Not managing with a debt management plan
Mr and Mrs G owed their creditors almost £192,000. Most of it was on credit cards, used to buy their children almost everything they wanted. They were struggling and went into a debt management plan paying £850 per month, which would have taken about 33 years to pay off their debts (assuming that half of their creditors charged 6% interest per year with normal ‘commercial’ management fees)! Even if they arranged to pay no interest or charges it would have been almost 19 years. During all this time they would have been at risk of bankruptcy if just one creditor changed their mind.
After talking to Marc Landsman, they offered their creditors £780 per month for 5 years and whatever they could raise against the equity in their home. After all, the credit card debt was about the same as their mortgage!
They were able to pay off their debts by remortgaging early, and after paying almost £67,000 (just over 1/3 of their liabilities) they have been able to start all over again.
All of these are true stories, real amounts, with just the names shortened. One of the people even phoned to ask if it really was him!
The debt laden dentist
New shopping centre led to financial problems
Personal Appearances led to a personal guarantee
When your health is more important than your company
Paying back Dividends and an Overdrawn Loan Account
Paying for liquidation if you can’t afford it
When insolvency isn’t the answer
Carmichael & Co has experience dealing with the insolvencies of people and companies from the following trades: accountants, barristers, builders, bus drivers, civil servants, dentists, doctors, electricians, engineers, firemen, football clubs, gardeners, glaziers, health clubs, house-husbands, housewives, independent financial advisers, jewellers, lifestyle coaches, mechanics, nurses, printers, property developers, pubs, restaurants, scientists, shops, solicitors, supermarket workers and truck drivers to name just some.