![]() house, other property, car, etc.) a bankruptcy petition could be a real possibility. ![]() Some creditors may use bankruptcy as a threat, without intending to go through with it, but if you owe a significant amount of money and have substantial assets (e.g. ![]() ![]() If you owe your creditor more than £5,000, they can consider petitioning to the court for your bankruptcy. The County Court Judgment (CCJ) would also be registered on your credit file which can have a negative impact on you borrowing in the future. They can begin the legal process that could result in you being taken to court for a County Court Judgment (CCJ) which orders you to immediately pay the whole outstanding debt in full, or by instalments. ![]() The creditor will then be legally entitled to demand early repayment of the whole outstanding balance. If you have not repaid the arrears or set up a repayment agreement with your creditor within 14 days of receiving the notice of default form, your credit agreement can be terminated and the default will be registered on your credit file for 6 years. ![]()
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