Help!! IVA or Bankruptcy?? Sole Trader

**missy100** · 2nd January 2008 12:48

Hi and happy new year to everyone.

My debts have spiralled out of control and i have been paying a business loan with credit cards etc I have my own business and own the premises but will be negative equity with my business loan.

I have contacted several companies for advice and scoured the forum, initially i wanted to go bankrupt and walk away!! Now i may prefer an IVA although unless there's a dramatic upturn in business will still not be able to meet current business loan repayment and basicallly have been told the RBS icon

will not re do the loan / offer more finance under any circumstances. I also work full time, hence IVA option?? I have invested all my money plus more into the business and would like to retain the premises and possibly rent out etc but as this is the first month i will not be able to make a loan repayment wondered what the procedure for repossession is / how long it takes / what to do??

The business has failed in the last 12 mths due to 2 new businesses opening up in competition and i can't afford to update premises / advertise etc so no hope really of rising from the ashes. My partner has also had finance problems and is considering IVA option, our debts are separate but we have a joint mortgage icon

on our house, again little or no equity. Any advice would be welcome, thank you.

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**PI Guy** · 2nd January 2008 13:33

**ncf355** · 2nd January 2008 13:43

Have you considered CCA'ing the creditors to get copies of the agreements first?

You will find if you look around m,any ae challenging the legality of the agreements for loans/credit cards/etc under the Consumer Credit Act 1974/CCR 1983

This would be far preferable an approach for you as it may end up with some of them owing YOU

This would also be an option for your partner?

I had rather a lot (admittedly all personal - but if you are a sole trader rather than a Ltd Co you may still be able to use this??) of debt mounting up and started taking this approach - it amazed me how many banks and credit companies have agreements that are unenforceable or at the least improperly executed (and therefore require a court order for the creditor to enforce)

Most people that find this are now taking the approach that the creditor cannot enforce therefore they dont pay them and hope that the creditor stats court action and enable you to fight on the unenforceable/improperly executed grounds

Several have even commenced court proceedings as the theory is if they werent entitled to enforce, they never had the right to charge interest icon

so this should be claimed back

**missy100** · 2nd January 2008 14:05

Hi thanks for your replies, I could kick myself as my 'Relationship Manager' closed one loan and reopened a new consolidated loan before i signed anything. unfortunately due to her constant phone calls icon

to me at work i returned the signed agreement about a month later!! Otherwise seems they may have given me an early xmas pressie! This was obviously before i new about this site!!

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