Author Topic: business debt with supplier gone to agency  (Read 56985 times)

bulli79

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business debt with supplier gone to agency
« on: Feb 08, 2017, 11:41:24 AM »
hello

i have a problem with a business dept.

i have an overdue invoice of £5080 odd  since Christmas via one of my supplier. i did tell the rep that i would start paying in feb once the january season is over.however buy default the debt has gone to a debt collection agency.

I did call the debt collection agency to arrange payment of minimum £500 per month however she informed me that she cant confirm if that plan would be acceptable she would have to go back to the company and confirm.
so i asked if she could confirm if that was ok before i start a payment plan. ( didn't make sense to start paying a plan that wasnt accepted probebrly best to find out what they accept before i continue)

she then insisted i need to send her a letter detailing company finances. i told her this was personal i don't wish to disclose that and that my request is a simple one "does the supplier accept this payment plan so i can start paying the debt.?" Then she refused to help unless i disclose the company finance.i called the supplier and spoke to them but unfortunately because they passed the debt off i have to deal with the agency.

so now i am about to send an email basically discussing the phone conversation and stating that all i want to do is arrange a payment plan. so i want a decision on if my plan is accepted

my quesion is:

1. do i have to disclose my company finances to arrange to pay off a debt???? this doesn't sound right to me.
2. what happens if i just ignore the company and just start transferring money to the supplier every month paying to pay the debt off

any advice would be appreciated

thank you
ozzie

bulli79

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Re: business debt with supplier gone to agency
« Reply #1 on: Feb 08, 2017, 11:44:39 AM »
ps i havent sent email yet. i thought i should wait for advice first

Lisa Thomas

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Re: business debt with supplier gone to agency
« Reply #2 on: Feb 09, 2017, 09:22:14 AM »

[size=100%]You don't have to give them [/size]information[size=100%] on your financial status but if you fail to do that they may assume that you can afford the debt and take recovery proceedings against you.[/size]


On the assumption this is a personal debt, as the debt is (currently) over £5,000 they can take steps to make you Bankrupt and if this happens you ill face all the personal ramifications that come with Bankruptcy.


They can get a CCJ (if they haven't already) which will damage your credit rating (if it isn't already damaged) and then unless paid for within 28 days this will stay on your record for 6 years.


Once they have a CCJ they can then instruct bailiffs to come around to take assets up to the value of the debt plus the costs.


Do you own any assets, including any property?
www.Nevilleco.co.uk 01752 786800

bulli79

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Re: business debt with supplier gone to agency
« Reply #3 on: Feb 09, 2017, 09:32:28 AM »
i have a hair salon its a limited compony. the salon has stock ie shampoos colours so on nothing of much value

Lisa Thomas

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Re: business debt with supplier gone to agency
« Reply #4 on: Feb 09, 2017, 09:40:24 AM »
Who is the debtor here - the Limited Company?


In which case they can send the bailiffs in to remove all the assets, equipment and stock etc from the salon if/when they get a CCJ.


Alternatively they could take steps to force the Company into Compulsory Liquidation (although this will cost them a few thousand pound so would not make commercial sense to do this). 


The Company is technically insolvent.  Does it have other debts?  You might need to speak to an Insolvency Practitioner.
www.Nevilleco.co.uk 01752 786800

bulli79

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Re: business debt with supplier gone to agency
« Reply #5 on: Feb 09, 2017, 10:49:29 AM »
i take it they need to go court first right, to get bailiffs out?

im not avoiding the debt im trying to work out a payment plan. there simply not saying yes or no so im offering cash there not taking it.

how can they go court if im offering to pay debt? there not answering my question if they are accepting the payment plan or not. there saying we want to see finance details which i believe i don't have to legally disclose. if they said no we are not accepting i might look for another solution but there not answering they have gone into this pre scripted mode of insisting i give company finances which i dont even have to disclose.

surely options between both parties have to be discussed before taking anything to court?

i would understand if i was ignoring it but im not.


Lisa Thomas

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Re: business debt with supplier gone to agency
« Reply #6 on: Feb 09, 2017, 10:51:58 AM »
If the debt is validly due they can apply to curt for a CCJ and then progress with bailiffs.


As I have said before you don't have to provide them with evidence of the Company's financial position but they don't have to give you the opportunity to pay in installments....


Unless you want to run the risk of a CCJ/bailiffs/Liquidation then it would seem sensible to cooperate in order to get a payment plan agreed.
www.Nevilleco.co.uk 01752 786800

bulli79

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Re: business debt with supplier gone to agency
« Reply #7 on: Feb 09, 2017, 11:40:55 AM »
Thank you for advice.

Seems like they didn't need financial details after all. They responded to my email and we came to terms without the need of financial disclosure.

thanks for your input


Lisa Thomas

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Re: business debt with supplier gone to agency
« Reply #8 on: Feb 09, 2017, 12:51:58 PM »
Good result.  Best of luck and if you need any more help with the Insolvency please feel free to come back to me.
www.Nevilleco.co.uk 01752 786800

sharon75

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Re: business debt with supplier gone to agency
« Reply #9 on: Mar 06, 2017, 06:02:23 PM »
hello

i have a problem with a business dept.

i have an overdue invoice of £5080 odd  since Christmas via one of my supplier. i did tell the rep that i would start paying in feb once the january season is over.however buy default the debt has gone to a debt collection agency.

I did call the debt collection agency to arrange payment of minimum £500 per month however she informed me that she cant confirm if that plan would be acceptable she would have to go back to the company and confirm.
so i asked if she could confirm if that was ok before i start a payment plan. ( didn't make sense to start paying a plan that wasnt accepted probebrly best to find out what they accept before i continue)

she then insisted i need to send her a letter detailing company finances. i told her this was personal i don't wish to disclose that and that my request is a simple one "does the supplier accept this payment plan so i can start paying the debt.?" Then she refused to help unless i disclose the company finance.i called the supplier and spoke to them but unfortunately because they passed the debt off i have to deal with the agency.

so now i am about to send an email basically discussing the phone conversation and stating that all i want to do is arrange a payment plan. so i want a decision on if my plan is accepted

my quesion is:

1. do i have to disclose my company finances to arrange to pay off a debt? ??? this doesn't sound right to me.
2. what happens if i just ignore the company and just start transferring money to the supplier every month paying to pay the debt off

any advice would be appreciated

thank you
ozzie
hi  there I think you should give us  a phone and go through the legislation where you can write of upto 75% of your debts so call now on 07940069254