A letter composed by a solicitor detailing assets and liabilities will help show the liquidator that you are officially unable to pay and then where they take it from there will be very limited I imagine.
In court the judge would laugh the contract out of court. Poorly written and who in their right mind would agree to work for minimum wage, who would loan these amounts of money to people only earning an apparent 12,500 per annum. Totally BS.
So if you have it in writing that the advance would not be repayable (amazing)
If you have more debt than assets (amazing)
Group action for those who do not fall in to the above categories is a good idea but wont reduce the cost that much unfortunately. What would be good is if a test case was put forward and won then the rest of the case should be much easier to defend and will probably just fall away.
I would say to most people who don't have the money...don't worry yourselves. I owe £20k+ and to be honest when you take it all into account I have 5k of debt when its all balanced up so they cant take what I don't have. I will have HMRC to pay I am sure but it will be at an agreed amount per month.
Ask a solicitor to provide a letter detailing the assets and liabilities should only cost about £250-500 depending on the solicitor.
Good luck.
In court the judge would laugh the contract out of court. Poorly written and who in their right mind would agree to work for minimum wage, who would loan these amounts of money to people only earning an apparent 12,500 per annum. Totally BS.
So if you have it in writing that the advance would not be repayable (amazing)
If you have more debt than assets (amazing)
Group action for those who do not fall in to the above categories is a good idea but wont reduce the cost that much unfortunately. What would be good is if a test case was put forward and won then the rest of the case should be much easier to defend and will probably just fall away.
I would say to most people who don't have the money...don't worry yourselves. I owe £20k+ and to be honest when you take it all into account I have 5k of debt when its all balanced up so they cant take what I don't have. I will have HMRC to pay I am sure but it will be at an agreed amount per month.
Ask a solicitor to provide a letter detailing the assets and liabilities should only cost about £250-500 depending on the solicitor.
Good luck.
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