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| davethemess |
Posted - 21 November 2008 : 22:01:57
Hi all,
Firstly, I filled out the question form but went over the 2000 word limit and lost the entire situation Im in! I guess it was a "message" that I wrote way too many words and that i should just join up and explain. Having wrote what was a small essay helped me in a way because I can now shorten it somewhat and summarise what I have to ask?
In the last 3 years Ive lost my dear father through a sudden heartattack, ive lost my life savings and the last straw was losing my home through repossession! Im also about to lose my business due to the credit crunch. My business is canvas printing - i put photos onto canvas etc. For my customers its a choice of spending £70 on a photo or putting food on the table, I know which choice i would go with and I sympathise with my customers - its just a sad fact of reality and Ive accepted it with sincerity.
My predicament has a few facets to it and I would dearly like any good advice on what to do next.
Ill start at the beginning and I hope that you guys can read between the lines and accept what Im saying is the truth so that I wont bore you with a 15,000 word essay.
---
My dad died and I moved back to be with my mother, I rented the house out twice and both times I got ripped off. The first tenant went to prison for selling drugs and the second tenant re-directed DSS rent to himself and also did a moonlight flit and burgled me for everything I had (empty house scenario!). This put me into £6k of arrears which was impossible to pay back and eventually I lost the house with a lovely shortfall of £67k.
During the time it took to find a second tenant I found someone who wanted the house and put a £300 deposit down, they were due to move in in 2 months time so I held the house for them but after a month they decided not to move in. I explained the deposit was non-refundable but I didnt get that in writing (mostly due to my own emotional state at the time of losing my dad). The guy took me to court and they found in favour of him, so Ive now got a CCJ against me if I dont pay up. I honestly didnt have the money and I pleaded with him to drop it but he didnt and now I have bailiffs coming soon. I really do have nothing! no assets whatsoever. I live with my mum and all that I own is on my back.
(I'm realising that you guys dont need to know my life story and ill get to the points now)
Basically...
Can I include CCJ's and council tax arrears in my BR?
Can I include my personal bank account overdraft?
Can I include Inland Revenue fines for late submission of self assessment forms?
More questions but not directly for personal BR...
My business is about to be struck off Companies House for late submission of my books (due to an incompetent accountant) and I have fines from Corporation Tax, can I include these? I ask this because im unsure if the fines will default back to me or the limited company.
I cant go voluntary insolvent because it costs £4k and I simply dont have it! So do the fines then come to me?
My business account is £1k into the agreed £1k overdraft and I also have business loan for £2k. To get the loan I had to sign a 3rd party waver in the event that if the business failed I would pay the loan back personally, but with the circumstance im in I still cant pay it back no matter what. So, can I include this with the BR? My business hasnt gone bust (yet) but will soon what with the new year slump looming.
Oh God! what a mess!
Ive scrambled together the money for BR but Im now worried that if I go BR, then theres just more debt waiting for me when/if my business goes bust and may i say that Im really trying my best for this not to happen, its my only income and I dont want to sign on the dole.
I really would appreciate any advice and answers to the above questions of what I can and cant include. I also have student debt of about £15k but I already know that this debt cant be written off.
Im really worried for my mother regarding the bailiffs, I have nothing to give them - im completely and utterly broke to the core and ashamed of the situation im in but if you knew everything else thats happened to me, then I hope you could find sympathy for a string of events that were beyond my control and have brought me to this ending.
Personally, Im totally depressed, sad, angry (with other people), mad with red tape faceless councils and Ive just about had enough!
ANY advice is welcomed.
Thanks to you all.
Dave.
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| 4 L A T E S T R E P L I E S (Newest First) |
| Skippy |
Posted - 23 November 2008 : 18:03:49
I can't advise you about the company situation, but hopefully I can put your mind at rest a bit about BR itself.
When you go to court you won't be grilled by anyone. You might not even have to see the judge, it depends on how busy they are, and your local court's procedures. When I went to court everyone treated me with courtesy (apart from the little hitler on security!) and I wasn't made to feel like a second class citizen.
THe judge will ask if you have taken professional advice, and you must be able to answer yes. If not he won't grant your BR. Don't worry if you are umming and aaahing - they expect that! I was told to sit down and I struggled to move the chair as it was heavy and I felt a right fool!
If you have more than £100 surplus left each month (after your essential outgoings) you will be expected to pay a percentage into an Income Payment Agreement (IPA) for 36 months. This is worked out on a sliding scale. However if your income is made up solely of benefits you won't get an IPA. If there isn't an IPA in place before you are discharged (generally 12 months, possibly earlier) you won't get one.
Have a look at my blog - I have written about my experience in court and with the OR, and there is also a table showing how much you would be expected to pay if you got an IPA.
Please don't feel ashamed, you have nothing to feel ashamed about. You will get through this and have a positive future, although I know it doesn't seem like it at the moment. I went BR in March 2007, was discharged in March 2008 and next week I make my 18th IPA payment and it's gone so quickly.
Good luck xxx
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
| davethemess |
Posted - 23 November 2008 : 13:49:20
hi chaps,
Thanks for the reply and kind words, much appreciated indeed.
