Last updated: 1 November 2021
A statutory demand is a written notification from us, saying that if you don't pay your debt, or agree a payment arrangement with us, we will start court proceedings to make you bankrupt.
This is extremely serious action and will badly affect your ability to get credit for a long time afterwards. You’ll incur substantial additional costs - between £1,500 and £40,000 plus. Any properties, or other assets you own, can be sold to pay your debt.
You should seek independent advice about how bankruptcy would affect you.
To prevent this happening, you need to pay the debt in full, or agree a payment arrangement with us.