Shoosmiths SD

[nemesis45]

Re: Shoosmiths SD

Just a quick update guys.

Howlett Clarke have been a great help in corresponding to my emails, and anyone joing this forum should definatly liase with them in the first instance

I've managed to negotiate with Shoosmiths on a monthly repayment plan however they have responded with the below .... is this right?

In terms of your repayment proposals, strictly on a without prejudice basis, my client has instructed us that:-

1. It will agree to accept £xxx per month with first payment to arrive within 14 days of the date of this email and thereafter by the 5^th day of each month;

2. After 3 months, when my client is satisfied that the payments are coming in on time without delay or default, it will instruct us to write to you to confirm that it withdraws the statutory demand dated 19 August 2015;

3.However, if at any time any one payment does not come in as agreed, my client will be at liberty to take action against you immediately, such action includes but is not limited to continuing with the statutory demand dated 19 August 2015 (if it has not been withdrawn by the time of default) or recommence action with a new statutory demand.

This was sent via email, the Guarantee attached that I have signed clearly doesn't stipulate who owns the debt, how the debt is enforceable nor give a time to pay as it was for an overdraft, nor is it accompanied with a new agreement regarding the monthly payments.

Under the circumstances do i just count my blessings and continue with monthly repayments

Best

It is certainly wise to continue your payment, what ever happens it stands you in a good light being willing to pay off the debt. Gives them nothing more to get restive about.

nem

[tankusmaximus]

Re: Shoosmiths SD

Just a quick update

I'd like to say a big thank you to Howlett Clark for the small but very impartial advice they gave

Even though myself and ex business partner were served with stat demands and I have arranged a monthly fee, they have stopped chasing him altogether, and havent even asked for a penny.

I called Shoosmiths to say surely this isn't morally correct, there response was you both understood what joint and several liability meant when you signed the contract.

So does that now mean I own the full debt, why would they either bother sending him a stat demand if they werent intending to follow through

[Amethyst]

Re: Shoosmiths SD

They can chase, basically, whichever party they think is a better prospect of obtaining the money off.

[nemesis45]

Re: Shoosmiths SD

Just a quick update

I'd like to say a big thank you to Howlett Clark for the small but very impartial advice they gave

Even though myself and ex business partner were served with stat demands and I have arranged a monthly fee, they have stopped chasing him altogether, and havent even asked for a penny.

I called Shoosmiths to say surely this isn't morally correct, there response was you both understood what joint and several liability meant when you signed the contract.

So does that now mean I own the full debt, why would they either bother sending him a stat demand if they werent intending to follow through

If the ex business partner clearly has no means to pay the debt an SD is pointless and as the first step to bankruptcy should not be used indiscriminately as a primary method of debt collection.

The creditors will pursue the person it considers more likely/ able to pay.

nem