Directors Loan Account

[ivorl]

My company went into liquidation in Jan 2006. There was a directors loan account oustanding of £15k. In 2009 I received a letter from the official receiver asking me to repay it. I have during the last 4 years been in a payment plan with payplan to repay over £50k worth of business debt that was in my name, eg rent, business rates and credit cards that were used for company purchases. I feel that I have paid enough of the business debts already and my family have suffered as a consequence of this debt.
Any ideas as to what I can do?
Thanks,
Ivorl

[pmeswani]

My company went into liquidation in Jan 2006. There was a directors loan account oustanding of £15k. In 2009 I received a letter from the official receiver asking me to repay it. I have during the last 4 years been in a payment plan with payplan to repay over £50k worth of business debt that was in my name, eg rent, business rates and credit cards that were used for company purchases. I feel that I have paid enough of the business debts already and my family have suffered as a consequence of this debt.
Any ideas as to what I can do?
Thanks,
Ivorl

And you are asking us now? Are you really a Sockpuppet?

Lets assume this is genuine. You were wreckless with your business finances. You took more than what you could afford to repay. You screwed up big time. I would contact the receivers and work out a way to pay the money back. Alternatively, go to the nearest police station and give yourself up.

[northernladuk]

My company went into liquidation in Jan 2006. There was a directors loan account oustanding of £15k. In 2009 I received a letter from the official receiver asking me to repay it. I have during the last 4 years been in a payment plan with payplan to repay over £50k worth of business debt that was in my name, eg rent, business rates and credit cards that were used for company purchases. I feel that I have paid enough of the business debts already and my family have suffered as a consequence of this debt.Any ideas as to what I can do?
Thanks,
Ivorl

What you 'feel' means nothing, you have to pay what you owe, end of. I 'feel' I shouldn't need to pay as much tax as I do but that is life. If you starting thinking like this you are going to get upset and it is going to be long hill battle. If you keep the mindset it has to be paid and thats it it will be a much easier task, at least mentally.

[Platypus]

You should have gone personally bankrupt at the same time, to save you having to repay that £50k. Anyway, it's not too late to go bankrupt. Lots of useful info here: Bankruptcy & Living With It - MoneySavingExpert.com Forums

EDIT: it's MUCH better for you if you declare yourself BR rather than wait for the official receiver to do it for you, as they will likely try to seize your possessions for sale beforehand.