Can creditors find out about savings/isas etc?

As subject line really. Can a creditor find out what savings or ISAs a person has?

Reply to
Pete
Loading thread data ...

That is private and only has to be declared when and if it gets to bankruptcy stage.

Reply to
Adrian Boliston

At 20:47:06 on 01/01/2006, Adrian Boliston delighted uk.finance by announcing:

What about at CCJ stage?

Reply to
Alex

In message , Alex writes

No. A CCJ is merely 'This court says you owe Acme Credit £100 and we have written it in a register'. It makes no further enquiry as to the debtors means.

Reply to
john boyle

At 12:04:42 on 02/01/2006, john boyle delighted uk.finance by announcing:

How does the court come up with the repayment plans then (assuming the initial offer is not accepted)? What about enforcement if you fail to keep to the order?

Reply to
Alex

As far as I understand the Registrar can only make a repayment order on the information that is to hand - usually the "means" form that has been completed, along with wage slips or proof of benefit. It would be up to the creditor to prove that the defendant had other money (or income) from which the judgement could be paid.

The creditor could find out what bank accounts and credit cards are held by the defendant from Experian - along with details of registered debts and loans. However, that would not give them any idea of the balance held in the accounts. It is also very unusual for a creditor to go so deeply into defendants affairs as it is a costly and time consuming process.

Generally, if a defendant is on benefit, the likely repayment will be very low (£3 to £5 per month) regardless of the amount of the debt. The amont will obviously be more if the person is waged - however, it wil stil be a fairly low percentage. If payments are not made within the terms of the judgement then the creditor can apply for the judgement to be enforced and a court bailiff will attempt to sieze goods - however, if the defendant won't pay, and has no visible assets, it can be almost impossible to recover these debts. That is why many companies just choose to write off debts below a certain amount - and sell others on to debt collection companies for ridiculously low amounts (often as low as 3%).

The only thing I would say is that if it was an individual chasing another individual for a debt, then rationality goes out the windiw and the plaintiff will often go to great lengths to uncover potential sources for repayment.

For more information I suggest

formatting link
Alan

Reply to
beechwalker

In message , Alex writes

It doesnt. No 'repayment plans' are agreed.

There is no 'offer'. The court either finds in favour of the plaintiff (the creditor) or not.

Thats up to the creditor, not the court. The Creditor can take various courses of action including bailiffs and even proceed to Bankruptcy.

Reply to
john boyle

At 16:01:58 on 02/01/2006, john boyle delighted uk.finance by announcing:

The CCJ normally has an associated payment plan which, if not kept to, can lead to further action such as execution warrants, attachment of earnings, garnishee orders etc.

Reply to
Alex

In message , Alex writes

None of the CCJs I have served have ever had such a plan and the online system doesnt seem to cater for it either. All of the4 things you mention come later.

Reply to
john boyle

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.