A quarter of a percent interest rise, how it affects 1921's debt to PD's Purepay

[6EQUJ5]

A quarter of a percent of £2.6 million is £6,500.

That is an extra £6,500 per year added to the interest that that is already being charged. It is charged but nothing has ever been paid, so it is added to the amount of the debt. The interest gets added to the debt and then interest is charged on that amount, thus compound interest occurs.

[6EQUJ5]

The current Bank Of England Base Rate for loans is 4.25%.

Business loans typically are charged at an interest rate of 3% more than base rate, so in this case now 7.25%.

So from now on 1921 will be charged an annual amount in interest of 7.25% of £2.6 million, which is £188,500 per year, £15,708.33 per month. But each month of interest unpaid will be added to the overall debt and the next month of interest is on that new higher amount.

NC has stated that in each year 1921 needs £500,000 more income than its normal trading receives. PD's Purepay has ceased writing annual Letters Of Comfort, which indicates that the debt repayment is wanted now. Whilst it is currently pleasant to look at the League Two table it is absolutely necessary to look at the finances. The **** is heading in the direction of the fan at an ever increasing rate. Whenever anyone mentions this let's all just put our fingers in our ears and shout down such truth with a "la, la, la, la, la". That will make it all go away, just as it did for Bury.

[Laffy2]

I’ve said before-with the team riding high, it’s an opportune time to call out PD-he has nowhere to go.Hearts and minds will win.

So go public, offer the restructured debt timetable and send him the first instalment.

PD has nowhere to go-boxed in by his own arrogance

[griff]

The original loan(s) was from EWM, then the debt was transferred to Purepay. I don’t think that any repayments have been made so how does the Club send an instalment? Cheque, draft? Not accepted unless banked. Transfer? Can’t be done if they don’t have the details. I’m not into finance or business so just interested in how this can be achieved.

[mullen103]

I’m thinking back to my compulsive gambling days and prior to entering an iva, I couldn’t afford my loan payment so the iva supervisor at the time suggested sending a minimal payment by post which they had to accept - they had to accept it until the iva was finalised.

This was a while ago but what I’m getting at is purepays details are on the companies house website. If the club offer payment, however small, it has to be accepted against the debt, however small it may be.

It’s why I call bull**** when the club say they can’t pay anything towards it or sort a plan out. Really the club doesn’t need to if it can pay it, that’s the problem it can’t afford too and needs the overall debt reduced and a payment plan. We have also john Jackson on the board, to say the debt isn’t discussed is laughable.

I agree with laffy, club should be proactive we have a feel good feeling that won’t last forever - use It.

[howoldboy]

The original loan(s) was from EWM, then the debt was transferred to Purepay. I don’t think that any repayments have been made so how does the Club send an instalment? Cheque, draft? Not accepted unless banked. Transfer? Can’t be done if they don’t have the details. I’m not into finance or business so just interested in how this can be achieved.

Stick a tenner in Jackson's pocket and tell him to pass it on to PD. Record it in the minutes.

If Jackson declines to accept money on behalf of PD pass a vote of no confidence and kick him off the Board.


"How to remove a director under the company’s articles of association

If you’re thinking of removing a director, the first document you need to consult is the company’s articles of association. This document is, in effect, your company’s guide book, setting out how the company will be run and structured. It often contains provisions that dictate how directors should resign or be removed from office.

A company that doesn’t have bespoke articles will have standard articles known as ‘model articles’.

Under article 18 of the model articles, a person will stop being a director immediately if:

• they resign
• a majority of the company shareholders or members vote them out
• they’re stopped from being a director by a court or in law
• if they become bankrupt or similar
• if they become physically or mentally incapable in the opinion of their doctor"

Time to call their bluff.

[_Stefan_Kuntz]

Since PD's Purepay ceased providing an annual Letter Of Comfort the debt is now repayable on demand. Nobody at the club wants Purepay
to make the next move such as demanding too much too often. So it is in 1921's best interests to quickly send a document of payment terms and with it the first payment by cheque with the payee being 'Purepay Retail Limited'.

Purepay would surely accept the payment without necessarily agreeing to the terms as specified by 1921. It is at least a case of 1921 publicly (yes make it public) showing a willingness to do its best even if it falls short of what PD would ideally want to happen. PD cannot be seen to be the cause of the insolvency of 1921, even though the real cause of such insolvency would be the circumstances of having to involve him in March 2017. We know how these circumstances occurred. It was through the stubborn, inept, arrogant running of the club by the Holdings directors.

[mullen103]

Do we really think PD has a heart - I don’t and he wants his money back now.

Going by rumours and what he’s said about Carlisle workers being lazy he probably regrets moving his offices here. He has no or very little affiliation with Carlisle now and probably couldn’t care less about the football club.

I’m pessimistic but I don’t think this will have a favourable outcome. I think all are waiting for one of the sell ons to come in - what’s the plan if none come to fruition?

[Blackdogblue]

[QUOTE=mullen103;40246730]I’m thinking back to my compulsive gambling days and prior to entering an iva,..

Hi Mullen..

God grant me the serinity to accept the things I cannot change. Courage to change the things I can and wisdom to know the difference..

From being as young as I remember I have a fruit machine addiction…

I can ignore them in a pub now to be honest but the temptation is always there in the back of my mind…

Stay strong mate 👍

BDB

[mullen103]

[QUOTE=Blackdogblue;40246842]

I’m thinking back to my compulsive gambling days and prior to entering an iva,..

Hi Mullen..

God grant me the serinity to accept the things I cannot change. Courage to change the things I can and wisdom to know the difference..

From being as young as I remember I have a fruit machine addiction…

I can ignore them in a pub now to be honest but the temptation is always there in the back of my mind…

Stay strong mate 👍

BDB

Thanks 🙏

Off subject - but I still have my orange book I was given 20 years ago.

Horrible addiction but I’m pleased it happened when I was young but I made great friends all around the world.