Business Bargain Basement | Chiltern Debt Management

One effect of the recession does appear to be the offloading of poor performing businesses that are heavily in debt for a very low nominal price. Here are a few examples of what is, or was, available in the Business Bargain Basement sponsored by The Credit Crunch.

The Mallorca based airline, SpanAir, was reputedly sold to a consortium of businessmen in Barcelona for the princely sum of €1!

The famous London Evening Standard was sold to Russian businessman, and erstwhile KGB agent, Alexander Lebedev for a sum believed to be £1.

A Birmingham Inn is also up for sale for £1 with Domino Pizza the most likely buyer.

The Honda Formula One team is up for sale and one interested buyer is Sir Richard Branson’s Virgin Group, again for a price believed to be just £1.

However, before you get carried away with the idea of having your own F1 team for a measly quid, just bear in mind that it will cost you £40m a year to run! Caveat emptor (buyer beware)!

Fees & Information

We cannot guarantee a reduction in interest or charges. If an IVA is not maintained it could lead to bankruptcy. Whilst initial debt advice is free, fees will be charged if a solution is taken out.

Fees related to Debt Management Plans are in two parts;

"Initial Fee" means your first two "Monthly Payments", which is paid by You to "Us". This represents our fee for establishing your arrangement, and therefore is not distributed to your creditors, and can be paid in two separate instalments. Retention of this fee will put you into further arrears.

"Monthly Fee" means the Fee payable for our Services each month. This is an amount equal to 17.5% of your "Monthly Payment" (apart from your first two "Monthly Payments" which is the "Initial Fee"), subject to a minimum payment of £30 for disposable incomes of 0 - £100, and £35 for disposable incomes of £100.01 - £200.

Fees incurred for Individual Voluntary Arrangements are variable dependent upon the monthly contribution to the arrangement and the agreement that is reached with your creditors. Fees are made up of Nominees fees relating to assistance given to prepare your proposal and Supervisor fees which relate to the ongoing monitoring of your IVA. Fees are already included as part of your monthly contribution. The level of fees and the method of payment are both agreed by your creditors at the outset of the arrangement.

A record of your agreement with us will be held on your credit file for up to six years, and your ability to obtain credit in future may be affected.

You are provided a cooling off period of fourteen days from the date the agreement was deemed to commence, during which you may cancel our agreement. Should you give notice to us that you would like a refund of a payment, or payments, (being other than the initial fee) then where no distributions have, at that time, been made by us, or are in the process or course of being made by us, in respect of that payment or payments this will be made in full (i.e. without deduction of our fee of 17.5%).