Im not having a go...

Lifeisbutadream

Our pre-tax profit for last financial year, between myself and my husband, was £18,991.

I would probably be able to go and work for minimum wage and get as much as I do now for a lot less hours.

THAT is why I am very unhappy about being ripped off.

It does not make me feel any better to be told by a select few posters that I will go bankrupt too.

But thanks anyway.

Millionare

Lifeisbutadream wrote:

My accountant is also a friend, which is why I mentioned that - she TOLD me that she didnt consider the other side.

I dont really understand what you meant about what I said about my business would only go under if customers did not pay - sorry but that would be the only reason that it would - it is just not a big enough business for anything else to happen to it and if we stopped getting work in then we would both go out and find a job (and yes it would be any job if thats what it took).

The person who we are having problems with is apparantly looking into going bankrupt which is why I took the route that I did.

And yes, people should think of themselves and their families, which is what I am doing. I have had many a sleepless night over what we can do about this and the way that we got through it was by cutting back.

The man I am talking about smokes and drinks - I am sure that he will have found money for that, yet when we could not pay ourselves for a month, we managed to do without so that we could pay the mortgage. How is that fair then??

In life as you are most likly aware you will meet all kinds of people, some good and some bad.

Just because the bloke you have encountered seems to be from the latter in your opinon dosent mean that all bankrupts are the same.

Most bankrupts have gone down fighting to do as much as they can to pay creditors back, but for what ever reason when the writings on the wall and there is no other option what can they do?

Your business seems quite small so that if it went down it wouldnt really impact that much. but there are small businees that generate a few hundred thousand of revenue and when it goes belly up for whatever reason no 14000-16000 per annum job is gonna clear the debt up in this lifetime+interest.

Also most people ive been reading on here tend to owe banks the money and much less likely any individual.

skint_geordie2007

Lifeisbutadream wrote:

My accountant is also a friend, which is why I mentioned that - she TOLD me that she didnt consider the other side.

I dont really understand what you meant about what I said about my business would only go under if customers did not pay - sorry but that would be the only reason that it would - it is just not a big enough business for anything else to happen to it and if we stopped getting work in then we would both go out and find a job (and yes it would be any job if thats what it took).

The person who we are having problems with is apparantly looking into going bankrupt which is why I took the route that I did.

And yes, people should think of themselves and their families, which is what I am doing. I have had many a sleepless night over what we can do about this and the way that we got through it was by cutting back.

The man I am talking about smokes and drinks - I am sure that he will have found money for that, yet when we could not pay ourselves for a month, we managed to do without so that we could pay the mortgage. How is that fair then??

I dont wish to start a fight with you, or defend this guy I dont even know or care to. It just feels like your belitting bankruptcy as an easy way out, or we are some how criminals. I know you havent said in some many words, but that what it feels like. If I have taken this the wrong way then I apologise.

I dont blame the creditors for my situation, although they dont make it hard for people to get credit they cant afford to have. Most people who are in financial trouble , have their head firmly lodged in the sand until they have no other option but to face up to it.

Lets just go over the bankruptcy facts in case you dont know them:

You can only go bankrupt if you are insolvent and have sought professional advice. Its not something you choose to do.

You may lose your car and any other expensive assets you have.

You may lose your house. If you dont lose it initially, and you dont get someone else to buy out the ORs beneifical interest you will probably be forced to sell/remortgage within 3 years.

Your utility accounts may be stopped. They will reopen new accounts, but sometimes require a meter installed, or a deposit paid.

I think I will lose my flat. I have put my name on the council list. I have also been looking at private rentals, but due to bankruptcy, they require up to 6 months deposit in advance. Kind of mad when you have just been made bankrupt.

My name will be in the local paper and the London Gazette for all and sundry to know my business.

I wont be able to borrow off a prime lender for up to 6 years. This is how long bankruptcy and the associated defaults stay on my credit file. I dont really want to borrow, but would like to think I could get a mortgage at some point.

In the first year there are certain roles/jobs you cant hold . You cant get credit for more than £500 without notifying the lender you are bankrupt. This period may be extended for UP TO 15 YEARS if the OR has viewed you have been reckless causing yourself to go bankrupt.

I will pay the OR around £800 each month for the next 3 years.

Not exaclty the easy way out is it? I dont know where I will be living in a few months time.

seven-day-weekend

This is something we should all remember:

'Do not judge until you have walked a mile in another person's shoes'.

Lifeisbutadream

skint_geordie2007 wrote:

I dont wish to start a fight with you, or defend this guy I dont even know or care to. It just feels like your belitting bankruptcy as an easy way out, or we are some how criminals. I know you havent said in some many words, but that what it feels like. If I have taken this the wrong way then I apologise.

I dont blame the creditors for my situation, although they dont make it hard for people to get credit they cant afford to have. Most people who are in financial trouble , have their head firmly lodged in the sand until they have no other option but to face up to it.

Lets just go over the bankruptcy facts in case you dont know them:

You can only go bankrupt if you are insolvent and have sought professional advice. Its not something you choose to do.

You may lose your car and any other expensive assets you have.

You may lose your house. If you dont lose it initially, and you dont get someone else to buy out the ORs beneifical interest you will probably be forced to sell/remortgage within 3 years.

Your utility accounts may be stopped. They will reopen new accounts, but sometimes require a meter installed, or a deposit paid.

