getjustice
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When purchasing a business we found ourselves £10,000 short and we were offered a promissory note. We were given 12 months in which to pay it back. Outside influences out of our control have affected the business and we are living month to month. We came to an arrangement after the 12 months to pay £500 per month and agreed to pay £1000.00 INTEREST. The promissory note now stands at £3100.00. Having contacted the person concerned back in January asking if they would allow us some breathing space as business was bad during the recession we had no reply but continued to send £50 per month and last month sent £250.00. No reply was sent to us and no complaint as the person concerned wanted a favour from us so this we did this:confused: without hesitation. Today a letter arrived stating that if the £3100.00 was not paid within 7 days the client has instructed his solicitor to proceed by action of bankruptcy. £3100.00 may not seem a lot of money to some but it is to us at the moment as we don't have it. Please can anyone advise us of what we can do ?
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When purchasing a business we found ourselves £10,000 short and we were offered a promissory note. We were given 12 months in which to pay it back. Outside influences out of our control have affected the business and we are living month to month. We came to an arrangement after the 12 months to pay £500 per month and agreed to pay £1000.00 INTEREST. The promissory note now stands at £3100.00. Having contacted the person concerned back in January asking if they would allow us some breathing space as business was bad during the recession we had no reply but continued to send £50 per month and last month sent £250.00. No reply was sent to us and no complaint as the person concerned wanted a favour from us so this we did this:confused: without hesitation. Today a letter arrived stating that if the £3100.00 was not paid within 7 days the client has instructed his solicitor to proceed by action of bankruptcy. £3100.00 may not seem a lot of money to some but it is to us at the moment as we don't have it. Please can anyone advise us of what we can do ?
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