Where could I go for advice have been self employed and looking for legal advice?

B

baddebts

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Hi,

I was self employed between 2006 and 2011 but in 2011 I was diagnosed with cancer and I had to stop the business. I have a mortgage of 400,000 and debts of 50,000 made up of an old business vehicle loan (surrendered and sold, paying off the rest), some short term business loans and a bank overdraft of 11,000. I am in full time employment now but my salary doesnt cover everything. The mortgage company have agreed to stretch the term from 23 years to 35 which reduces my payment greatly and I can just about afford it. All my creditors have suspended interest and accepted nominal payments (15e, 35e etc) bar the overdraft. They are still charging me interest so even though I am paying off 15e a month the bill has gone up by €1000 in the last 12 months.

I've finally got my mortgage sorted and things are looking up (I'm clear of cancer and everything) but the bank the overdraft is with are going to keep charging interest on something I cant pay back in the short term. I have provided them with financial statements but they are not backing down.

I feel that I should go get legal advice but when I called mabs earlier they said there would be a very large waiting list for legal aid and they may not help me as it was a company overdraft. I was a sole trader so the debts are stuck with me. I know companies cant advertise here but if someone could tell me what to look for in a solicitor and any expected outcome I could get I would be grateful.

Thanks
 
Welcome to AAM.
What do you want legal advice on?
List out a few questions and goals and see what the money folk on here can help
you with.
 
itsallwrong said:
Welcome to AAM.
What do you want legal advice on?
List out a few questions and goals and see what the money folk on here can help
you with.
Click to expand...

Thanks for your reply. The 11,000 overdraft is a bill I know I will have to pay but at the moment I am maxed out. Unfortunately the money I can afford towards it is not even paying interest. I would like to see if I can force the bank to freeze interest on it until I can afford to pay it back at a higher rate.

Thanks
 
Make a list of your assets and liabilities, your income and expenditure, from that establish what you can pay the Bank and then make an application to convert the overdraft to a longer term loan with nominal repayments that you can afford, converting the o/d to loan will result in decreased interest charges, at least it should.

Do it in writing.
 
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