Hi,

Long time lurker - now need some very valuable advice. Long story short, personally secured a debt of £18,140 as a company director making me personally liable. This has now gone as far as a High Court Writ of Control.

I can afford £150 a month given circumstances now as that business failed, and I had to sell a property to cover the majority of the debts (this is the last remaining). I have no tangible assets that are even worth seizing. I’m aware this means it would technically take 155 months to clear but it’s all I can offer. Logically, I will find a better employment offer in that time as I have now returned to the workplace but it will take time as I pursued my own entrepreneurial pursuits since I was 18 (I’m now 25).

I am planning to put in an application for a N245 as this seems to be the advice everywhere online. As I’ve explained to the bailiffs, they’re welcome to come to my property and verify they won’t find anything of value that isn’t exempt from their powers (a laptop which I require for work and is the property of my employer).

1. Is it likely that this offer will be accepted by a court given the amounts in question? I would make higher payments if I can afford to. My income expenses calculation actually works out as me being able to afford £20 less but I can cut a very tight budget. I am making just over £1,000 after tax and NI contributions at the moment.

2. At the top of the form, it asks for a warrant number. I have the certificate of the warrant of control and the judgement number. Can I omit this as it isn’t present?

3. I also haven’t been allocated a defendant reference, what must I fill in that part, just my name? I have a reference for the claimant.

4. In regards to exemption for costs, it starts HWF and then asks for an input, what do I place here? Is this where you put EX160?

5. Do I attach the EX160 with the N245 together when posting to the appropriate court?

6. I don’t have a chequebook - how can I enclose a payment of the offered amount? Or can I leave this till it is awarded?

Failing a N245 working, I would have to declare bankruptcy which whilst I know it eliminates the debt - will make getting back up impossible as I’m within the financial services sector and my work experience is senior management.

Thank you in advance!

https://www.gov.uk/government/publications/apply-for-help-with-court-and-tribunal-fees

https://www.consumeractiongroup.co.uk/forum/showthread.php?406098-LEGAL-N245-Application-for-suspension-vary-an-order-**Correct-as-at-Feb-2017**

1..£150 pm seems quite reasonable and should be accepted

2...Just the Judgment number will suffice.

3...Your name

4....&... 5 Yes and yes

6...Court will confirm...dont include a payment....

Andy

your pers assets are not the [old] business assets regardless to if you signed a pers guarantee.

think we need a bit more of the story here

was this a ltd coo. or a sole trader.

whats the debt? business to business obv but what

why didn't you contest the CCJ in the first place?

unless your home address was the trading address theres not a lot they can do they certainly cannot force entry and you should never let them in to your own property no matter what excuse they use..

 

1..£150 pm seems quite reasonable and should be accepted

 

2...Just the Judgment number will suffice.

 

3...Your name

 

4....&... 5 Yes and yes

 

6...Court will confirm...dont include a payment....

 

 

Andy

Thank you very much! I'm going to get this in the post tomorrow, registered mail. Fingers crossed.

Correct, the assets are separate.

I founded the company (a limited company when I was around 19). There was no way any bank in this country was going to lend any money, offer any overdrafts or even allow us to open an account as it goes without a personal guarantee - far too limited a trading history. Fortunately, I had a good credit history at the time when the majority was done and the majority of the financing ended up in my name to begin with. I didn't have a problem with this and as there were less than four employees to start and I had invested my cash upfront, I willingly entered into agreements for the benefits of my business under my own securities. I never actually changed the liability as the company grew as it wasn't necessary, I was the only person with significant control and it was going smoothly in that regard and extending credit and using credit facilities worked fine. Whilst the loans were for business purposes, a personal guarantee was signed making me liable personally, not the business. As far as my knowledge goes, this is still very commonplace with new businesses or very young founders unless they're raising seed funding (which the majority aren't as we aren't all the next unicorn being born in London...).

The debt is to NatWest, for our rolling credit facility which was minus a little more at the time. Last five years saw huge changes within our industry. Could be attributed to us being a brick and mortar and online sales, my own lack of foresight, our inability to move forward with the times or just the economy itself to blame - regardless, the business failed and I take responsibility for that. I sold my personal property at the time to make sure that first and foremost all the staff were paid before that came back on me, HMRC and as many of the debts as I could - effectively pumping in cash to an already dead business. Yes, stupid and not necessary but to me - morally the right thing to do. Some of the debts such as those to suppliers and service providers died with the company as it became insolvent and there's little they could do as our administrators made it clear to them that after staff were paid off and taxes, that what could be split would be and they would have to cut their losses.

So honestly, I do think I am banged to rights here as I personally secured this so I think for all intents and purposes, I might as well have taken this rolling facility out regardless of it being for a company account, and business purposes. It's on my credit file which I think is how they've made the trace back to me today. Thank you for the advice, I'll be sure to remember they can't force entry. If you have any other thoughts, I'm open to hearing them / any other insights. I wish there was a way around it but I have a feeling it is what it is and I'll just have to focus on paying it back.