Debt Story #14
Posted by: Anonymous on 6th Apr 2009 | 1 Comments | Post Comment
My story is a very long and complicated one, which involves me trusting my ex best friend as Financial Director of my business that subsequently went bust. I am now being chased by RBS (£25k company CC) for a PG on that Company and have CC debts totalling about about £80k all of which has been used to try and fund my current business and to save my previous one which didn't work. I am also being pursued by HMRC for personal liabilities on my previous liquidated company and of couse they just disregard my DLA and present me with a tax bill for £22k. All I can say is it has to stop, I don't sleep, eat or function properly in my current business due to the stress and worry.
Re: My story is a very long and complicated one, which ...
Sorry to hear about your situation
From looking at the above information the best option available might be Bankruptcy.
The debts are over £120K and if you are struggling to deal with the situation now it is only going to get worse.
By going bankrupt your affairs will be managed by the Official Receiver or a Trustee in Bankruptcy who is duly appointed.
To make yourself bankrupt you would have to apply to your local county court with bankruptcy jurisdiction and complete a debtor’s petition and statement of affairs which gives details regarding your assets and liabilities. This can be done online at www.insolvency.gov.uk
A couple of things you would need to take into consideration if you go bankrupt are that any property owned would vest in the Official Receiver/Trustee in Bankruptcy. This could ultimately lead to you having to lose your house if no other arrangement could be made to purchase the Trustee Interest
Also if you are a director of a Limited Company you would have to resign, as a bankrupt is not allowed to be a director. There are other obligations which you would have to adhere to and these can be found at www.insolvency.gov.uk
The other option you have available is to propose an IVA to your creditor. This can be done by making monthly contributions usually over a period of 5 years but needs to be accepted by over 75% of your creditors to be approved. Again you need to note that creditors may request you to introduce any equity in your property into the arrangement and to meet a threshold for any minimum dividend. To do any IVA you would need to speak to a licensed Insolvency Practitioner who would help with your proposal and if accepted Supervise your arrangement. This is something we can help with, should you wish.
I hope the above information is helpful and if you require any additional information about each of the above aspect please let us know.
With best regards
ClearDebt
Post new comment