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  • #1

    Business gone bump

    Good morning, been a while since i’ve been on here but here we go again ?

    Had my own company for the purpose of truck driving as a self employed driver, i am listed as the director. took out a bounce back loan of 8k to cover expenses. Company hasn’t traded for over 2 yrs and i can’t afford to pay it anymore. I have a car on finance and have a posh mattress on finance and that’s all that is in my name. It’s my partners house with a housing association (rented) and all in it belongs to her.

    Question time what can these clowns do to enforce the debt and what should i do with the love letters from Westcot credit services?


    Look forward to your advice.

    Stressed76 (not really stressed to be fair) ?
    Tags: bank, business, loan
  • #2

    Initial info: Diary:-
    • Type of account - secured/non secured?
    • Date commenced -
    • Approx balance £
    • Date last paid -Are you in arrangement to pay?
    • Status defaulted -
    • Account owner -
    Wescott only hopeful collection agency! start a file in date order and keep copies of everything from now on!
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

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    • 1 like

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    • #3
      I had a business account with Barclays, couldn’t tell you if it was secured or not and i’ve just noticed it’s been closed i can no longer access it. Last payment was February i believe. I’m unsure of the status defaulted. The account owner is me.

      Comment

      • #4
        balance is around 6700

        Comment

        • #5
          last payment end of Feb 23

          Comment

          • #6
            Originally posted by Stressed76 View Post
            balance is around 6700
            https://www.british-business-bank.co...ce-back-loans/

            https://business-insolvency-helpline...nce-back-loan/

            Study the sections of this second one, as they are quite informative.
            Last edited by Still Waving; 27 April 2023, 14:28.

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            • #7
              Thank you for that, basically saying that insolvency is the only get out of jail card? What is likely to happen if i carry on with striking the company off. The bank have prevented the first application. Insolvency is a fair chunk of money too is it not ? I used the BBL in my personal account when i was struggling to pay bills.

              Comment

              • #8
                Originally posted by Stressed76 View Post
                Thank you for that, basically saying that insolvency is the only get out of jail card? What is likely to happen if i carry on with striking the company off. The bank have prevented the first application. Insolvency is a fair chunk of money too is it not ? I used the BBL in my personal account when i was struggling to pay bills.
                I don't think you've fully studied it have you? There are options which buy you a bit of time. We're trying to help you here. In the end, what you do is up to you. You said it was a bounce back loan, so I am assuming you applied under that scheme. It seems unlikely that you can claim unenforceability, but we don't have the full facts, for instance you've just mentioned that the bank blocked an attempt to strike the company off.

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                • #9
                  Were you a limited company? If so that means you have limited liability does it not? I have known many people that have had a limited company over the years and have gone bump with no come back on them in fact most started up a new company within weeks?
                  the debt belongs to the company not you personally?

                  Comment

                  • #10
                    Originally posted by Timewilltell View Post
                    Were you a limited company? If so that means you have limited liability does it not? I have known many people that have had a limited company over the years and have gone bump with no come back on them in fact most started up a new company within weeks?
                    the debt belongs to the company not you personally?
                    The OP said he was listed as director, so sounds like a limited company, but perhaps he can clarify. There is a potential issue, as he said he used the BBL in his personal account.

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                    • #11
                      I don't think you've fully studied it have you? There are options which buy you a bit of time. We're trying to help you here. In the end, what you do is up to you. You said it was a bounce back loan, so I am assuming you applied under that scheme. It seems unlikely that you can claim unenforceability, but we don't have the full facts, for instance you've just mentioned that the bank blocked an attempt to strike the company off.

                      and i appreciate all the help i can get, my apologies if my previous message suggested otherwise, i’ve tried my best to follow what was in the link you were kind enough to share and was just trying to understand it and ask if there was any other options? I understand the payment holiday and had requested this but due to me wanting to strike the company off it’s been refused. Apologies for lack of details in my previous posts.
                      • 1 like

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                      • #12
                        When did you take out the loan?

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                        • #13
                          I’m sorry i can’t recall when i took the loan out i think it may have been around 2 yrs ago

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                          • #14
                            and yes it was a ltd company sorry forgot to add that ????

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                            • #15
                              Originally posted by Stressed76 View Post
                              I’m sorry i can’t recall when i took the loan out i think it may have been around 2 yrs ago
                              So, you took it out around two years ago and, according to you, the company hasn’t traded for over 2 yrs ??

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