£60k+ of unsecured debt..... What now??

[JayAce]

Hi all,

 

I'm new to this forum but have been reading so much fantastic advice I just had to join!!

 

I'm in a real quandary as to what I should do about my financial mess

 

The main problem I have is that 4 years ago I engaged in a joint business venture with a friend and we took out a £30k loan with a company called NWES, this loan is unsecured but we are joint and severaly (?sp) liable for the debt. Our business unfortunately failed after making just 6 repayments and the debt was sent to the county court, we were each issued with a CCJ for £49,000.

 

Following the business closure it was investigated by the police and they decided the loan was applied for with some false details (by false details it was case of wrong qualifications being entered!! Nothing sinister) and we were convicted of obtaining teh money transfer by deception..... However, the crown court judge left the CCJ in place as he saw that the debt was being dealt with in civil courts and saw no reasn to deal with it by way of the crown court.

 

Now a £49,000 debt is not something that's easily forgotten and I am in no way a position to make anything more than token payments! The company (NWES) have not in the past 18months even asked for payment but i am worried the debt will be there forever and at some point in the future it will come back to haunt me in a real bad way.

 

I aso have a further £14,000 in unsecured debt which is with bailiffs and all sorts of horrible debt collection agencies that are continually calling and posting letters saying they will remove my property even when I am not there!!

 

What can I do?? I have been looking at bankruptcy but the CAB could not give me afirm answer as to whether or not the main £49,000 debt would be covered by the bankruptcy, even speaking to a bankruptcy practicioner (or whatever they are called) did not clear up whether or not teh fraud element of the case would interefere with the bankruptcy petition!

 

Help!!!

 

And thanks for any advice in advance

 

JayAce

[loobyloo85]

If you personally guaranteed any debts yourself, you would be liable, and therefore this would be covered in bankruptcy.

However, if the debts were taken out in the business' name, this is a different thing.

Sorry I can't be of more help.

[cerberusalert]

The company (NWES) have not in the past 18months even asked for payment but i am worried the debt will be there forever and at some point in the future it will come back to haunt me in a real bad way.

 

It is possible that NWES think that it has been dealt with through Crown Court.

 

A CCJ never becomes statute barred but if the creditor hasn't enforced it within six years they must apply to a court to enforce it at a later date.

 

As the CCJ is against you it is a personal debt so I would think it could be included in bankruptcy.