Cancelling a contract that's non cancellable

hayleyl

Hi,

I entered a contract that promised to help me with the marketing knowledge to grow my business but then saw no return for it so could not pay for it. I'm considering bankruptcy after taking some debt advice but it seems really extreme that I would take bankruptcy for one debt.

I don't know what to do or where to look, has anyone got any experience of this? I only had 2 months access of the 'product' and have paid the company around 1,200 but I owe another 5,000 to them.

If anyone has any advice that'd be great.

Thanks,

Hayley

Thrugelmir

Chalk it up to experience. Entrepreneurs often get it wrong before finding the goldmine.

jonesMUFCforever

Does it qualify as a business expense?
if so work as hard as you can then get tax relief on the 'bad'debt.

fwor

If you are still paying under the contract then you either need to look carefully yourself at the Terms & Conditions that you signed up to, or you need to get legal advice - possibly starting somewhere like CAB, or possibly paying a legal expert to do it for you. At the very least the Terms & Conditions should have one or more paragraphs entitled "Termination".

I'm not a legal expert so I don't know if it's possible to have a contract which cannot be terminated, but I doubt it. If they agreed to do something for you contractually and have failed then that alone (non-performance) should be grounds to terminate the contract.

muhandis

In your place what I would do is -

1. If you got advice from a legit source (lots of options for free debt advice, see here https://www.moneyadviceservice.org.uk/en/tools/debt-advice-locator ), it is most likely going to be more suited to your financial circumstances than you will get on this board.

2. If the fall-back option is to go bankrupt (in which case creditors are unlikely to get anything), the company that sold you the "marketing advice" should be open to negotiation to bring the amount owed down, or discuss other options such as to pay it back over a longer period.

First get some free debt advice from the one of the sources recommended by the MAS. They will look at the totality of your financial situation before recommending a course of action.

Good luck.

hayleyl wrote: »

Hi,

I entered a contract that promised to help me with the marketing knowledge to grow my business but then saw no return for it so could not pay for it. I'm considering bankruptcy after taking some debt advice but it seems really extreme that I would take bankruptcy for one debt.

I don't know what to do or where to look, has anyone got any experience of this? I only had 2 months access of the 'product' and have paid the company around 1,200 but I owe another 5,000 to them.

If anyone has any advice that'd be great.

Thanks,

Hayley

MEM62

I am not convinced that you would not be able to cancel the contract. What do the T's & C's say?