CCJ court papers from Natwest

stressed_mummy

Just when things were getting straight!!

our company went down at the end of last year & we've probably lost somewhere in the order of £100k + on joint cc & loans /personal guarentes etc....

Good old natwest are now demanding their £9k!! What a lovely piece of post today

we've got do do a statement of affairs for the court which i will put on the board over the weekend.

can i dispute the fees & interest which probably accounts for a 1/4 of it plus a coverheat plan we paid in full on debit card & promptly went bust??

anything else you can think of ??

we haven't taken a salary for over a year now & had some tax credits along the way.

we are going to update our creditors list on paper to confirm the figures

we will list everything on the defence form to do with work & the impact on family life plus some major family problems too.

DarkConvict

I don't know what coverheat plan is, but if it is a contract similar to car insurance/Mobiles. Then no, as you are in debt from the moment you sign the contract, you pay for the service month by month. If you terminate early you are still liable for the full amount.
You can only reduce the amount if a cancellation policy is applicable, i.e. you can cancel at any time given a £30 charge. Obviously you need to cancel before they claim the full amount, or if early cancellation allows you or reclaim a % of the premium if already paid in full. If you catch my drift. But in many cases the full amount is always owed on contracts even if you only use it for a day. It really depends on the cancellation terms of your contract.

Interest is something i do not think you can dispute unless you were wrongly charged, you agreed to the APR. That is how banks make money from loans, obviously a business plan is make more money than the loan costs.
As to loan fees, try the reclaim board - http://forums.moneysavingexpert.com/forumdisplay.html?f=102

stressed_mummy

DarkConvict wrote: »

I don't know what coverheat plan is, but if it is a contract similar to car insurance/Mobiles. Then no, as you are in debt from the moment you sign the contract, you pay for the service month by month. If you terminate early you are still liable for the full amount.
You can only reduce the amount if a cancellation policy is applicable, i.e. you can cancel at any time given a £30 charge. Obviously you need to cancel before they claim the full amount, or if early cancellation allows you or reclaim a % of the premium if already paid in full. If you catch my drift. But in many cases the full amount is always owed on contracts even if you only use it for a day. It really depends on the cancellation terms of your contract.

Interest is something i do not think you can dispute unless you were wrongly charged, you agreed to the APR. That is how banks make money from loans, obviously a business plan is make more money than the loan costs.
As to loan fees, try the reclaim board - http://forums.moneysavingexpert.com/forumdisplay.html?f=102

coverheat was a 'lovely' policy which covered you if your heating broke down within about 2 months the company went bust!! £300.00 DOWN THE DRAIN

Yes there is interest but almost £1k of charges in the last year we used it where they kept bouncing everything

this was our personal overdraft not the business

so what you are saying i have to put up with it?? just send the court papers back asking for time to pay. It looks like I will have to sell the family home in the summer as it is and breaking a court order & my disabled son's security.

For example the last month i was using it before i switched banks to the coop i send out 2 cheques to my daughters school they bounced each one twice which was almost triple what the cheques were for.

If there was a crying face I'd put one on now

DarkConvict

You shouldn't be using your sons DLA/ESA benefits as these are his care costs. On any income sheet you have to submit put this as an income, but you must add it into the outgoing column as care costs. This way it balences out as no surplus income. If halifax are granted a CCJ it will be for what you can afford to pay.

Both these are the same charity, give free professional advice on debt. I have given both as i feel there is some overlap in your personal and business finances.
For personal debt - http://www.nationaldebtline.co.uk/
For business debt - http://www.bdl.org.uk/

You can dispute unfair charges, but if you had payments bouncing on a regular basis I doubt this will go in your favour, especially with the OFT pulling out the campaign. I don't know much on reclaiming, you really need to try the reclaim board posted above.

You say you lost 100k, is this Natwest the old debt you have outstanding, was the rest in cash, or do you have 100k of other debts?

stressed_mummy

our rough figures are around £110k of debt based on credit cards/one loan & personal guarentees with 3 different companies which as of yet they haven't come chasing yet!! one item alone will be almost £40K for a piece of kit which we only discovered when it was reprosessed it was 3 years older than we were told it was which meant the price we paid was far too much & couldn't refinance it as the 2 values were out by so much.

I am sure this will continue to rise once the dust settles.

DarkConvict

I assume this was a sole trader/partnership business as such you not the business are liable for debts?

Do you have any assets, i.e. non-mortgaged house/lots of equity etc. If you do not have any substantial assets and not high paid jobs £50k+, bankruptcy might be an option as 100K of debts will take a good 6 years to pay off even as a high earner. If not not a high earner then BR only last 6 years and might be a more suitable option for a better quality of life.

stressed_mummy

the trouble is we have 2 houses with some equity in but as part of my divorce settlement i received one house & 2 small endownment policies with the court deciding that son will never be able to live independently
we remortgaged this one to buy the house we will move to in the summer which has all the future requirements for our disabled son.
we'll be selling the house we are currently in probably raising about £60k

high paid jobs no....... not got paid for the last year

do you think our creditors will do a full & final settlement for half the amount they are claiming or could they force the issue of selling both. the new one is in oh name only
i was thinking if not hold fire until the 2 endowments pay up then for me to go bankrupt. this is at the back of my mind if it really gets worse

it looks like we are dammed if we do dammed if we dont!!

DarkConvict

If they are the original creditor, not a Debt collector, F&F offers rarely if ever drop below 70%. From a DCA that brought the debt, they can be from 20-70% in general.

Im not trained in debt guidance, but national debtline, payplan and CCCS are. They can give much better advice than myself.

stressed_mummy

Do I dispute the amount less the charges but not the interest or do I do a separate claim on the fees??

I'm still working on our soa & it doesn't look good so probably get the minmum of £1.00 which is what the ccs have suggested.

can I specifiy which court I wish it to be at at the moment it is showing Birmingham & we are down south!!!

Mr_Mistoffelees

Hi. Can you clarify who owes the money please. Was the loan to a ltd company? If so, did you personally guarantee the loan? Who are the court papers addressed to?

If you are sued as a real person rather than a legal person (a limited company) you can ask the court to transfer the proceedings to your local court.

stressed_mummy

its our own personal overdraft. We were employed by our ltd company & having our tax credits paid in there until July when it seemed all the money coming in was going out on charges.
Not once did the bank of some 20 years ring or write a letter to clarify why there was no other form on income coming in as a salary.

So from Nov 2008 until July 2009 we hadn't paid ourselves any form of salary as we couldn't afford to take one.

So for 1 whole year we lived on next to nothing!!

Should we explain this in a letter to the court as well as listing all our debts & personal guarentees we made for the company ?