Here at debt advice now we couldn’t resist letting you have an up date a friend of Alan Sugars the appentice see below what it says;

Former Tottenham Hotspur vice-chairman Paul Kelmsley sued by Barclays over £5m bank loan
Paul Kemsley, the recently-bankrupt former Tottenham Hotspur vice-chairman and property tycoon, is being sued by Barclays for repayment of a £5m loan.

The entrepreneur, who was made bankrupt in the High Court in London this week, has not paid back the 2008 loan, according to court documents filed in New York by Barclays.

“Mr Kemsley has failed to make the required payments and has informed Barclays that he is unable to pay the loan,” lawyers for the bank said. “As a result, Barclays has suffered a substantial loss and Mr Kemsley has been unjustly enriched.”

Back in April 2008, his personal net worth was estimated to be £180m and he was not required to provide any security for the loan, according to the legal documents filed by Barclays.

Since then Mr Kemsley “has informed Barclays that he does not have the ability to repay the amount outstanding under the loan facility and that he no longer has any significant assets or income in the UK. On information and belief, to the extent Mr Kemsley has any significant assets, they are located in the US.”

Barclays wants the New York courts to award it at least £5m and is waiting for Mr Kemsley to respond. It is understood that the bankruptcy in the UK will not affect the US action, while the case indicates that a lot of money has been shipped abroad? Well what a supprise !

So there you are if you leave matters to take their own course then this is what HAPPENS !!! If in doubt contact us at debt advice now you know it makes sense

How to Get Free From Debt Without going Bankrupt

If you’re like most people you are doing your best to avoid new debt and pay down old debt. However, some people are being crushed by intense credit card debt, medical bills and other forms of unsecured debt. Many individuals are considering bankruptcy, but they don’t understand the real impact bankruptcy can have on their lives and their livelihood.

One option many people haven’t even considered is debt settlement. Global Banks are starving for cash, as demonstrated by the Federal government’s stress test which has ordered banks to stockpile billions of dollars in their own accounts. Debt settlement works with lenders and banks to settle your debt for less than you owe. This means that instead of paying minimum balances for years at a time, trying to pay off £20,000 credit card debt with £50 a month, you can negotiate with your lender.
With a proper debt settlement company, you can reduce your unsecured debt by perhaps 40-60%, have your late fees waived, settle all your credit card debt for less than you owe, put an end to collection phone calls, protect yourself from legal action, avoid bankruptcy and become debt free.

Overseas in countries such as America they can only dream of becoming debt free, but with a highly skilled debt settlement company, being debt free can become a reality? So Debt settlement potentially offers you key benefits by:

Avoiding Bankruptcy? With a qualified debt settlement company, you can reduce your debt burden and pay off your bills, opening up more money every month. You can negotiate with creditors or collection agencies and settle your debts for as much as you can afford to pay. Doing this will bankruptcy, and keep your credit standing intact in the long term.

Avoid Unfair Collection Practices. You can avoid unfair collection practices, as well as harassing phone calls, by debt collectors if you negotiate a settlement. No more fearing the telephone, no more avoiding blocked calls and less tress.

Eliminate Late Fees ? One of the ways credit card companies drive up your debt is by charging late fees. A debt settlement ends the late fees so you can pay off your credit card debt.

Avoid Lawsuits and Legal Action. Unsecured debt may lead to lawsuits by your lenders and by banks. Debt settlement avoids any legal troubles and keeps your record clean.

Debt settlement companies offer a settlement program, working with you to discover exactly what plan works for you. After your total credit card debt, or other form of unsecured debt, a debt settlement company will attempt to negotiate with your lender drive down the cost. You may be able to pay a lump sum, or create monthly payments. If you don’t have any money saved up, a qualified debt settlement company will collect your money for you and create an account that will go towards paying off your debt.
Lenders and banks need cash so badly right now, that some settlement amounts come to less than half of what the person owes. That means a £10,000 debt might be settled for £5,000!

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