Diary of a Poor Person aged 46 1/2

mrscmr

evening all
thanks for ur posts.

@positiveandfocused - thank you for posting on my diary first. thank you for unlurking too!

i think more people than i realise are reading this.. i hope for the right reasons and not waiting to see me go 'pop'!

at school today the teacher said i looked like i was going to combust! if only she knew!

:-(

tomorrow is a new day

savingholmes

MrsC it is only natural that you are finding it hard to deal with all of this - it is major, major stuff! To feel all hot and bothered during a heatwave is not great either... Keep taking deep breaths. Glad you rang CCCS - you have to start somewhere...

Don't give in to pressure over the £35-50K though... make sure that external business advisers think it is a sensible thing to do rather than throwing money into an unrelenting black hole!

Meenu

good luck !!!!!!!!!!!!

mrscmr

the money is to pay the inland rev and then the company can be closed down properly without people being struck off and then at least people can get on with rebuilding their lives.

cuddlymarm

Good morning mrscmr

Please don't feel that people are watching and waiting for things to go pop. The majority of people on here are lovely and do care. Occasionally you get the ratbags that take pleasure in snapping and shouting down others words but this is very much a minority. Never feel afraid to talk for fear of others enjoying your pain because it does help to talk and know that someone is out there that understands.

I hope this wasn't too heavy for this time of day
I hope you have a good day
Cuddles:rotfl:

Happytogetdebtfree

morning morning morning very very tired off bed then must wake and do some cheap holiday shopping :S xx

mrscmr

too heavy, cuddlymarm ... resulting in tears but thanks

savingholmes

mrscmr wrote: »

the money is to pay the inland rev and then the company can be closed down properly without people being struck off and then at least people can get on with rebuilding their lives.

I was watching newsnight last night and they were saying they were letting companies defer their tax payments rather than go bust during the recession? Worth asking the question?

kissjenn

Hi Mrsmcr,

This is brutal stuff so deep breath and cup of tea. It's also very complex and dependent on the specific make up of the firm, your personal situation and what the other Directors want to do. I'd advise speaking to Debtline Business asap as only you and OH know the true specifics of this eg if there are 5 Directors and only OH doesn't want to pay the HMRC bill what does that mean, can they force him to given your personal circumstances etc etc. Freephone number included in post. I would strongly suggest you complete a detailed personal budget first so you know exactly what income and expenditure you have, including all the annual bills like MOT, Road Tax, Building Insurance etc etc.

I've done some digging for you and suggest you and OH have a look at this link http://www.bdl.org.uk/images/bdl10_ew_LimitedCompanies.pdf

This deals with the debts of a Limited Company and the options available. From the very little I know about OH's firm Strike Off may be the cheapest as the others carry massive costs. Also they advise not putting yourself in a position where you can no longer manage your household expenses to try and cut company costs in a failing / failed business. So raising £35k - £50k to pay of HMRC and then still have to declare insolvency may not be a great solution, especially if it tips you into personal bankrupcy as well. Better to consider taking the business hit and lose right to be a Director and stay personally solvent and keep your home.

There are some debts which may not be removed by striking the company off and these are any personal to OH, so the PAYE liability on his personal wages, any Director's drawdown, any guarantees he personally (not as a Director of a Limited Company) gave. I had to do this for my company credit card - ie they can come after KJ not KJ Ltd if I fail to pay what's due. Can you work with him to estimate what those look like because if you go down the £35k - £50k route these may be liable ON TOP.

The Business Debtline Freephone number is 0800 197 6026 option 1.

On the personal side the most obvious asset to look at disposing of is the Cyprus House. Would that bring you in some money which you could look at applying to cc's maybe as full and final payments? Again if you have a figure like that and any other big assets, what could they bring in? The advisors will find this helpful and you will do when deciding priorities.

I'm sorry it's so bleak and clinical. If you need any more info let me know.

x

chevalier

With everyone and his dog struggling financially at the moment I just can't see why they are insisting on a lump sum (both HMRC and the other directors). Sorry but I don't think someone has asked the obvious question, can we pay in installments...

I think itis interesting that the sum the other directors are asking for has gone down 15k in a few days..... or am i being to suspicious.

And sorry but if NOT getting this money together keeps a roof over you and your childrens heads, but they get struck off then so be it. Keeping yourself personally solvent (ie you and OH) IS MORE IMPORTANT. Make sure your OH knows that too. No room for male pride here and keeping up with the other directors.

He must do WHAT WILL SAFEGUARD THE FAMILY FINANCES.

Good luck thinking of you
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