002


Read this:

Then do as it says.

Then read the rest of this site's Repossession section, starting with the Do's and Don't list.

Good luck,


-- Lee (, January 31, 2002.

I have had two SID's served on me, one by post, six months later a knock at the door by an agent (do not invite them into your home and do not complete their Income and Expenditure form) who served the second SID, but he was more interested in gaining access to my home and completing their I&E form. Two months later I'm still waiting to hear from them.....

I'm happy to discuss this further, but am nervous about providing my personal details as this matter is ongoing - my email address is genuine.

-- Sunshine (, January 31, 2002.

I have dealt with the above firm in the past and they are no different to other agents acting on behalf of lenders in that they are aggresive and intimidating in their approach to get you to contact, in effect they will attempt to call the shots. For some one to prepare and issue bankruptcy proceedings one would expect the cost to be around 1,000,minimum, providing it is without complications, ie, you can be found. A professional would not instigate bankruptcy proceedings unless s/he had sound knowledge that they would see a return on their action should it be successful.A skilled negogiator could turn the tables and present a case that illustrates that they would in fact receive nil or virtually nothing in return for their 1,000 outlay and that it would therefore be more sensible to accept a one off lump sum in full and final payment.

Before you decide to pay any money, if this is your intention, then you must first establish exactly who the agent's are acting for, ie, the lender, mortgage indemnity guarantee (MIG) or both, because if it is just the lender claiming for the shortfall, on the payment from the mig, then you are wide open for the mig to enter similar action for their amount they paid under the agreement with the lender. I have seen and prevented this on numerous occasions.

There are a lot of issues here but one of the main ones to consider is this, why should you accept that the amount being claimed is accurate, there are pertinent questions that you should be asking the agent, without admitting liability, including how they have come to the amount that is being pursued, their reply together with other answers will determine the strength of your negogiating position when reaching a settlement.

Not knowing your financial standing I am unable to predict a possible settlement figure, however, if you have approx 15,000 equity in your current property then I can say with confidence that in the unlikely event of bankruptcy, in this particular case, the agent would receive nothing in return due to the current bankruptcy laws and fee structure with the DTI, Department of Trade & Industry, levy on bankrupt estates.

I trust this helps you, however, if you have any queries I would be happy to discuss matters further. I can be contacted on 0207 670 9010.

-- Mike Thomas (, February 03, 2002.

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