1st Post Newbie and totally confused!

fiveyearplan

I just this minute read a post on here that Tenon had threatened their OH with BR for a yell.com bill. They seem to be cropping up more and more lately.

deedee_3

SD I was reading on a post earlier that someone is being chased by Tenon for a debt.

I would definatly ring one of the debt charities on Monday and have a talk through your options with them. Knowledge is power. You are thinking of making a huge step so reseach it as much as you can.

From the sticky at the top of the board.


Advice on bankruptcy.

The court/judge will normally ask whether you have taken professional advice that bankruptcy is in your best interest. If they believe you have not taken proper or sufficient advice then your bankruptcy may be refused. There are many places and organisations that you can get advice from, but the ones that people on this board have found most useful are listed below:

Main recommended sources of help:

• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

Others:

• Business Debtline - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

For general queries about bankruptcy you can contact:

The Insolvency Service Enquiry Line - Tel: 0845 602 9848 - Email: [EMAIL="insolvency.enquiryline@insolvency.gsi.gov.uk"]insolvency.enquiryline@insolvency.gsi.gov.uk[/EMAIL]

(Please be aware that the enquiry line cannot give debt advice or counselling or advise you whether you should go bankrupt. They can only answer general/technical questions on bankruptcy)

blind-as-a-bat_2

fiveyearplan wrote: »

I just this minute read a post on here that Tenon had threatened their OH with BR for a yell.com bill. They seem to be cropping up more and more lately.

I think its the same one that posted on CAG, but there are 3 more there too.

It is a fairly new company, at least in the uk, as it bought out some other company, but i get the feeling they will be cropping up more and more in the future.

I certainly wouldnt trust them to run my IVA impartiialy

Shattered_Dreams

OK, I phoned the Business Debtline today and am even more confused now. Apparently, yes there is a possibilty of having an IVA if the courts do impose a CCJ on me.
I asked what was the best recourse and we threw around the idea of off-loading the house. If we sell or have it repossessed there is likely to be a shortfall (and the early penalty) which could be included in an IVA. If we do leave the house and rent, it would free up enough surplus to allow an IVA to go ahead.
I'm still loathe to go BR unless really necessary beacause of the OH business and the affect it would have on trading. Also BD advised that the OR may make me get rid of my car and get a "banger". Hmm - I have to travel a 60 mile round trip each day to work, alone and now winter's nearly here - in the dark on mainly rural roads - I need something reliable!

Unfortunately, the guy at BD had to leave for a meeting, but has recommended leaving the descision until we've sorted out our housing and worked out just how much surplus we would have.
Either way, it looks like the house is going to have to go and we need to do it fast, we can't afford all our payments this month.

stroppy

Hi there,
Cant help much with your questions but just wanted to offer bit of support,we have owned 3 failed pubs which eventually led to going bankrupt in September,we too were treated apallingly by the brewery and only wish we had got out sooner.
We were told we probably could have kept our house but our mortgage was very high,we now have an equally nice house (rented)for half the price.Took us about 3 weeks from deciding on house to moving in.
My OH has managed to continue being self-employed in a different line of work and although it has been tough we are glad we went down the BR route.
Stroppy x

Shattered_Dreams

Thanks for the support Stroppy, if the brewery had only been fair with the value of the F&F, I wouldn't be in this situation now.

I've started looking at rented properties a bit closer to work and finding similar houses to ours at half what we're paying out in an I.O. mortage now! So, we're looking to get the house on the market asap. Our revised plan is that with the increase in surplus, we could afford an IVA and avoid BR, which after very careful consideration is our preferred choice - if of course our biggest creditors (HMRC) will accept it.
My main problem now is finding a house for 4 adults and 3 dogs - not easy at all........and of course there's the deposit to find........

One other question - I will be preparing an SOA soon. However, I'm waiting on a promotion with a (hopefully) substantial increase in salary. Whilst this is by no-means a sure thing and unfortunately I've no idea how soon it would be (long story, but it's a company thing!), it would ease the situation a lot. If our SOA as it stands goes forward into an IVA proposal and I then get the promotion a few months down the line - am I legally bound to inform the IP straight away? I'm guessing the answer is yes, just want to make sure.

Thanks again to all for the help and support

Rylynn

Hi I would not enter into any IVA until you are sure it is right. As has been said people go into them and like me they fail, mine due to ill health and I have now had to go BR (yesterday in fact).

I paid in over £5k in 16 months, and 1300 got paid to my creditors, day light robbery if you ask me.

Also YES you have to tell them of any increase but believe me you have a decrease or bills go up they wont want to know it is very stringent and I have to say had I known about this site in 2005 I would not have gone into it.

Can I just say here though I had a CCJ will look it out tomorrow and it went into the IVA.. as it did I take it it cannot be reimposed on me now, would it fall into the BR.. heck only just considered this, said NO to CCJ on forms as it was not one when the IVA came into force and was listed on my IVA but not as a CCJ???

RL

Shattered_Dreams

Hi Rylynn
well we decided on an IVA (if we're allowed) as the debts were from the pub business and as such, not going to increase, just too much to pay back as individual debts. Had the credit crunch not happened and had one leasing company not bitten off their own nose by defaulting me on my credit report for ONE late payment, then we could have consolidated and afforded the repayments (including the HMRC).

House would probably still have to go as the mortgage has got too much, but I honestly think we could have coped. Business Debtline agreed too.
But, no chance of a loan, so IVA the next best thing? It would be a joint one, I'm in full time work and OH has steady (if not lucrative) work at the moment.

I just see BR as being a lot more complicated for our future, but that's why I'm here, I'm grateful for any advice!

fiveyearplan

Hi Shattered Dreams. It must be some relief to have made the decision for your debt. I hope the IVA is agreed if that is what you want. However, I don't think you are much better off from a credit rating point of view with an IVA vs Bankruptcy and the IVA will still be registered in the individual insolvency site.

The advice is what we're here for and glad if this forum helped you come to the conclusion that you have. I'm sure if there was a way for me to avoid bankruptcy I would have done so. Please come back and let us know if your IVA was agreed or not.

Good luck!

Shattered_Dreams

Gosh, hadn't realised it's been a month since my last post - doesn't time fly when your enjoying yourself? :cool:

Well we finally got word back from the courts and unless we pay the HMRC in full within the month, they will petition for bankruptcy.
Well of course we can't pay, so have accepted the inevitable. After a very long conversation, I've come round to realising it's probably for the best. My question is - would it be better for them to force BR on us, than us deciding to go BR ourselves?

Also, one other point - I have run my current account with Alliance & Leicester really carefully and have never gone overdrawn. I don't have a credit card or OD facility with them -does anyone know if there is a high incidence rate of banks allowing you to keep your accounts with them? My only issue with this that the OH has a loan with them (totally separate to me) which would be included in the BR