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BTBgoesbust
Starting Member
United Kingdom
8 Posts |
 Posted - 13 December 2009 : 21:52:57
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Hi Everyone,
As someone who has lurked on the site for the last few months and found not only a lot of useful information, but as importantly the knowledge that facing this mountain is something that many others have done before has been a real boost. This has come at a time when to all intents and purpose my world - and that of my family - has rather imploaded!
Without boring you all with all the details a company I was running went into administration during the summer- not helped by the recession and the lack of support from the banks - and the result is I am being chased by the bank for payment of personal guarantees on a business overdraft, a couple of supplier accounts as well as a charge on our house for a business loan. The bank stance has been particularly arrogant and aggressive and despite 2 offers of settlement they have now issued a High Court summons.
This has now brought me to the point of looking at Bankruptcy as combined with personal credit card debts the mountain looks too high to climb.
I have a few particular questions I would like to ask, which hopefully someone can shed some light on:
1. I am proposing to write to all my CC companies to explain the situation and to try and negotiate a freeze on interest together with token payments for the next 12 months to give me a breather as an alternative to BR. I have now cancelled all DD payments and am basically up to date with payments bar 1 missed payment with 2 CCs. Is this a good idea?
2. My wife and I have joint accounts with ODs on both. If I go BR the bank will obviously come after her on a joint and several basis. Any thoughts on whether the banks will allow her to convert the ODs into a personal loan. I should add she is employed with a good job and I obviously do not want her dragged into this if at all possible.
3. Our yongest son is due to sit his GCSEs in June 2010 and I would like to delay selling the house until then to minimise any disruption to his studies. What is the chance of us being able to achieve this? We accept the house will need to be sold so there is no problem there.
Thanks in advance for any input and I will keep you all updated as things progress - fun and games to come!
David.
What's happened has happened - need to move on! |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 13 December 2009 : 22:19:13
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Hi David
welcome to the forum you are not ALONE
sorry to read that you have got into difficulties,
TALKING TO CREDIT CARD COMPANIES OCCASIONALLY WORKS BUT IN GENERAL THEY DO NOT GIVE A HOOT, yes you can negotiate with them but i would use a third party takes the emotion out of it.
2) may be options for both you and your wife to avoid BR
3) the speed at which banks deal with repossession will depend on the amount of arrears that you already have, it may even be that with the right support and direction you will be able to stay in your house.
without knowing all of your circumstances I cannot give suggestion, you have some complex choices to make With the information that you have provided I would suggest contact Paul @ Reviva, try to persuade him with coffee and biscuits to come and talk with you and your wife. with his teams help, my wife went BR 6 months AFTER we planned our BR, I am scheduled to go next month. Paul has helped us control the BR process and we have not been at the direction of the creditor . They have even shielded us from some of the incoming flack !
good luck David, the process is scarry some manage it on their own but i needed impartial support
regards Richard |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 13 December 2009 : 22:21:31
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BRING ON THE MOMENT !
as long as you have carried out your research and got everything in order, going BR should not be taken lightly but it is a huge mental release,
you can then start looking forward rather than backwards
Richard again |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 13 December 2009 : 23:07:11
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it does look like you are quite prepared for everything but i would also recommend talking to a professional expert like Paul Johns at RevivaUK.
it is a requirement of BR that you have taken advice and are fully aware of the implications of it.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 14 December 2009 : 16:23:56
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An IVA may also be a solution.
Speak to a professional - visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you and the best way forward for your circumsances.
The glimmer gets brighter all the time
Jan
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It Looks Like That Moment Has Arrived
