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I have had an tempary arrangement to repay a debt i had when in business .But now as i only have an income from my new employement i am in a negative income situation and should pay only a £1 but i pay £10 per month . They accepted this but now want a settlement figure paid of which i do not have or issue a section 268 for bankruptcy the amount is for £800.00 for settlement (not Full) and Is £1597.00 debt to Yell

I have to pay this by the 2nd Jan 2007. help quickly please:-(

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Have you assets that would make it a sensible option for them to make you bankrupt? It is very rare for creditors to do other than threaten bankruptcy as the cost to them is very high.

Has this debt already been to court?


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House 200k mortgage 105k married mortgage in sole name but equal joint owner with wife

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I still think it highly unlikely they would file for BR on a debt that small although it is not unknown. Has this debt already been to court for a CCJ?


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Have a read here National Debtline England & Wales | Debt Advice | Factsheet 01 Bankruptcy

 

Should help put your mind at rest and answer your questions.


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Hi Everybody,

 

This is my first time on this forum and I must say I have found some of the past threads already supportive and informative. It's obvious to me that some members have had dealings with Tenon Recovery.

 

I am employed as a General Manager/Pest Control Technician of a small Limited Company consisting of three people. We have advertised for the past four years with Yell Limited and towards the end of last year they sent their national accounts guy to see us as we were considered a valued customer. Stupidly I fell for their advice in upgrading our advertising to the tune of £15,000.00 for the year. The advertising started and our payments still continued from one order to the new order (montly direct debit payments). We initially paid £3,000.00 towards the current order but then stopped as the sales didn't come in. I contacted Yell to explain why and sent them a letter explaining our disappointment in both the advertising and the advice we had been given. The response was that Yell are only responsible for the advert being placed in the directory and not any advice or lack of sales. The sales guy presented all his facts and figures etc. with the various glossy brochures and laptop, but this isn't considered as advice apparently just sales puff.

 

We were advised to obtain third party confirmation of our ability to pay in installments as we are still trading with our existing client base secured mainly on service agreements. Whilst we were in the process of compiling this information with our accountants a letter from Tenon Recovery arrived, they have threatened insolvency. My wife is the Director of the Company and especially at this time of year this is not the recipe for a happy household. We have two small children with a mortgage and cannot stop worrying.

 

From what was a viable business trading for the last four years we are now worrying that it was all in vain. I have sought legal advice and our solicitor has offered installments of £500.00 per month for the total amount to be paid or £1000.00 per month for the next 8 months (£8000.00 in total). Since the offer, a default notice has crossed in the post. However it not only has the Limited Company name listed but my own personal name. Can they do this? This will obviously affect my own personal credit rating. I'm under the impression that a Limited Company is it's own legal entity, I'm only an employee, I'm not a Director or shareholder.

 

Does anyone know if they have to accept our offer or can they really make the Company insolvent? There is minimal assets in the Company and as there are other creditors (bank overdraft and business card) they won't get hardly anything. I have also looked at their agreements and they do not conform under the requirements of the Credit Consumer Act, Section 7 1974. Again my limited understanding is that as a Limted Company we are not given protection under the Credit Consumer Act 1974. How come Yell Limited/Tenon can have rights by constantly quoting the Credit Consumer Act 1974? This hardly seems fair.

 

Does anybody out there know anything that may help. I would sincerely appreciate some advice and who knows from my life experiences I may be able to reciprocate.

 

Regards,

 

Mr. Angry/concerned/worried :confused:

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