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Hi All

 

I hope someone can help me that may have had a similar experience to me.

 

I recently sold the assets and goodwill of my company and effectively am no longer able to trade. I have paid off as many of my creditors as possible but my money has more or less run out.

 

I have written to some companies offering a smaller, approx 50% of the debt (I have leases on photocopier, franking machines etc that run for a few more years). Not to mention numerous other creditors.

 

The response so far is that they will not accept less until I can provide evidence that the coy is in problems. I am assuming they mean an Insolvency Practioner, I am trying to avoid this route, due to cost!

 

I also have a bank overdraft on coy, of £15k and bank loan £57K (I have asked bank for capital repayment holiday, whilst I try to sort myself out). The loan and overdraft are secured.

 

I am trying to remortgage to pay the creditors back, inluding the secured loan. I do, or did pre credit crunch have the available equity to do this. I am finding remortgaging difficult at present, as banks seem to only want triple A clients. I do not have any CCJ's or defaults at present so hopefully this avenue is not a dead end.

 

I am getting scared tho as I am now getting letters threatening court action. I need to keep my credit score to get a new mortgage.

 

I am barely keeping my head above water (I have started CCA's process for my own personal credit card debt) but am at a lost to know how to proceed for LTD coy.

 

Can anyone recommend any letter templates or process I can use to stave off my creditors until I can remortgage?

 

Please help, feeling desperate.

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I have been worried that it will reflect on my own personal credit rating if I don't pay the company's debts.

 

I am not sure I understand the process of Insolvency. I have researched on the internet and think I need to employ an insolvency practioner, which costs money, about £9000, which I don't have.

 

Should I just wait for someone to take me (ie the company) to court then?

 

I have solicitors writing to me and I don't know what to do.

 

I feel embarrased to ask for help, I feel I have failed somehow.

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