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Response to help

from Lee (repossession@bigfoot.com)
Going voluntarily bankrupt is probably less beneficial to you than any other option. Lenders are unlikely to make you bankrupt if you have no cash because they only get what's left after your bankruptcy administrator has taken their 15%. And that ain't much if you didn't have much to begin with.

So you pay your IVA until shortly before you run out of cash completely, which clearly you are giong to do, then explain the position and and then let it hit the fan. Nothing is going to increase the amount of money you have and lenders know this better than you.

They also know that threatening you until kingdom come is more likely to make you try to borrow the money they want from someone else - which is not going to work - for you.

So keep everyone informed and let it go. Does this make sense?

Lee

(posted 8570 days ago)

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