Hi all
I am new on here. Please be gentle with me. I have posted on other sites seeking advice. In a desperate situation and in desperate need of some advice. My mind is everywhere at the moment but will try to explained fully my problems.
Just recently closed down our business. Ceased trading after nearly 16 years . Its a partnership or rather was a partnership and that is the main problem to my problems. Really did not expected it but the day we ceased trading my partner basically walked away and wanted nothing to do with the business.......leaving me to deal with a real mess of everything and the partnership debts. Because she has no assets when she sold her house 3 years ago to settle her personal debts and is now renting, I know I am in a really disadvantage position (I am fully liable as a partner). Whereas, I still own my property with a sizeable equity. She has avoided all communication and may have moved again.
After getting over her treachery and shock of it all and with very limited funds raised through friends and family, I have slowly been trying to sort everything out. Managed after much negotiation to settle the debts with various suppliers. After returning the remaining stock to them, I settled only 50% of the debts owed. Result is I am no longer liable ( all this is in writing ) and the creditors retain the rights to pursue my ex partner for the other 50%.
Then there is the HMRC , the VAT and other many various matters I suddenly I had to deal with. It has been very stressful for me and I do not know how much more I can cope especially the thought I might lose my house. I have 2 young children and I really cannot and do not want to sell my house
My problem now, probably the biggest problem is the unsecured overdraft and loan debt with Barclays which I am hoping to find some advice here . Its about £26k which I do not have. I wrote to them enclosing a financial disclosure,explaining my situation I am in and also that I am now in a low wage employment.I offered them £7700 on a pro rata basis. Unfortunately , this was rejected
This is the extracts from the Barclays reply........"In your letter the sum of £7700 is a pro rata offer but you do not say much you are raising to settle your various debts or whether your other creditors are prepared to accept a pro rata settlement. We have not received full financial disclosure from you to include full details of your property and our records suggest that you have substantial equity in your property. We would be prepared to consider a greatly enhanced offer of settlement but if this is not forthcoming......."
Do you think I have messed it up with the offer? Any suggestion/ advice on how to reply......worried on how I should reply to them without making a mistake. Do I disclose full details of my property? Any idea what enhanced offer they looking for ? Do you think I can come to an arrangement with them like I did with my suppliers and that Barclays retain the right to pursue my ex partner?
Also, I have personal credit cards debts which I am trying to arrange a dmp with them until I can I come up with some settlement. Just pointing out , the funds raised to settle the partnership debts was raised after the business ceased and before my ex partner decided to do a runner. It was on the assumption / expectation she would come up with her half.
As you can see , I am in a real bloody mess.I would be very grateful for any suggestion or advice. Thank you
Regards
