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    Statutory Demands
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    Official Receiver
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    Your Bankruptcy Hearing
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    Debts Excluded from Bankruptcy
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Statutory Demands

A Statutory Demand is a formal document which can be issued if you have failed to make payments to a debt. This is the first step of the legal process a creditor may use to make you bankrupt to recover their money.

If you do not repay your debts on time, your creditor may use the power of the courts to get you to settle the debt or start making reasonable payments.

A creditor has the option to try to bankrupt you, with a statutory demand being the first step of that process.

Within 18 days is receiving a Statuary Demand, you may apply to your local County Court to set it aside under the following circumstances:

  • The amount of money owed is in dispute
  • The debt is not payable now.
  • You are perpared to secure the debt to the creditors satisfaction under the creditors stated terms.
  • The amount owed is less than £750.
  • The statutory demand has been issued in error or does not comply with rules.
  • You can and are about to repay the debt.
  • You have a counterclaim of more than the money owed.

Ignoring or Failing to comply to a Statutory Demand entitles the creditor to present a petition for bankruptcy 21 days from the date of issue.

Our team of specialists are here to help you find an alternative to Bankruptcy or to assist with your Bankruptcy application. You can call our helpline on 0800 088 2147 or simply the online test to check if you qualify. Find out if you qualify for an IVA
Apply for Bankruptcy online

The demand is normally issued to you in person by the creditor. It may be posted provided there is proof that you are aware of the demand.

If you are not contactable, them the demand can be issue by advertisement, however the creditor requires a court order to allow this.

Failure to comply to a statutory demand is seen as proof you are not able to repay the debt, and as such, the creditor is entitled to serve a bankruptcy petition to the court.

What To Do Next

If you have received a Statutory Demand, or have been threatened with one, then you need to get professional advice as soon as possible.

Expert help and advice when you need it most

Our panel of specialists can quickly advise you if you qualify for an IVA,
Debt Management Plan, Trust Deed as an alternative to bankruptcy.
Simply call the team on 0800 088 2147.
Alternatively take the online debt test and find your best solution. Find your best solution with the online debt test

Solutions to stop a Statutory Demand

Become stress free from as little as £100 pcm
With a Debt Management Plan you could simply pay one affordable monthly payment and no longer have to deal with your creditors..
See if you qualify  DMP eligibilty test
 
Write off up to 70% of your debt
If you qualify for an IVA you could:
Write off up to 70% of your debt
Freeze all interest & charges
Keep your house

See if you qualify  IVA eligibility test
 
Scottish Resident?- be debt free in 36 months
Be DEBT FREE in 36 months using Scotland's answer to the IVA.
See if you qualify  Trust Deed eligibility test
 
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DebtAdvice-Online.co.uk does not charge you any fees for our service, however the partners we work with help fund the DebtAdvice-Online.co.uk service. Our partners charge fees and those vary depending on the partner and the debt solution. Customers should refer to our partners' websites for more information regarding their services.

We will pass your details on to one of our debt partners who will contact you and explain all the options available to you. They will then be able to help you set up a debt solution which is right for you.

Debt solutions should not be entered into lightly - they affect your credit rating. Failure to keep up with repayments can result in bankruptcy or legal action. Different debt solutions have different risks attached to them.

The lender is not obliged to accept less in settlement of the debt than they are entitled to; nor to freeze interest or charges. It could result in the total amount payable increasing, or the period over which it is to be repaid increasing. Debt solutions affect credit ratings.

The debt products and solutions offered by our partners depend on your criteria and circumstances, including how much you owe and how many creditors you owe money to. You need to speak to a debt advisor to obtain a full assessment.

 
 
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