Statutory Demand - Stop and set aside

As Established Debt Counsellors for over 5 years we have helped many people successfully deal with these, you should read the following carefully and if you want our free help and advice even if it's just a threat you should contact us now and avoid any risk of saying "I wished I had contacted you sooner"

You won't find anyone providing our unique approach and we have helped stop further action on many Statutory Demands, wasting time trawling the internet could be a big mistake.

"Thank you very much for your great help in getting me on the right track, being in debt was a big worry but for your help the worry has nearly gone. I wont think twice about recommending you" Mr B

Banks, Financial Institutions and their Representatives take recovering debts very seriously but some can go to almost any lengths often relying on your lack of knowledge, we would always recommend that you:-

Don't believe everything you are told - get everything in writing.
Don't make agreements you can't keep, you will make matters worse.
Don't tackle this yourself without experienced help, your lack of knowledge experience or emotional attachment can lead to expensive mistakes.

Expertise creditors may prefer you didn't get?

We often identify issues in step 1 that can be used to get cooperation from a creditor, increase your options or stop further action, if you would like our free advice and help please contact us now.

Dealing with a Statutory Demand - 3 Steps

Step 1 - We help Check your debt, paperwork and process

This may surprise you but in a large number of the cases we see, rules and regulations had not been followed, documentation necessary had not been correctly completed, loans in general have often been incorrectly calculated.

Have the charges, interest, penalties, or fines been incorrectly calculated?
Are you being harassed?
Did you get significantly overcharged?
Has the creditor followed the regulations?
Were there hidden commissions?
Is your Statutory Demand paperwork in order?
Are you already complying with an order?

Some loans could even be voidable, not enforceable or at least subject to significant financial recalculation and there are strict rules, regulations, and guildelines to protect consumers that creditors must follow.

Depending on the type of debt these issues can be used to help in several different ways from stopping further action to reaching a satisfactory agreement.

If you contact us a quick call or email can often identify if you are likely to have suffered from any of the issues above without contacting your lender, you have nothing to lose as the check is free and is part of our review to identify all your options to stop or set aside a Statutory Demand.

Step 2 - Check your options

Some people have no choice or out of principle because of the circumstances want to fight the demand and we can often help you with this where issues in step 1 have been identified.

Others may have a choice and identifying and understanding your options is essential if you want the best chance of dealing with the threat of or Statutory Demand on terms that are suitable for you.

To make the right decision before taking the next step we will as part of our review check your options.

Could any issues in step 1 could be used to help negotiate, increase your options, stop a creditor issuing a Demand or in a set aside application.
Can an IVA agreement be used to stop or avoid a Statutory Demand by consolidating all your unsecured debts into one affordable monthly payment with interest and charges stopped.
Would a loan or a financial restructure realistically help you deal with the debt.
Will negotiation with your creditor be a genuine option.
Are there any other methods or debt solutions that could help.

Step 3 - Quickly help get you back in control.

We will explain the pro's and con's of your options and once you are ready to move forward we will quickly help prepare to put your solution in place, we do not charge any fees and please see about us for information on this.

*The "clock is ticking" with a Statutory Demand and we strongly recommend you do not waste valuable time trying to negotiate with a creditor only to find out a week later that no progress has been made, do not allow yourself to be intimidated into an agreement with a creditor that is not realistic.

If you have already decided on a course of action, would like a second opinion or just need help completing forms 6.4 and 6.5 for an application to set aside if you contact us we would like to offer our free advice and help.

Be prepared

If you don't want to risk Bankruptcy you may have just 21 days or less to make some important decisions.

If you plan to apply to stop or set aside the Demand you have less than 18 days to apply and you will need a solid case to present to the Court which we can help with based on our investigation in step 1.

If not your creditor will be looking within 21 days for either payment in full, a reduced settlement offer, acceptable monthly payments or the debt to be secured against your property to withdraw the threat of Bankruptcy and if you have other debts an IVA may be another option we will check as part of our review.

You will find plenty of information on the internet about Statutory Demands but unfortunately the effects of these are often underestimated or not properly explained on debt advice sites and making a mistake here can be very costly.

Did you know - for example

If the creditor is not bluffing and after 21 days issues a Bankruptcy Petition this is registered at the Land Registry for a home owner.
Unfortunately if you are a home owner this will stop you from doing anything with the property without the Courts approval.
Trying to use your property at this stage to get a loan or remortgage to pay the debt can be almost impossible because you have Bankruptcy Petition proceedings against you.

You can quickly see how if you are not careful and did not fully understand how serious a Statutory Demand can be how fast this will get away from you and potentially put you in an impossible situation.

This does not mean you should panic into taking the 1st loan remortgage or IVA or other debt solution that you come across or dismiss it as a creditors bluff but it does mean you should get an expert to help look at all the options or you may make a decision you regret.

Statutory Demand - Key points

A creditor usually issues a Statutory Demand as a final warning for repayment of an unsecured debt.
They are likely to have done their home work and know that you are a home owner or have assets to cover the debt.
The debt must be £750 or over.
If you do not come to an agreement they may start Bankruptcy proceedings after 21 days.
If you want to apply to have the Statutory Demand set aside you need to do this within 18 days.

A Statutory Demand can affect you in many ways depending on your circumstances, and we always suggest you also obtain legal advice but if you are prepared to do nothing and gamble that your creditors are bluffing or that you think you will win a case to set aside the demand without fully exploring the options and potential risks this is a tactic we would not recommend.

If you are not sure what to do next, need urgent help or just further information on Statutory Demands please telephone or email on of our friendly consultants in confidence today.

The call or email could change your life!

Free Confidential National Helpline 0800 781 9958

email: info@discreetdebtsolutions.co.uk