Real Story – The debt laden dentist

The debt laden dentist

Dr P had incurred a lot of debt to buy the latest dental equipment, but had very few patients to use it on. He had also bought a ‘Buy to Let’ property, but it was repossessed as he couldn’t afford the mortgage. He thought his total debt was about £750,000 and this made him feel even worse. When he was made bankrupt he saw it as a blessing in disguise until his wife reminded him that they could lose their home.

He thought the bankruptcy meant it was too late until someone put him in touch with Carmichael & Co. We helped him put together an Individual Voluntary Arrangement and his bankruptcvy was annulled. We were also able to see that some of the debts were the same but with different references so he really owed about £500,000.

We also found out that two of his creditors were trying to set off amounts they owed him against amounts due from him to their limited company, so this increased the amount available for other creditors. His home is safe.

Dr P still gets unhappy about the state of his patients’ mouths, but no longer about his debts.

Other pages to read with real stories

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!

Not managing with a debt management plan
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.

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