I think I will lose my flat. I have put my name on the council list. I have also been looking at private rentals, but due to bankruptcy, they require up to 6 months deposit in advance. Kind of mad when you have just been made bankrupt.

My name will be in the local paper and the London Gazette for all and sundry to know my business.

I wont be able to borrow off a prime lender for up to 6 years. This is how long bankruptcy and the associated defaults stay on my credit file. I dont really want to borrow, but would like to think I could get a mortgage at some point.

In the first year there are certain roles/jobs you cant hold . You cant get credit for more than £500 without notifying the lender you are bankrupt. This period may be extended for UP TO 15 YEARS if the OR has viewed you have been reckless causing yourself to go bankrupt.

I will pay the OR around £800 each month for the next 3 years.

Not exaclty the easy way out is it? I dont know where I will be living in a few months time.

I never once said that I thought going bankrupt was the easy option.

What I did say was that the person that I know who went bankrupt (twice) was doing pretty well now after ridding himself of his debt. This is the only person that I know so I cant comment on anyone else.

Also the person who owes me money and is/was looking into/going to go bankrupt still allowed me to work at his house when he owed someone else money (he had a CCJ for £5000 from 2005. Why didnt he pay that person back rather than getting work done?

I am sure it is very hard being bankrupt and as I have said before anyone in that situation has my sympathies. However, my sympathies do not extend to someone who can sit there with no job, smoking and drinking with someone elses money, when the person they owe money to cant afford to even do that!

:mad:

Bakeybadoo

You post on a bankruptcy board and expect nothing but sympathy? Go to a business board and you might get that but it's hardly likely here to be honest.

What your post actually should have said was 'I'm mad at people like you who go bankrupt so I'm going to whine about it and expect you to show the remorse that my debtor didn't'.

I think that's nearer the mark personally.

ollyk

Lifeisbutadream wrote:

This man owes our business £1400 for works done to his property.

He refused to pay - he said that he couldnt afford it as he did not have a job (although he allowed us to quote him and then do the work).

This was in June 2006. I started court proceedings and the man said he would pay £1 per month (a quick calculation says that would take 116 years to pay off - it also costs me 25p every time I bank a cheque, plus the cost of my time and getting to the bank, would cost more to pay in than I would be getting).

I rejected that offer and so did the judge, meaning that the full amount was payable. As he is still refusing to pay ANYTHING (I would have accepted a reasonable sum, but £1 per month is NOT a reasonable sum) I had no choice but to take out a charging order against his property, costing me MORE money, because I found out that he was considering making himself bankrupt (he has another CCJ for £5000, which he had before he agreed to allow us to do the work).

No interest will be added on to the amount that is outstanding now (however that amount is now around £1800 because of court costs and interest added in the time that were were allowed to add interest.

Can it not be proven he has obtained a service through deception or something similar?
The little to$$er should be made to pick litter up until he has paid every penny back to his debtors. I hate this and what many people don't realise is that EVERYONE pays in the end.
I am sorry to say you won't get a great deal of sympathy from these forums...

skint_geordie2007

Lifeisbutadream wrote:

I never once said that I thought going bankrupt was the easy option.

Yip , I know you didnt.

I_said wrote:

I dont wish to start a fight with you, or defend this guy I dont even know or care to. It just feels like your belitting bankruptcy as an easy way out, or we are some how criminals. I know you havent said in some many words, but that what it feels like. If I have taken this the wrong way then I apologise

I am sorry to hear this guy has ripped you off, probably knowingly in advance.
I guess it depends how often this happens in this line of business. I am not a business man, and never have been. But, if this happens once a year, once a month or what, it has to be estimated/accounted for. Its an overhead, and you will have to increase your costs to cover this. After all I am sure Tescos/HMV in the likes factor shoplifting into their costs to maintain their profit margin. You might say you dont want to raise your costs, so you can remain competitive. Well if the competition dont cover these sorts of things in their overheads they will be suffering too. And, if it only happens once a year, it will be a minor increase in cost?

Anyway, good luck with your business and hope you prosper.

Millionare

Lifeisbutadream wrote:

I never once said that I thought going bankrupt was the easy option.

Why didnt he pay that person back rather than getting work done?

Only that person has the answer to your question.

Lifeisbutadream wrote:

However, my sympathies do not extend to someone who can sit there with no job, smoking and drinking with someone elses money, when the person they owe money to cant afford to even do that!

:mad:

Like i said, he's most likely a bad apple, but not the norm in people that go bankrupt. Also some people are addicted to smoking/drinking and if under stress are more likly to do so even more.

In relation to your first question that "do bankrupts not consider other people they owe money to?".

I think a large majority do from what ive read over the past couple of months with people going bankrupt, but their is nothing they can do when there is no other option.

Millionare

skint_geordie2007 wrote:

Yip , I know you didnt.



I am sorry to hear this guy has ripped you off, probably knowingly in advance.
I guess it depends how often this happens in this line of business. I am not a business man, and never have been. But, if this happens once a year, once a month or what, it has to be estimated/accounted for. Its an overhead, and you will have to increase your costs to cover this. After all I am sure Tescos/HMV in the likes factor shoplifting into their costs to maintain their profit margin. You might say you dont want to raise your costs, so you can remain competitive. Well if the competition dont cover these sorts of things in their overheads they will be suffering too. And, if it only happens once a year, it will be a minor increase in cost?

Anyway, good luck with your business and hope you prosper.

Its all part and parcel of running a business, Debtors, Creditors and Bad debt. Every business has it.