cease trading with personal guaranteed overdraft

[blissman]

Hello

we are looking to potentially close down the business and found this thread very interesting and helpful, we have a personally guaranteed overdraft with HSBC of £29k which if we go bust will stay, is there any advice of wether we can get out of paying this back, is there any negotiation tactics people know of to pay less etc
any help with be great

thanks

 

[Lisa Thomas]

Hi there - it really depends on your personal financial circumstances as to whether you can 'avoid' this debt. Very quickly overall the options would be a) negotiate to pay over a term, b) offer a full and final settlement c) offer security d) go Bankrupt e) enter an IVA f) pay it back. Little too much to cover in a quick forum! Feel free to call me if you want to chat this through in more detail. <phone number removed>

 

[blissman]

Thanks Lisa, thats what i thought stuck really hopefully they will be willing to help at the Bank

 

[Lisa Thomas]

It's bad for their PR to be seen to Bankrupt someone so depending on your circumstances I would hope you can work out a deal.

 

[Paul Kelly ICHYB]

It will not stop them coming after you aggressively and playing hardball. I recently posted about someone who had a PG and the bank put the boot in for £10k.

Lisa, bad PR it is, but it is happening to SMEs and the self employed every day!

The first thing to do is see if there were actions, could you raise the funds. If you see an insolvency expert, you will probably run up a bill of several grand and still not have a solution (this has just happened to a potential client).

This maybe tough, but if you knowingly ran up the debt, maybe you should face up to it and pay it back!

 

[Lisa Thomas]

An IP should give you an initial meeting for free - you need to consider all of your creditors, not just the bank and what assets you have so they can give you the best advice on what strategy to use with the Bank. It's only if you instruct them to help liaise with the Bank that I would expect them to bill you. However I agree this may not be necessary if you have no other debts to consider.

 

[UK Contractor Accountant]

Your latest published accounts at 31 Dec 14 shows the company insolvent to the tune of £26K - I suggest you speak to an IP sooner rather than later as you are possibly trading whilst insolvent!

 

[Dave the rave]

Your latest published accounts at 31 Dec 14 shows the company insolvent to the tune of £26K - I suggest you speak to an IP sooner rather than later as you are possibly trading whilst insolvent!

I have seen a few of your posts which note company data . I'm interested to learn how you find out who company belongs to who on here ?

 

[OldWelshGuy]

Most information is in the users profile. then it is a trip to companies house

 

[UK Contractor Accountant]

No - I am using Derek Acohra's physic reading techniques fused together with Derren Brown's mind minipulation skills.

All good tools that a competent Accountant should possess?

 

[Lisa Thomas]

So some people are putting their real company details on their profiles...?!

 

[OldWelshGuy]

So some people are putting their real company details on their profiles...?!

Aye, only the real ones though

 

[Lisa Thomas]

Ha!