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    • Thank you for that "read me", It's a lot to digest, lots of legal procedure. There was one thing that I was going to mention to you,  but in one of the conversations in that thread it was mentioned that there may be spies on the Forum,  this is something that I've read quite some time ago in a previous thread. What I had in mind was to wait for the thirty days after their reply to my CCA request and then send the unenforceable letter. I was hoping that an absence of signature could be the Silver Bullet but it seems that there are lot of layers to peel on this Onion.  
    • love the extra £1000 charge for confidentialy there BF   Also OP even if they don't offer OOC it doesn't mean your claim isn't good. I had 3 against EVRi that were heard over the last 3 weeks. They sent me emails asking me to discontinue as I wouldn't win. Went infront of a judge and won all 3.    Just remember the law is on your side. The judges will be aware of this.   Where you can its important to try to point out at the hearing the specific part of the contract they breached. I found this was very helpful and the Judge made reference to it when they gave their judgements and it seemed this was pretty important as once you have identified a specific breach the matter turns straight to liability. From there its a case of pointing out the unlawfullness of their insurance and then that should be it.
    • I know dx and thanks again for yours and others help. I was 99.999% certain last payment was over six years ago if not longer.  👍
    • Paragraph 23 – "standard industry practice" – put this in bold type. They are stupid to rely on this and we might as well carry on emphasising how stupid they are. I wonder why they could even have begun to think some kind of compelling argument – "the other boys do it so I do it as well…" Same with paragraph 26   Paragraph 45 – The Defendants have so far been unable to produce any judgements at any level which disagree with the three judgements…  …court, but I would respectfully request…   Just the few amendments above – and I think it's fine. I think you should stick to the format that you are using. This has been used lots of times and has even been applauded by judges for being meticulous and clear. You aren't a professional. Nobody is expecting professional standards and although it's important that you understand exactly what you are doing – you don't really want to come over to the judge that you have done this kind of thing before. As a litigant in person you get a certain licence/leeway from judges and that is helpful to you – especially if you are facing a professional advocate. The way this is laid out is far clearer than the mess that you will get from EVRi. Quite frankly they undermine their own credibility by trying to say that they should win simply because it is "standard industry practice". It wouldn't at all surprise me if EVRi make you a last moment offer of the entire value of your claim partly to avoid judgement and also partly to avoid the embarrassment of having this kind of rubbish exposed in court. If they do happen to do that, then you should make sure that they pay everything. If they suddenly make you an out-of-court offer and this means that they are worried that they are going to lose and so you must make sure that you get every penny – interest, costs – everything you claimed. Finally, if they do make you an out-of-court offer they will try to sign you up to a confidentiality agreement. The answer to that is absolutely – No. It's not part of the claim and if they want to settle then they settle the claim as it stands and don't try add anything on. If they want confidentiality then that will cost an extra £1000. If they don't like it then they can go do the other thing. Once you have made the amendments suggested above – it should be the final version. court,. I don't think we are going to make any more changes. Your next job good to make sure that you are completely familiar with it all. That you understand the arguments. Have you made a court familiarisation visit?
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Life after bankruptcy-personally and professionally


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In the next few months i am thinking of setting up a limited company and become a director, at this stage i feel that if i start up ok, i can start paying debts with surplus income i will have and share amongst my creditors according to my budget sheet........

 

the huge problem is i am worried that if i do not cope and end up struggling and may go bankrupt, would that end up ruining my company? in the company i will not have assets at all, as i am thinking of renting premises, and renting equipment, therefore, no items will be assets. where do i stand? as i want to get back on my feet and attempt to pay off my debts but i just want to know the implications of possible opting for bankruptcy if i get to such a position.........

 

Any advice is appreciated! thank you.

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Not my area of knowledge, but I think there is a big difference between the way business and personal debts are handled.

 

I don't really understand the premise of your post. Are you saying that you are looking to transfer personal debts into a limited company arrangement ? Or that you hope to run a profitable business and pay off your personal debts from your earnings ? If it is the latter, I am not sure whether a personal bankruptcy affects a business. I presume you can't be a bankrupt and then become a director of a company, but if bankruptcy occurs during the directorship I don't think you have to stop being a director. There are different insolvency laws that apply to businesses and if you continue to run an insolvent business you can be stopped from being a direction of any company for a number of years.

