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enaj-haras
Junior Member
United Kingdom
170 Posts |
 Posted - 10 March 2008 : 13:51:01
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I am self employed as an artist and am currently being sued by the gallery that formerly represented me.
It is likely that I will concede rather than fight due to the costs involved (the gallery are very wealthy and quite ruthless)
Even just defending, I will still face legals fees of approximately 50k if I lose and have no income because of the copyright restrictions I face under this contract.
I want to know what the best way to fund these fees are...I cannot remortgage as I have no income, but I own my house outright and would like to protect it...or free up enough equity to pay my costs but protect the rest...
I've heard about IVA's I dont know what they are.... might they help in my situation? or is there an obvious answer to all this, because I'm really worried!! thanks
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 10 March 2008 : 22:59:12
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Hi there and welcome to the forum
An IVA is not the way forward for you ( this is an insolvency position where you are unable to meet your debts so will agree to a repayment term of usually 5 years and a % of your debt will be paid off each month )
It would not be fair to use the sevices of a law firm only not to pay the bill.
I suggest the best way forward is to confirm what level of debt and the liability. It is conceivable that if they can prove their case and therefore debt they could potentially pursue you via bailiffs after a CCJ, the could then place a charge on your house ( effectively a mortgage) or potentially if you owe them 750 or more they could potentially bankrupt you which would deffinately put your home at risk.
You absolutley need professional legal advice re their claim, but we can help regarding the rest.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Carl McMullen
Junior Member
192 Posts |
Posted - 15 March 2008 : 01:05:56
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An IVA would not be an option, it is designed for people who cannot afford to pay there debts in full, and you can (i making the assumption your house if valued more than your debts)
Bankruptcy you would loose your home.
Are you likely to get work again, is it going to be a short term problem ?
Do you have any other debts in addtion to the potention £50k court costs ?
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 17 March 2008 : 18:12:41
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I second what both Paul and carl have said,
If you can afford to pay all your debt then you should.
Would be interested to see wht the value of your house is and if it is soley in your name or whether it is a joint property with another?
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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what is an IVA?
