| T O P I C R E V I E W |
| introuble |
Posted - 21 June 2008 : 22:26:07
hi,
if I have available money on my overdraft can I use this for the br fee. I can't see any other way of me saving for the fee other than the odd tenner here or there or going into arrears on rent etc.
obviously I understand the possible consequences bro etc but what are your thoughts as to what could happen.
darren |
| 15 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 23 June 2008 : 09:55:04
A DMP can be an extremely useful tool if used correctly. I agree with Melanie that a DMP should be your first step whilst you consider a more permanent solution (eg IVA or BR). This will keep the creditor pressure off with affordable monthly payments whilst you consider the next stage.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| melanie_giles |
Posted - 22 June 2008 : 16:14:50
There should be no reason why you can't put forward a DMP - Andrew Graveson of Brightoak would be happy to talk to you and has a number of people under debt management with as low as two creditors. Definately worth a call and you can find his details on the sister site iva.co.uk where he posts as an expert.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| JulianDonnelly |
Posted - 22 June 2008 : 16:12:41
Hi Darren,
Yours is not exactly a straightforward case, so it's best to seek advice. For instance, a lot of franchise contracts will have a clause to say that the contract becomes void if you go BR (otherwise, the OR can take and sell on the contract as it has value - not many licensors like to lose control this way!). I'm sure Brett will look after you.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| introuble |
Posted - 22 June 2008 : 15:49:26
true words julian. I have a franchise so that complicates matters further. I just feel duty bound to pay these debts back to the point that I have been contemplating all of this since march wothout making a definitive decision as it keeps changing. |
| JulianDonnelly |
Posted - 22 June 2008 : 15:21:34
Darren,
A point worth considering is whether you wish to continue trading as you are, or whether you just want to draw a line under the whole afair and start again. Your goal will dictate the best course of action.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| JulianDonnelly |
Posted - 22 June 2008 : 15:20:02
Hi Darren,
I'm sure he'll be in touch tomorrow.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| introuble |
Posted - 22 June 2008 : 15:19:04
I have sent through a request is there a separate email address for him. |
| JulianDonnelly |
Posted - 22 June 2008 : 15:13:00
Hi Darren,
Why not try Brett England as company restructuring and recovery is one of his main strong points?
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| introuble |
Posted - 22 June 2008 : 14:52:09
hi to you both,
I spoke to one of Paul Johns contacts who recommended br. I have spoken to Suzanne at your office Melanie who suggested carrying on trading with a view to trading out of it. I have tried a DMP but the company I tried refused to take it on as they stated I have too low a number of creditors that it was not possible. Melanie your office suggested that an IVA was also not possible due to no guranteed income and low numbers of creditors one of which is mbna. So really now not sure what else is open to me. darren |
| JulianDonnelly |
Posted - 22 June 2008 : 14:24:44
Couldn't have said it better myself :)
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| melanie_giles |
Posted - 22 June 2008 : 13:53:12
If you are continuing to borrow money which you know you will be unable to repay, then you should stop and take stock of your situation and seek professional advice. Many people continue to exhause their available credit limits in the belief that they will turn the corner - the only thing that I would add is that under a structured repayment plan with creditors, the corner is often quicker to reach, especially if you are running a small business.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| JulianDonnelly |
Posted - 22 June 2008 : 13:16:02
Hi Darren,
by talking to an independant advisor (such as Brett England and Paul Johns), they can look at every available route. By doing this, you can then decide the best route forward. If you believe your business is on the cusp of turning around, going for BR now may be a little premature.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| introuble |
Posted - 22 June 2008 : 12:38:52
It is a real difficult one as BR allows me to draw a line and start again. But carrying on may turn it around but there are no gurantees. |
| JulianDonnelly |
Posted - 22 June 2008 : 12:30:57
Hi Darren,
Given your situation, it may well be worth talking to a reputable bankruptcy specialist before proceeding (to protect your business etc). Brett England of England, Jackman & Spacey does excellent work, as does Paul Johns of Reviva. You can contact them through their web links on the experts page.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| introuble |
Posted - 22 June 2008 : 11:37:58
Hi,
This is my point. At present I have available cash on Overdraft, other Credit Cards etc that in fact I could actually get hold of somewhere in the region of £23000 if I wanted to on Credit. So I could transfer the cash and put that in my bank account and survive for definately another Year without going BR. I even got a company that I have a credit limit of £14000 with no balance on it ring me up practically begging me to transfer the balances to them. Obviously this would be just stupid and would be putting my Creditors in a worse situation. However as this is what got me to this point now (taking credit in the hope that things would improve) I suppose the only thing really stopping me taking that credit now is my own moral standing. i.e. I know I have a problem, I have acknowledged it and I don't want it to get any worse, or should I. If you have available Credit should you try and work your way out of it. I run my own business that as discussed before could turn the corner very quickly.
So the fact that I am possibly going to take £495.00 as a BR fee is small change in the grand scheme of what I could have done.
Darren |
