Where do I start

headinsand22

Been lurking on here for a while now and trying to decide what's best to do!
I admit that I have had my head in the sand for too long now and am getting ill with it all - maybe someone could help?
I had my own business for 4 years and could just about keep my head above water, but did have to borrow money to do so. I spoke to BDL in October, when I could no longer carry on due to not enough takings to pay rent, counsel tax, etc - they advised me to cease trading immediately and write to my creditors asking for 3 months to sort things out - I ceased trading and shut up shop but did not write to creditors - hoping for a miracle!!!
My personal situation is that I live with my partner in his house and I pay very little towards houshold expenses but we did own a house jointly up until August 2007 - we decided that if my business was to go down, it may be beneficial to just have house in his name - I never paid towards mortgage or bills anyway as I did not earn enough to do so. I carried on with the business because I have a lease and could see no way of getting out of it - no one would buy it in this current climate.
I am now considering going BR but am worried that they would take the house and wonder if anyone can advise??
PS - I have paid no rent or council tax or anything else since October and dont know what to do - as I said, I have had my head in the sand for too long now and really need to start dealing with things - grateful thanks in advance.

headinsand22

I have been reading what I have written and do not feel I have explained myself fully - here goes:-
Lease on shop - 18 months left at £900 pm
Council tax on shop - £400 pm - I am still supposed to pay even if shop is empty
Bank loan and overdrafts - approx £20,000
Personal loan - £7000
Catalogue - £700
Credit cards - MBNA - £1000 plus interest + HSBC £500 + interest
I have had no income since October, but have just started a job 3 days per week - £6 per hour
I have thought about an IVA and spoken to someone about it - all they wanted was £200 per month but could not guarantee that they could sort everything out! - in this current climate, I feel lucky to have a job at all, but I cannot see this job lasting very long as the person I work for is not doing very well either, so how can I guarantee to pay £200 pm for five years?
Loads of thoughts are going round and round in my head - but I seem unable to do anything about it as everything seems too enormous.

DON79

Hi headinsand

I thnk you still maybe need some more professional advice from business debtline or national debtline - did you discuss bankruptcy with bdl when you last spoke to them? If not give them another call.

Do not rush into anything - BR or IVA until you do get advice that it is the right thing to do.

You would need to disclose to the OR if you went BR that you did transfer home ownership in August 2007 - if you did not receive a share of any equity in the property, then the OR may be interested in realising a share of any equity that there was in the property - is it in negative equity? And is this the house you are living in now? If so and it is in negative equity, your OH can buy back the beneficial interest in the property for £1 plus costs so you would not necessarily lose the house.

Donna

headinsand22

Thanks for your reply Donna

The house we live in now is not the jointly owned one - we moved to a smaller house as my OH was not earning much money and needed to reduce the mortgage. When we moved he took out a £25,000 loan to give to me to reduce my business debts, which helped a lot, but the current recession has meant that people weren't buying from me, so things went from bad to worse again.

Just another question, if anyone can answer - last week I had a piece of paper through the door from Fieldcall asking me to ring them - I panicked and rang the man, who said not to worry - he was calling on behalf of my personal loan company and wanted to go through my income and expenditure - he seemed genuinely nice - but somehow I don't trust that he isn't a bailiff - what happens next week when he rings back? Do I let him in (I told him about my new job)?

House is not in negative equity - worth around £100,00 - mortgage is approx £55,000

DON79

Hi headinsand

you are not obliged to discuss your i&e with anyone that you do not want to and I would not let this person into your home, you have no idea who they are really and whether they are authorised to act on behalf of one your creditors. You do not have to agree to them calling at your home and they cannot come without your permission.

Have you now sold the former jointly owned home or do you still own it? If you did receive the sum of £25,000 from transfer of the mortgage, you would need to declare this to the OR and explain what it was used for. Was it 50% of the equity in the property at that time?

The house you are in now - is it solely in your partners name?

Sorry for coming back with more questions.

headinsand22

The jointly owned home is sold - the one we live in now is owned solely by my partner. £25,000 was not 50% about 25% I think - thanks for being interested - you do feel very alone - my partner is supportive, but I think cannot cope with much more as he has never been in debt and does not fully understand it, when I try to talk to him, he changes the subject. In his mind, I think, he feels he is supporting me by paying mortgage, bills, living expenses etc. After all, he has no need to support me with anything really - all i've done is caused him stress!

DON79

Hi headinsand if your current property has not been bought by you and is solely owned by your partner then it should be safe from the OR, you may need to confirm that you have not paid or contributed to the mortgage.

I do know what you mean about being alone - but you can do this - you will get lots of support and help here - I did. My partner too doesn't talk about my BR and didn't want to know the details so as a result, I spend loads of time on here reading and learning and helping others and what does he do! He moans I spend too much time here!

My OH too takes care of the mortgage and council tax etc - I tend to pay all the food bills and the gas/leccy and life insurance. I am sorry that you can't really share it with him but I do know what you are feeling like. The important thing is think about yourself and sorting things out. He is dealing with his by blanking it out and there is not much you can do about that. You just have to get yourself sorted and all prepared for bankruptcy. After that, things should return more to normal.

Take care and just make sure that you stick around here and post up any questions you need answering and read back lots of the other posts and the stickys to get information - knowledge is power!

Donna

RobertoMoir

headinsand22 wrote: »

Just another question, if anyone can answer - last week I had a piece of paper through the door from Fieldcall asking me to ring them - I panicked and rang the man, who said not to worry - he was calling on behalf of my personal loan company and wanted to go through my income and expenditure - he seemed genuinely nice - but somehow I don't trust that he isn't a bailiff - what happens next week when he rings back? Do I let him in (I told him about my new job)?

Is he a bailiff - were you taken to court? If no, then they're not a bailiff. Feel free to cheerfully refuse to have anything to do with this caller (but I'd get back to the people who the debt is with and try and sort it out there).

philnicandamy

http://www.fieldcall.co.uk/index.php
looks like some kind of debt management company

headinsand22

Thankyou very much to you all for the information - so I can refuse to see this man? What will happen if I do? I really can't deal with anyone at the moment - I know I have to in the end, but I need more information first.

DON79

Hi headinsand, you are perfectly within your rights to refuse to see this person and tell them to leave if they do come. Nothing will happen if you do, they have no rights at all to enter your property and discuss matters with you if they are only acting on behalf of a debt collection agency.

I would just tell him that you are seeking advice, you do not want him to call or turn up in person at your home and you will be in contact with him shortly about the matter.

If he does then turn up without your permission and with you having told him to stay away, this is harassment and trespass on your property.

Donna