toddle2u
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Everything posted by toddle2u
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Any advice would be appreciated. MBNA upheld my complaint at end of July and said would facilitate repayment within 6 weeks which meant Mid September. Despite numerous phone calls I am still no closer receiving payment or have any knowledge of the amount they have agreed to refund. Have faxed a 7 day letter before actionto them some 3 weeks ago. When I do manage to speak to them they say, claim not calculated yet call back in a week, the call after that said they had no idea when it would be refunded. The latest phone call was that there was no one there to verify my security information so they couldn't progress the call! As I see it going to FOS or start Court proceedings will just delay it further? Anyone any thoughts - MBNA seem to be in a complete shambles.
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Agree with hat BD has sa above - but would add do not file the accounst as there is no point in incurring the cost.
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Wife received BACS from Lloyds for £7.5K+ after making complaint with no paperwork. Still got 2 more with them so fingers crossed
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Out of curiousity how much is involved? If it's a large amount they may not be the sort who are overly bothered by a cease and desist letter or having there photograph taken. Having been involved in this sort of situation I would also say that the police are less than useless as they need to actually catch them in the act of demanding money with menaces.
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I have given you my views on this on your main thread. I don't think you'll be able to get a merchant account at all but would be pleased to be proved wrong on this. Business Bank account - think you will struggle with this as well.
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If it's not your asset and you didn't contribute to the purchase of it then the OR can't touch it
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Not a hope in hell of getting one in these circumstances.
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As long as your friend is keeping up the repayments it shouldn't be a problem. However, if the bank ask for the property to be revalued and the valuation comes back that there has been a reduction in the value of it and subsequently their security is reduced they may try and renegotiate the terms of the loan.
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It's nothing to do with the Director it is who is the shareholder as it is the shareholders who own the company. If you have shares in the company at daye of BR the OR will have the benefit of these. if you have defaults on your credit file at the moment you are going to struggle to get a mortgage or credit card. Defaults stay on your credit file for 6 years from the date of first being registered. If you go BR you would probably be able to look at getting a mortgage about 3 years after discharge but expect to pay higher rates and have fewer options available to you. I know people who have got credit cards after 3 months of being discharged (why?!) with people like Vanquis.
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Try a Natwest Step Account
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Answers in red below
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No you don't have to inform them because you are discharged - also remember that it is the company they are giving credit to and not you personally. You, even if a Directr, work for the Ltd Co. The Ltd Co is a seperate legal entity from yourself. They wouldn't be a director, nor would they own any shares (any they did hold would belong to the OR when they became bankrupt?). The Director at the time would appoint them. The company has no assets and oncee the OP is discharged he is free to do as he wishes
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At £4K you do run the risk of losing it. Is it specially adapted for mobility reasons?
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No you need to transfer the share from yourself as well to a trusted person. Google 'stock transfer form' and you will get the correct form to do this. This will also need to be noted when the Company's Annual Return is field. Personally I wouldn't buy a car whilst your are BR I would wait until you are discharged as it may raise some questions as to where the funds came from. Remember you have to notify the OR of any increase in income or windfall
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Remember shareholders own a company and Directors run it on behalf of shareholders.
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Whilst everything debtinfo says is perfectly correct the reality is somewhat different. Appoint another Director now prior to your BR, resign yourself, change the bank mandates to the new Director, get the new Director to employ you as a Sales Rep with a contract of employment and carry on as normal. Make sure all quotes, orders etc are signed off by the new Director not yourself. The chances of any come back are zero. You get to keep the Ltd Co and the PDQ machine.
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Yes it was declared and no I didn't have to buy the interest back. It is not assigned to anyone and I am still paying towards. The only think I had to buy back was my pension policy for £50
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The OR had no interest in my whole life policy which was for a substantial amount.
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I can't see you getting a PDQ machine whislt BR and the card impression mchine is jsut a back up in case the online terminal fails. I really can't see a way round this without keepig the Ltd Co going unless you would be prepared to accept cheques or cash off clients.
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You have stated that being BR should present no problem getting the lease of the premises and machinery transferred so that is sorted. However, I still do not see how you are going to be able to get a PDQ machine when you are an undicharged bankrupt. I just can't see it. Is there another Director of the Company? Who is the Company Secretary? Are their any managers in the company or is it just you?
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Can't disagree with any of the advice that debtinfo has offered. Does the Ltd company hold any stock or have any assets? If you are renting machinery I guess that there is an element of stock, if so how much?
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What a horendous story and not sure if I can be of much help. The one thing I could suggest if that the Police say he has a history of doing this should they not be able to provide with some sort of statement supporting your story on which you could use to defend yourself in action that is taken. Are you able to get legal aid for this?
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Yes you will need a new bank account and you could try to get the pdq machine transferred to your name. You can start trading as a sole trader as soon as you like and wind down the ltd company. Whilst BR you cannot obtain credit terms in excess of £500 without telling the person extending credit that you are BR. The more I hear about your situation I would sit tight and wait for it to happen and if you think it's getting close do the switch over then. You would need to do all this before you are made BR as you would find it difficult to get a sole trader bank account and a PDQ machine whilst BR
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In theory it shouldn't cost you anything to switch to a sole trader and yes you could keep the same company name as you would be Joe Bloggs t/a Joe Bloggs Fashion or such. You would need to regsiter with HMRC as a sole trader within 3 months and you can do this online and again does not cost anything. You would need to change who the name of the lease is in and also the rented equipment. It would be best to do this before you are made BR as it could get complicated getting it sorted once you are.
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You have my sympathies at this difficult time. It is very difficult to advise someone if they should make themselves BR or not as it can really only be their decision. There is no shame or stigma attached to BR anymore as so many people are doing it and you are obvioulsy trying to turn your life around so do not worry about that. If you have any other questions just ask
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