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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Good morning , I have just found out a have a CCj against

Customer Question

Good morning ,
I have just found out a have a CCj against me , this is for a business loan 70k , the loan was unsecured , the business and assets were transferred to a family member and they paid the loan for two years , unfortunately through the credit crunch etc the business went under and the person responsible went bankrupt the loan was in the bankruptcy order , however they have still decided to continue (without my knowledge ) to purse me , old addresses , only found out through credit report through Experian this morning , I know I could try for an IVA down the line but don't understand why I'm still responsible ? What would you suggest
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts : Hello my name is ***** ***** I will help you with this.
Alex Watts : Was the loan ever transferred by the lender or was it always in your name please?
JACUSTOMER-ssomyo8r- : Always in my names trading as Tadley Pet Supplies
JACUSTOMER-ssomyo8r- : Keep missing each other
JACUSTOMER-ssomyo8r- : Looking for worst case at this point as well very devastating news for us as a family business after going through bankrupt with one of the family and the loan was in the bankruptcy order
JACUSTOMER-ssomyo8r- : We Max out credit for this business and I have been paying my personal credit back past two years now this :(
JACUSTOMER-ssomyo8r- : Had to go back to corporate world to try and get back on our feet but with the poor job market left the country last year now work abroad away from family and friends to get back some dignity ... 3 months away from getting back in the black
Alex Watts : It's bad news I am afraid. If the lender never transferred it then you will always be personally liable.
Alex Watts : Sadly all you can do is sue the person that you transferred the business to for the payments.
Alex Watts : But in law you signed it, the lender never transferred it and you are responsible.
Alex Watts : I am very sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest.
Alex Watts : Can I clarify anything for you about this today please?
JACUSTOMER-ssomyo8r- : Ok what's my best approach to the CCJ ... I have not received any documentation ,they sent to business address and old property address , can I make an offer to settle ... It is unsecured ... Read everywhere that max is 15k rest will be written off if I go into a voluntary arrangement rather than go bankrupt ....
JACUSTOMER-ssomyo8r- : Even though the debt was in the bankrupt order ?
Alex Watts : It's your debt not the businesses so sadly it can't be included.
Alex Watts : It can only be included if the lender assigned it,
Alex Watts : Even then you may be jointly liable.
Alex Watts : i am sorry
JACUSTOMER-ssomyo8r- : Hi Alex , is my home at risk ? What can I do ?
Alex Watts : Yes sadly it is. If there is a ccj then they can get a charge, if they get a charge they apply for an order for sale.
Alex Watts : Sadly all you can do now is counter sue the person who should have paid.
Alex Watts : You could do a deal or go into an IVA but you would need to purchase the equity of your home
Alex Watts : I am sorry
JACUSTOMER-ssomyo8r- : Not sure what you mean by need to purchase the equity of your home .... I am getting a solicitor and going for a deal initially , then IVR ...would you recommend I quickly despose the house ?
Alex Watts : If the house is worth £250k and you have £200k mortgage equity is £50k
Alex Watts : but you can dispose of it but they may try and chase where the cash went
Alex Watts : Does that clarify?
Alex Watts :

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