Advice Please – Trying to Sort Ourselves Out

[Longships]

In late 2007 when our business failed we were left owing nearly £100,000

– partly on a business loan and business credit card,

but a lot of it was in the form of personal (unsecured) loans and credit cards that we had mainly used to support the business.

 

I was advised that bankruptcy was not a good option as I have a large personal debt that would not be eligible to include in a bankruptcy.

 

CCCS were unable to help us even with the personal loans and credit cards as our income was insufficient to cover our living expenses

– still had children at home then.

 

I wrote to all our creditors (by this time mainly DCAs with full details of the situation

and offering token payments of between £1 and £10 depending on the size of the debt.

Some accepted and some didn’t.

 

 

Those that did accept we set up DDs to pay every month and those that didn’t accept got nothing.

As far as I am aware none of them bothered with CCJs.

 

I am now trying to get on top of the situation and have been checking the bank account and going through paperwork.

 

 

It seems that 2 of the DCAs, after taking their payments every month for 5 years or so, stopped taking anything about a year ago.

The DDs are still active in the bank account but no payments have been taken.

 

Only 3 of the original debts are now claiming these token payments.

Another 3 are I think probably statute barred by now

(one of these has just started sending chasing letters again).

 

Where do we go from here?

[National Debtline]

Hi Longships

 

Just trying to make sure I understand things correctly.

 

I assume the business was wound up/dissolved after its failure so any outstanding debts now are ones you are personally liable for.

 

What was the large "personal" debt you refer to in your post, and do you recall why you were told it would not be provable in a personal bankruptcy? Money owed to friends/family etc., unless secured, can normally be dealt with in bankruptcy just like bank debt, credit cards etc.

 

Dennis

@natdebtline

[Longships]

Thanks for replying. As much as I would like to tell you about the personal debt - and rant and rave about the injustice and unfairness of it - I cannot discuss it in a public forum, but it is not just a friendly loan.

 

The business just stopped trading - there was no official winding up and it wasn't a limited company. (Probably should be classified as my husband being self-employed rather than a business? There was no premises.)

Edited November 21, 2014 by Longships

[dx100uk]

pers I'd be sending CCA' requests off to everyone you blindly started to pay anything too.

sadly, mind you cant fo that for pure bank accounts.

 

 

dx

[Longships]

DX - Wouldn't sending off the CCA requests now at this late stage be just reminding them all to start pestering us again?

 

Any ideas why the 2 DCAs (Cap'quest and BrCarter) would have stopped taking payments?

[dx100uk]

because they probably were not even entitled to do so in the first place

 

 

we call it cash cowing.

 

 

dx