 

I think you would really need to post to a legal forum or take advice from business link.

We could do with some help from you.

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I posted this in the "debt forum" but have been referred here for more appropriate advice.......

 

In the next few months i am thinking of setting up a limited company and become a director, at this stage i feel that if i start up ok, i can start paying debts with surplus income i will have and share amongst my creditors according to my budget sheet........

 

the huge problem is i am worried that if i do not cope and end up struggling and may go bankrupt, would that end up ruining my company? in the company i will not have assets at all, as i am thinking of renting premises, and renting equipment, therefore, no items will be assets. where do i stand? as i want to get back on my feet and attempt to pay off my debts but i just want to know the implications of possible opting for bankruptcy if i get to such a position.........

 

p.s. or am i getting confused and mixing personal debts and business..........

 

Any advice is appreciated! thank you.

 

 

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As you are not BR yet there is nothing to stop you from setting up a Ltd Company. However, as you are looking to lease assets and premises and the fact that you will be a new start up will mean that the landlord and asset finance people will probably wany personal guarantees from yourself. Dependant upon your credit file you may or may not be able to arrange to lease these. Also there is the fact that by giving PG's you will be increasing your own persoanl liabilities if you do file for BR in the future.

 

Aside from this if you do get the business off the ground as a Ltd Co and subsequently go BR, as mentioned earlier you will not be able to remain as a Director of the Company. The business can carry on but will need another Director and you will not be able to take part in the management of the business.

 

Why not set up as a sole trader due to the fact that you will more than likely have to give PG's anyway on behalf of the Ltd Co.

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  • 3 weeks later...

Ok, where do i start......lets start with the facts:

 

1. I am expected to be hit with a £50k mortgage shortfall debt.

 

2. I have approx £10k worth of personal credit card debts. ( I have been paying their minimum payments for many years and have not used any of the cards for approx 3 years!)

 

3. I am registered company director.(running at a loss as its the first year of trading!) I rent premises & equipment, the company has no assets)

 

4. I have no personal assets and will be in rented accomodation in the next few months.

 

I am debating whether to opt for bankruptcy or not. I am so scared of the stigma and feel ashamed but realise i have to be realistic about my situation and its not going to go away....

 

I am only now considering bankruptcy as I know the mortgage shortfall will be way to much for me to pay back. I just dont know what to do and would like advice/answers to the following:

 

1. If i file for bankruptcy or am made bankrupt by a creditor, how much will it cost?

 

2. How will my future borrowing/mortgage application be effected. Could I make a fresh start after the bankruptcy has been discharges? how long does the whole process take, is it one year?

 

3. Do i declare i am/was bankrupt?

 

4. With a CCJ, will it effect me in the future? ( i am assuming i will get a CCJ over the debt,right?)

 

5. On my credit file, will all this information be visibale to creditors after the bankruptcy process is over, i.e. defaults to future creditors?

 

6. I understand, i am not able to be a company director if i am personal bankrupt, are there any exceptions or who can i make a C.D.? (I dont know anyone who i can appoint, closing down is ot an option to me as i wish to build this business) Do i make myself an employee until bankruptcy if over then can i go back to being C.D.?

 

I am so anxious over all this and just need to know my options because if i agree a instalment plan my credit file will be bad forever and restrict my future for trying to get a clean credit file once again.

 

I mean, another option instead of BR would be agreeing to full and final settlements? (assuming i pay them off over a certain time-agree through the courts i assume!) would this option be more beneficially to me to save complications for the company director side of things? But will it have a more prolonged effect on my credit file long-term?

 

I hope someone can give me some advice. Many thanks. (excuse my detailed thread but i am over anxious and so stressed and ashamed at considering the BR option!)

Edited by confusedbunny
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Double your shortfall and that's the level of my debt! I entered arrangements to pay on my credit cards (for you it would be your credit cards and your shortfall). No CCJ's, no BR, no IVAs. There is no stigma in BR these days but I really think you are a long way from this IMHO

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I think you need somebody to talk the options through with, and suggest you contact CAB for an appointment, they will help with options and deal with your creditors in making voluntary payments without the need for IVA or BR.

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Hi Confused.

 

Will your business eventually run at a profit as this is obviously important as to your long term options / solutions.