There was more to add to the situation but I omitted it because I thought it best to give the meat of the story first.
I have bailiffs calling on wednesday but from what I can gather they cant take anything from the home because its my mums and mores to the point I dont have a bean left anyway, it all went with the burglary!
The company assets are very small, the biggest is the printer which is worth about £4500k. I have other things like hand tools but the worth of these is nominal really. Even my PC that I use is mine personally and not a directly bought asset to the company. I suppose the good thing with what I do is that you dont need expensive tools.
I have an old school friend that dearly wants in on the company because of its potential. If the company was running with proper investment then it has a at least a £500k potential turnover (and thats being conservative!). Whats seriously holding me back and always has is that the business was set up just after my dad died (we were planning the business out for about a month but when he died me and my brother started it up hastily to give my mum some hope and to see that the family wasnt going to be torn apart my this tragedy!) and we only had £1000 to start it given to us by my dads brother.
Most business' fail in the first 2 years and we're still going 3 years on - but not making money, just enough to keep it afloat. Ive been told to "sell" the machine asap to avoid it being sold off for my creditors, and then i would "rent" the machine back off the buyer. I know this sounds underhand but I really dont want to lose the machine. Ive already contacted the major creditor and theyre happy to wipe the debt for my existing company and to invoice the new business when its up and running.
The other creditors are the local council for rates, EON energy for about £500 and the bank for £1000. With foresight I think it might be best to just sell the machine and pay everyone off and start again but I cant do this until the investor is 100% that he can finance a new start in this present climate.
Can I ask, does being struck off constitute some kind of finality to the company going under if we cant afford to go insolvent? Companies House havent had any books yet at all (due to a bad accountant not submitting them), if i dont hand in the book then I wont get fined £1000 will I ?
As for me personally going BR, im aware of the 12 month ban on being a director and this really doesnt bother me (actually the state of mind im at, nothing bothers me anymore), but can i still be in a position to run a company on a PAYE basis, or could I still be a shareholder but not director. My investor will bring cash to the table and I would bring 3 years of contacts and expertise to the company to re-start it, is this allowed?
My immediate problem though is going BR asap. I have default notices from the credit cards now + this horrible person whos pursued a CCJ to the point of bailiffs, i need to put a line under all this now. Please advise me but I think Ill be rushing matters if I get the BR papers and file before wednesday, theres obviously more to BR than filling out the forms and paying the cash yes? I expect the papers will be nothing short of a small book to fill out. I cant afford a solicitor at all or a company of any sort to help me file it. When I say im broke, i mean that to the core of the word "Broke". My local CAB office is open a mere 2 hours a day, 3 days a week with queues out of the door, i really feel theres no one to turn to for good sound help but i will say my heads been lifted by this forum and Ill certainly have a chat with you Paul of Reviva if its not too much trouble?
I feel ashamed that its come to this but already I feel theres light at the end of the tunnel. The stress isnt coming off my shoulders yet but i know that when this BR is complete, I can really make a fresh start and try to eradicate the last few years which have been the worst in all my 36 years. If it could go wrong it did, and has.
Ive been told as well that BR isnt the final word regarding payments to creditors! Ill still have to make some kind of re-payment for 12 months, is this true and if so (which i expect it is), how is it calculated? My income is now zero, i get £46p/w from working tax credits which Ill lose when the company goes under, this is/was my only source of income. I give most of it to my mum for the house, would i be classed in a different way because of my income? And I guess a big question which is really worrying me is my day in court, will i get seriously grilled by the judge? My finances are a total sham and also my head is, I dont whats coming or going and I must admit that I get very flustered and panic when Im under intense pressure, I know my answers will be lots of 'ummms' and 'errrs', im sure this wont bode well with a judge. Im seeing my doctor this week as well, Im so depressed its crazy, its got to the point whereby Im just throwing the alarm clock across the room on a monday because I know what lies ahead. I honestly hate my life at the moment and this mess Im in. I know theres 1000's of people like me who have a worse scenario but its all relevant and Im just mentally and financially broke now.
Whats the worst that can happen?
Many thanks again.
Dave. |
| Skippy |
Posted - 22 November 2008 : 15:45:29
Dave, I can't give you any advice, but I wanted to welcome you to the forum and to say how sorry I am for the loss of your dad and for the situation that you're in.
I would recommend giving Paul at Reviva a call. He is a very nice man and will be able to help you get a plan together.
Please keep posting, as we're all here to support you x
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
| Reviva UK |
Posted - 21 November 2008 : 22:11:37
Hi Dave
Really sorry to hear of your dreadful time. My heart geos out to you.
You have an awful lot going on here so I can see why you needed the 2000 words - and rightly so.
I would suggest you have a call with a professional so that you can get a plan together for moving forward. This would include the Ltd company as well.
You have obviously been to an IP who has agreed to conclude the business properly for 4k. There is another option as if you haven't traded for 3 months - and you advise the creditors of your intentions - you can ask for the company to be struck off.
Procedures etc but it can be done.
Any personal liability from the company would then rest with you and these could be included in Br - excluding fines & Student Loans.
Does the company have any assets at all - such as the printing equipment / computers / web pages etc etc?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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