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  • FIRST POST
    • hayleyl
    • By hayleyl 10th Oct 16, 8:38 PM
    • 1Posts
    • 0Thanks
    hayleyl
    Cancelling a contract that's non cancellable
    • #1
    • 10th Oct 16, 8:38 PM
    Cancelling a contract that's non cancellable 10th Oct 16 at 8:38 PM
    Hi,

    I entered a contract that promised to help me with the marketing knowledge to grow my business but then saw no return for it so could not pay for it. I'm considering bankruptcy after taking some debt advice but it seems really extreme that I would take bankruptcy for one debt.

    I don't know what to do or where to look, has anyone got any experience of this? I only had 2 months access of the 'product' and have paid the company around 1,200 but I owe another 5,000 to them.

    If anyone has any advice that'd be great.

    Thanks,

    Hayley
Page 1
    • Thrugelmir
    • By Thrugelmir 10th Oct 16, 9:14 PM
    • 55,229 Posts
    • 48,468 Thanks
    Thrugelmir
    • #2
    • 10th Oct 16, 9:14 PM
    • #2
    • 10th Oct 16, 9:14 PM
    Chalk it up to experience. Entrepreneurs often get it wrong before finding the goldmine.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • jonesMUFCforever
    • By jonesMUFCforever 10th Oct 16, 9:53 PM
    • 23,994 Posts
    • 11,301 Thanks
    jonesMUFCforever
    • #3
    • 10th Oct 16, 9:53 PM
    • #3
    • 10th Oct 16, 9:53 PM
    Does it qualify as a business expense?
    if so work as hard as you can then get tax relief on the 'bad'debt.
    What goes around - comes around
    give lots and you will always receive lots
    • fwor
    • By fwor 10th Oct 16, 10:43 PM
    • 5,860 Posts
    • 3,918 Thanks
    fwor
    • #4
    • 10th Oct 16, 10:43 PM
    • #4
    • 10th Oct 16, 10:43 PM
    If you are still paying under the contract then you either need to look carefully yourself at the Terms & Conditions that you signed up to, or you need to get legal advice - possibly starting somewhere like CAB, or possibly paying a legal expert to do it for you. At the very least the Terms & Conditions should have one or more paragraphs entitled "Termination".

    I'm not a legal expert so I don't know if it's possible to have a contract which cannot be terminated, but I doubt it. If they agreed to do something for you contractually and have failed then that alone (non-performance) should be grounds to terminate the contract.
    • muhandis
    • By muhandis 11th Oct 16, 9:10 AM
    • 326 Posts
    • 135 Thanks
    muhandis
    • #5
    • 11th Oct 16, 9:10 AM
    • #5
    • 11th Oct 16, 9:10 AM
    In your place what I would do is -

    1. If you got advice from a legit source (lots of options for free debt advice, see here https://www.moneyadviceservice.org.uk/en/tools/debt-advice-locator ), it is most likely going to be more suited to your financial circumstances than you will get on this board.

    2. If the fall-back option is to go bankrupt (in which case creditors are unlikely to get anything), the company that sold you the "marketing advice" should be open to negotiation to bring the amount owed down, or discuss other options such as to pay it back over a longer period.

    First get some free debt advice from the one of the sources recommended by the MAS. They will look at the totality of your financial situation before recommending a course of action.

    Good luck.

    Hi,

    I entered a contract that promised to help me with the marketing knowledge to grow my business but then saw no return for it so could not pay for it. I'm considering bankruptcy after taking some debt advice but it seems really extreme that I would take bankruptcy for one debt.

    I don't know what to do or where to look, has anyone got any experience of this? I only had 2 months access of the 'product' and have paid the company around 1,200 but I owe another 5,000 to them.

    If anyone has any advice that'd be great.

    Thanks,

    Hayley
    Originally posted by hayleyl
    • MEM62
    • By MEM62 11th Oct 16, 9:52 AM
    • 1,330 Posts
    • 954 Thanks
    MEM62
    • #6
    • 11th Oct 16, 9:52 AM
    • #6
    • 11th Oct 16, 9:52 AM
    I am not convinced that you would not be able to cancel the contract. What do the T's & C's say?
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