Call Us Free: 0800 088 2208
Follow Us:

Statutory Demand

Big or small, every debt problem can be solved

what is a statutory demand

Statutory Demand

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.

You can petition for bankruptcy, known as a debtor’s petition

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.

Take our debt test to find out how we could help >

What to do if you have received a Statutory Demand

Within 18 days of receiving a Statutory 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 prepared to secure the debt to the creditors satisfaction under the creditors stated terms.
  • The amount owed is less than £5000.
  • 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.

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.

Our panel of specialists can quickly advise you of your options if you have received a statutory demand or are considering going bankrupt.
Simply call the team on 0800 088 2208. Alternatively take the online bankruptcy test and find your best solution.

  • Last updated 03 October 2015

no credit on prepayment meter

What to do if your prepayment meter has run out of credit

  • by Admin
  • June 23, 2015

This guide explains what you should do if your pre-payment meter for gas or electricity runs out of credit....

Read


phillips cohen associates

How to deal with a Debt Collection Letter from Phillips & Cohen Associates

  • by Admin
  • June 22, 2015

Have you received a letter from Phillips & Cohen Associates. In this guide we'll show you a common letter they send, the tactics they use and how to deal with...

Read


attachment of earnings

A Guide To An Attachment of Earnings Order

  • by Admin
  • June 23, 2015

Have you received a letter threatening an attachment of earnings. In this guide we explore what an attachment of earnings order is, how they work and how to defend...

Read

Call the Money Advice Online Team:

debt helpline 08000882208

0800 088 2208

(freephone, including all mobiles)

Find Out If You Can Avoid Bankruptcy?


PERSONAL GUARANTEE: Your details will be kept confidential. We will NEVER pass your details on to third parties unless you ask us to. We NEVER cold call or cold text.

More info on hoax calls

Latest Tweets

Latest testimonial

Fantastic,they are life savers.

I Contacted them at 5 pm on a Thursday night,they arranged a meeting Friday morning with all the relevant bodies their because my case was the following Monday .I can't sing their praises high enough they contacted the courts same afternoon. Fantastic response, I avoided bankruptcy on the Monday and was given time to arrange an Iva. I risked losing my home,my mother and fathers home all hope seemed lost until I made that fateful phone call. I can now sleep at night.

Darren

Join 100,000s of Money Advice Onliners who read our WEEKLY email. Get our round up of ALL the best money saving tips, best buys, discount vouchers and competitions. Don't miss out!

* indicates required

We hereby promise to be responsible emailers.

Contact Us
  • Address: 20-22 WENLOCK ROAD LONDON ENGLAND N1 7GU
  • Phone: 0800 088 2208
  • Email: [email protected]
  • Monday - Friday: 8:00 am - 9:00 pm
    Saturday - Sunday: 10:00 am - 4:00 pm
Say Hello
Made with in Manchester
© 2015 Money Advice Online Ltd company no. 09554412 (Registered in England and Wales). ICO registration no. ZA116663 All right reserved.

Money Advice Online are a comparison service that acts as an introducer to companies who offer regulated financial advice (FCA approved). Money Advice Online does not provide any advice and we are not liable for any financial advice provided by, or obtained through a third party. As with any investment, the value of investments can fall as well as rise and maybe worth less than what was paid in. Past performance is not an indicator of future results. Money Advice Online does not provide any regulated debt activates in relation to debt counselling or adjusting. You can also get free impartial debt advice by following this link to the Money Advice Service.