 

Following on from what other posters have put - maybe also have a good read through the links below -

 

Nat Debtline fact sheet on mortgage shortfalls -

 

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=11_mortgage_shortfalls

 

Insolvency Service main website -

 

http://www.bis.gov.uk/insolvency

 

Insolvency website publications (including info on company directors)

 

http://www.bis.gov.uk/insolvency/Publications

 

Business Debtline - (might be worth a call)

 

http://www.bdl.org.uk/

 

Make sure you get as much genuine independent advice as possible before you make any decisions.

Edited by Wintry
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  • 1 month later...

I have several credit card and past utility bill debts and have been making token payments for the last year to them all....

 

If they up the anti on me and try and get forceful with me, what can they do?

 

1. Can they clamp or tow my car?

 

2.Can they send bailiffs to remove goods?

 

3.Can they take me to court and apply for a CCJ? If so, what are the consequences of this?

 

4.Should i obliged to respond to every letter they write? (it gets tiresome sometimes, sending them the same i & e form over and over again!)

 

5.I am expected to be whacked with a large mortgage shortfall debt soon, which i understand is classed as non-priority too, do my questions apply to this kind of debt as my credit cards?

 

I can only afford token payments till my circumstances change....FYI,I have no assets apart from a car.....

Edited by confusedbunny
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I have several credit card and past utility bill debts and have been making token payments for the last year to them all....

 

If they up the anti on me and try and get forceful with me, what can they do?

 

1. Can they clamp or tow my car?

 

2.Can they send bailiffs to remove goods?

 

3.Can they take me to court and apply for a CCJ? If so, what are the consequences of this?

 

4.Should i obliged to respond to every letter they write? (it gets tiresome sometimes, sending them the same i & e form over and over again!)

 

5.I am expected to be whacked with a large mortgage shortfall debt soon, which i understand is classed as non-priority too, do my questions apply to this kind of debt as my credit cards?

 

I can only afford token payments will my circumstances change....FYI,I have no assets apart from a car.....

 

What is the value of the car and how much are your total debts?

 

You may be eligible for a Debt Relief Order

 

If not - and you have debts over £15,000 it may be worth considering bankruptcy

 

try the national debt helpline for a view of your various options.

 

http://www.nationaldebtline.co.uk/

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what is the value of the car and how much are your total debts?

 

car worth approx £4k and total debts of approx £75,000 breakdown of:

 

4 credit cards = £12k

overdraft=£500

past utility bills = £500

expected mortgage shortfall of £60k (but i will challenge when it is finalised)

 

 

you may be eligible for a debt relief order what is this? Ultimately i want to clean my credit file up, will this help?

 

if not - and you have debts over £15,000 it may be worth considering bankruptcy before considering br, i would like to see the outcome of the mortgage shortfall debt, not saying it will be wiped but may be dramatically reduced but until i wait for this i would like to know what the other creditors can do to me?.....

 

try the national debt helpline for a view of your various options. thanks, sure will. But just want to know what creditors can do to me in the meantime?

 

http://www.nationaldebtline.co.uk/

 

htt

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If all you can afford is token payments at the moment then that is all you should pay.

 

Keep an up to date Income and Expense sheet to send any creditors if requested - You are not obliged to - but this may keep them from taking you to Court - but this is not guarenteed.

 

DON'T deal with debt collection agencies - unless they own the debt - and dont send DCA's your income and expense info.

 

They can only do things like send bailliffs, get attachement of earnings orders etc IF they have a CCJ against you and you have failed to pay as ordered by the Court.

 

Yes they can take you to Court and get a CCJ against - but the Court will only order you to pay what you can afford - and if thats a token payment - then thats what they will order. As long as you maintain the payments you should be ok.

 

As for the car - is it on a Higher Purchase agrement? if so how much was the original loan for, and how much has been paid?

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Just read up on the DRO......I would only qualify if i sold my car before hand and that the mortgage shortfall was not looming but unavoidable, so seems a DRO is not for me.....what a shame, BR carries stigma and failure to pay back debts i have built up.....

 

the car is owned outright....so they cant send bailiffs to clamp my car or remove my goods from my home until they have taken me to court and i have failed on the payment plan?

 

how will i know if a DCA owns a debt, will my creditor inform me?

 

does a DRO not have the same restrictions and rules as BR?

 

(Maybe its best i dont consider a DRO at the moment for the credit cards and utility bills because if the mortgage shortfall is on the horizon i may have to consider BR and do it all together, right?)

