31
Mar
Mar
My sister has stupidly put her partners business in her own name and he has racked up thousands of pounds of debt unknown to her - he has also borrowed money against their house and now they have split - whilst he is away enjoying spending the money in the business bank account she has been left with nothing - what is her best option??
Answer:
Immediately ask the bank to freeze the account; next contact the mortgage lender and advise them of the situation and tell them that their might be a problem on meeting payments - most will offer restructuring; next start a legal process by filing a case in the Small Claims Court, and get the pro debt collectors to chase him (they usually take 20-30%.of the amount as a fee AFTER they get the money.)
You can do all these for minimum cost; go to a lawyer if you like but their bills will make your eyes water!! and by the sound of the "maggot" partner he is a goner and will duck and dive his way out of it anyway.
Be lucky!
Answer:
You are going to some legal advice!
Answer:
She is definitely going to need legal advice. Start at the Citizens Advice Bureau as soon as possible and they should be able to point her in the right direction.
I hope she is able to sort something out soon.
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This entry was posted
on Monday, March 31st, 2008 at 4:26 am and is filed under Small Business.
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