November 17, 2016 at 12:23 am #78080
Has anyone had dealings with Ausvance (Capify)November 17, 2016 at 12:27 am #78082
We’ve not had dealings with them. They’ve not come up before with us so maybe they are only small or new. What type of debt is it?November 17, 2016 at 4:20 am #78083
They are a lender we dealt with in a business that we had to close, they would take a percentage of the eftpos takings. I am only new to all of this so i am reading daily what i can do. can I ask, if a judgment has been made against us and they are talking about bankruptcy proceedings is there anything i can do, is it too late to start the letter process?November 17, 2016 at 7:37 am #78084
If a judgement has already been made then you are kind of stuck. What you would need to do there is to show that there was some major legal error in the original case. The notice process isn’t going to be effective in this situation.November 17, 2016 at 9:27 pm #78085
Thanks Matt, looking back through my records, up to now they have only made threats of court judgement, they are using Aston Reid Lawyers, have you dealt with them?November 18, 2016 at 12:04 am #78086
The name Aston Reid rings a bell, but I can’t say for sure that it’s a group we’ve dealt with. As they are only making threats of court this means they have not yet made a claim to the court. That being the case, you need to let us know a little more detail as to the situation you’re in so we can help you down a better path.November 18, 2016 at 1:18 am #78087
Would you believe I just now got informed that a court Judgement, by Ausvance, came up against our company, not us but our company, not sure if that makes adifference or not, we live in SA the business was in Vic and the court Judgement is in NSW. Our situation is we had a Restaurant/Bar in Melbourne that showed excellent figures and turnover, but once we were in we quickly found out all was not what it seemed, we tried for 10 months to trade, July 2015 to April 2016, but got deeper and deeper, our company borrowed to purchase but also had a line of credit and credit cards, the debts were not secured against our home but we gave personal guarantees we have tried to do the honorable thing and pay all the debts we owed to suppliers, which we have almost managed to do, just a couple left. it is the banks and Finance companies, such as Ausvance, that are putting the pressure on.
Matt, thank you so much for setting up this site, you don’t know how by just reading the info and others like it gives hope, we suffered so much despair, fear and depression that we almost crumbled, but now just because of all we have learn’t even if we do lose everything, in the material sense we still have family and friends, they can only touch our things but they can’t touch us.
The business in Melbourne was just a side line for me, I am involved in the financial sector and have been for the last 10 years, but since doing all this research I am looking at changing my future direction, if there is anything i can do to get involved in SA please let me knowNovember 18, 2016 at 4:00 am #78088
Thanks for your words of encouragement. They actually mean a lot to us when we do receive them as most people expect miracles to happen just with a single notice they send.
Anyhow, as a personal guarantor you will be liable for the losses etc to your creditors. By paying the debts down you have accented to your liability to those ones. This can be challenged but it’s not an easy process and one you’re not likely to win on. You always have the option of making your creditors an offer of full and final payment or even part payments. E,g say you owe $20k but have $5K saved up, you can offer them a lump sum of $3K in full and final payment. They’ll not accept this so it’s a negotiation process up to your max figure of $5K.
You have the option of insolvency rather than bankruptcy. The process is effectively the same, only you don’t have the stigma of bankruptcy on your record forever and you don’t need to declare past insolvency in any future credit applications like you would with bankruptcy. With this method, you find a figure you can afford, say 25c in the dollar, and this is what you pay ALL your creditors. So in a way you can cut your debts down by 75%. Then after you have been paying this for around 3 years you can then make an offer of a full and final payment of a lesser than the outstanding amount. So if after 3 years you still owe $5K you make an offer of $2K full and final.
You can always join our affiliate program and spread the word down in SA.
Hope this helps.
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