Edited by confusedbunny
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look at your cra file

 

you also nned to investigate reclaiming of all unlawful fees and ppi

 

see seq's blog in my sig

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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look at your cra file

 

you also nned to investigate reclaiming of all unlawful fees and ppi

 

see seq's blog in my sig

 

dx

 

 

look at my "cra" file, would do you mean?

I have claimed backed charges last year, was very successful, thank you for advise though.

Will look at blog now.....link seems to be broken :(

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Bankruptcy today does not carry the stigma it once did. Google famous bankrupts and you will see an amazing amount of people from Walt Disney to a King of England.... You could be discharged within six months now if your a good boy and if your house is in negative equity then you may be able to keep hold of that.

 

Worth looking into.

[sIGPIC][/sIGPIC]Happyhippy1959

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Bankruptcy today does not carry the stigma it once did. Google famous bankrupts and you will see an amazing amount of people from Walt Disney to a King of England.... You could be discharged within six months now if your a good boy and if your house is in negative equity then you may be able to keep hold of that.

 

Worth looking into.

 

Thanks for the re-assurance, will have to look into this.......

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I have several credit card and past utility bill debts and have been making token payments for the last year to them all.... If you've been making regular token payments then the chances of them taking you to court are extremely small, especially if you have no property.

 

If they up the anti on me and try and get forceful with me, what can they do? Not a lot....

 

1. Can they clamp or tow my car? No... debt collectors are not bailiffs.

 

2.Can they send bailiffs to remove goods? No.... as above.

 

3.Can they take me to court and apply for a CCJ? If so, what are the consequences of this? They could.... but the token payments make this extremely unlikely. They will probably just sell the debt(s) on when they get sick of collecting token payments.

 

4.Should i obliged to respond to every letter they write? (it gets tiresome sometimes, sending them the same i & e form over and over again!) Depends what they write/threaten really.....

 

5.I am expected to be whacked with a large mortgage shortfall debt soon, which i understand is classed as non-priority too, do my questions apply to this kind of debt as my credit cards? Yes.... exactly the same. You can make token payments on this as well. I made £5 token payments on an ex-repo debt of £52K many years ago now and when they got sick of collecting, they accepted a teeny tiny F&F.

 

I can only afford token payments till my circumstances change....FYI,I have no assets apart from a car.....

 

IMO, you have very little to worry about. :-)

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IMO, you have very little to worry about. :-)

 

Phew!! I can sleep tonight!.....with the shortfall, (main reason im contemplating BR) if i make token payments does this not help with repairing my credit file and avoiding the inevitable and them chasing for the next 12 years? (and this will just put my credit file back in the black if i repair it over say 6 years then they chase me on the 7th year?)

 

so they cant send bailiffslink3.gif to clamp my car or remove my goods from my home until they have taken me to court and i have failed on the payment plan?

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Phew!! I can sleep tonight!.....with the shortfall, (main reason im contemplating BR) if i make token payments does this not help with repairing my credit file and avoiding the inevitable and them chasing for the next 12 years? (and this will just put my credit file back in the black if i repair it over say 6 years then they chase me on the 7th year?)

 

Each situation is different..... there's little point in relying on the 12 year stat. barred rule here though because your token payments will count as an acknowledgement each time you make one. If you want to be totally free in less time, then BR might be the route for you. If you can't go BR for other reasons, then the token payment route may be right for you. I was not in a position to consider BR at the time, which is why I went down the token payment route but it may not be the right one for you.

 

Only you can make that decision.

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Each situation is different..... there's little point in relying on the 12 year stat. barred rule here though because your token payments will count as an acknowledgement each time you make one. If you want to be totally free in less time, then BR might be the route for you. If you can't go BR for other reasons, then the token payment route may be right for you. I was not in a position to consider BR at the time, which is why I went down the token payment route but it may not be the right one for you.

 

Only you can make that decision.

 

I appreciate your input and fully understand......with the other debts, can they only send bailiffs to tow or clamp my car if i fail to make instalements via the court, not before?

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I appreciate your input and fully understand......with the other debts, can they only send bailiffs to tow or clamp my car if i fail to make instalements via the court, not before?

 

You are correct - if they do not have a CCJ then they cannot enforce the debt in any of the ways described.

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