boss owes me money & salary

batches66

help.... my boss owes me salary and money that I lent him on credit cards. He is at present paying me salary when he can, but is behind. This has been going on for a while now (was getting it
monthly for about 5 months) but gone back to bits and pieces and not getting full amount. I lent him money about 3 years ago through my credit cards - he pays the minimum each month. I have an old signed & witnessed contract saying its his debt. The cards have done a few balance transfers over the years.
I think he is in financial trouble and I am worried he is going to be made bankrupt soon. Where do i stand with outstanding salary and the credit cards that are in my name but his debt?
I know I should never have done it in the first place so please no telling me off LOL. never again will I trust.
Thanks for any help

chesky369

How much in salary and how much did you lend him?

batches66

credit card is £9500, salary is £2355 to date

Donki

batches66 wrote: »

credit card is £9500, salary is £2355 to date

WOW! Are you in contracted employment to him? I would seek proper legal employment advise ASAP, thats not peanuts.

If he starts defaulting on the credit its you the companies will be contacting dispite any contract you have, look out for yourself as you boss clearly is taking advatage of you.

DCFC79

batches66 wrote: »

credit card is £9500, salary is £2355 to date

Why on earth lend your boss so much money or any money in the first place ?

Hope you get it sorted but if he goes BRyour chances might be slim.

batches66

Donki - thanks I will do that. He has not ever paid the min on the cards, so just wanted to know what happens if he is made bankrupt?

DCFC79 - i know i said in post that i now know i shouldn't have lent it to him. Been with him a long time, became a friend and at beginning it was going to be a short term loan and I trusted him, but due to recession its taken longer to repay and just got steadily worse with his finances.

ILW

Does he own a house, car , etc?

McKneff

Your credit card, your name, your debt.

If he goes bankrupt that is.

You should still get your salary but................

Donki

batches66 wrote: »

Donki - thanks I will do that. He has not ever paid the min on the cards, so just wanted to know what happens if he is made bankrupt?

DCFC79 - i know i said in post that i now know i shouldn't have lent it to him. Been with him a long time, became a friend and at beginning it was going to be a short term loan and I trusted him, but due to recession its taken longer to repay and just got steadily worse with his finances.

So are you paying the cards at the moment? If he is made backrupt I honestly dont know because I dont know what the contact you have is worth, I do know the cards are in your name and you are liable for them at this moment in time. Again all I would say is seek legal advice from a solisitor in the employment field. Are you under an employment contract to him?

Silk

Hi Batches,
Just seen your post ..not my usual area on here
Is the company he owns that employs you a LTD company ?

batches66

ILW - he owns a house which doesn't have any equity and has had problems with the lenders.

donki - he pays the money into my account every month and i then pay the cards. i have an old document typed up saying that the named cards (a couple have been changed due to 0% balance transfer offers) are his debt and he will pay!! It used to be that he would pay them from his bank account but thought best to have from my account then i know they get paid. I have recently had him paying bit more than the minimum.

Silk - he is a sole trader.

I know i have been really stupid in lending the money but im a nice/naive person and didnt think it would go on for so long and then he get into the trouble he is in. My own fault I know from replies people think im an idiot! Been advised to walk away and hope for the best but i just feel sick if i walk away and dont get anything. Cant afford to pay his debt