liz40's creditor problem

[Hurricane Puffrose]

liz

as promised here is your thread

[liz40]

Re: liz40's creditor problem

Thank you

[liz40]

Re: liz40's creditor problem

Not sure how to begin or what I should do?

Received a court summons for an outstanding business loan for £14,000 which I am unable to pay. Have recently had to closed my retail shop as couldn't cover my over heads although was there for 12 years. Was going to continue working from home on the internet but not sure that is possible now? Have business debts still outstanding and I am a sole trader. Where do I begin what should I do?

regards

liz40

[ploddertom]

Re: liz40's creditor problem

Why not start by telling us what you have received a claim form for. Obviously miss out all personal details.

[liz40]

Re: liz40's creditor problem

Okay the loan was given to me to help grow my business, and was given to me from a local business centre (I assume the local business centre was set up with govenment funding to help promote local business in the area) not 100% sure how they work or how they are able to provide this funding.

As the amount I owe is £14,000 ish and dont have a lot of income at the moment how to takle this?

Are there any other options?

Where do I stand being a sole trading?

Liz40

[Guest]

Re: liz40's creditor problem

Hi LiZ

Can you confirm that you have had a court claim form (N1) and not just a demand for payment.

Also we need to know who exactly the loan was issued from and on what terms, was it a bank or was it from a local business development grant.

Also was there any kind of agreement signed.

Peter

[liz40]

Re: liz40's creditor problem

Yes it is an N1 received it on Friday.

Credit agreement with a local business centre. Have a credit agreement although cant find my signature I feel sure I did sign it.

Liz

[Guest]

Re: liz40's creditor problem

Can i ask if the loan was over 25k when you first took it out and what the date was.

Peter

[Guest]

Re: liz40's creditor problem

Hi Sorry

Also was he loan secured or unsecured.

Peter

[liz40]

Re: liz40's creditor problem

Feel sure its unsecure!

The figure is made up from two separate loans to same lender. £8,000 dec 2008
and £3,000 sept 09

How do I check if its secure or unsecure?

[Guest]

Re: liz40's creditor problem

Hi
You need to see the agreements. but I would guess they are unsecured if you are not aware.

Are they claiming for both loans on the same N1.

Do you own you own home?

Didi you recieve defaul noices for boh the loans before the N1 was sent, what is he name of the creditor on the N1.

Sorry for all the questions

Peter

[Guest]

Re: liz40's creditor problem

Hi
There are so many variables it is dificult to advise without knowing all the facs.

Would it be possible to post the agrement you have and the N1 on here.
Remove all the personal deails first of course.

You say you have an ageement is this for the first loan or the second? or was the second a re-finance.

[liz40]

Re: liz40's creditor problem

Both loans are on the N1 as a total not two separate summons. But even the total they have come to sounds confusing. It comes to £13627.72 plus interest of 8% a year from april 2011 to april 2012 also interest up to judgement.

Yes own home but am in process of letting out.

Cant recall receiving default notices however I do have emails stating they could do this.

When you say creditor on form do you mean claimant?

I have two separate agreements for each loan.

Yes I can try and post documents if I can blank the personal information out. What about the N1 might be hard to blank out.

Also the N1 form was sent to my home address not my business address not sure if thta makes any difference.

Thank you

[liz40]

Re: liz40's creditor problem

Not sure how to post picture of documents?

[Hurricane Puffrose]

Re: liz40's creditor problem

go to go advanced and there is a paper clip symbol which adds an attachment...