| Author |
 Topic  |
|
|
JoClarke
Starting Member
1 Posts |
 Posted - 18 December 2008 : 13:07:17
|
| I hope someone can help. I've been trying all the debt charities and the government insolvency department too but nobody seems to be able to give me an answer to what seems to be a rather complicated question. My husband and I are currently being sued by ebay for about £2000000 because we sold some cosmetics in Europe which we had bought in the USA (from ebay!!). In order to defend ourselves, we have had to take on a pretty expensive solicitor. We have now run out of cash and our only option is to release some equity from either our home or another property we own. We cannot defend ourselves without a solicitor as the outcome of the case is by no means certain and it's our only hope of either have the case dismissed or the charges awarded to ebay being minimised. If we lose, it is likely that ebay will petition to bankrupt us. In the light of possible bankruptcy, would the Official Receiver be likely to frown upon us remortgaging or securing a loan against the only assets we have left in order to pay the solicitor's bills which are our only way to avoid bankruptcy? Bit of a horrible vicious circle really. |
|
|
Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 18 December 2008 : 13:25:44
|
Hi Jo and Welcome
I am sorry but i cant really help you with this one im affraid.
You could give our helpline a call and see if there is anything that they can advise. It is a bit of a strange one to be in and for you to be potentially sued for £2m is a hell of a lot of money.
Try the helpline they may be able to help, other than that i dont know what else to suggest.
That number is 0800 078 9367.
Jo
x
19 Weeks down
33 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
|
 |
|
|
MrandMrs
New Member
United Kingdom
99 Posts |
Posted - 18 December 2008 : 13:40:20
|
I can't answer your queries I'm afraid. But I do want you to know that you aren't alone in this. The support on this forum is phenominal.
I hope you find your light at the end of the tunnel xxx
working towards the first day of the rest of our lives |
|
|
|
John
New Member
United Kingdom
73 Posts |
Posted - 18 December 2008 : 14:21:22
|
Hi
it's my opinion that it is perfectly acceptable to raise finance against an asset in your situation.
Why not? you are not insolvent.
If the court case is lost then bankruptcy may or may not happen but you haven't lost the case yet and how else will you continue to finance your defence.
If you tried to refinance having lost the case and knowing that a creditors petition was imminent that's a different story.
Go for it.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
|
|
|
Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 18 December 2008 : 16:18:59
|
Good luck Jo
I do hope that things work out for you.
Ebay can be a bit of a nightmare and there is still lots of things that should not be on there.
Take care
Jo
x
19 Weeks down
33 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
|
|
|
| |
Topic |
|
I hope someone can help. horrible vicious circle
