'Apprentice' Tom's business 'in debt, making loss'

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  • [Deleted User][Deleted User] Posts: 353
    Forum Member
    There is a huge difference to people whom the solicitor knows have money and those he knows havent. If he knows you have 'rights' to something that means you have money of some sort. An inventor has nothing. One doesnt hear of solicitors making a loss. I can assure you no solicitor will ever take anyone on trust.
  • iCandy77iCandy77 Posts: 1,457
    Forum Member
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    The reality is probably not as bad as it sounds. Tabloids are always hamming stories up to make them sound worse than it is - its how they sell their rags after all
  • [Deleted User][Deleted User] Posts: 95
    Forum Member
    LilAngel wrote: »
    Nasty stuff. Goodbye and good riddance, NOTW
    Was my thoughts exactly when I read that!
  • soulmate61soulmate61 Posts: 6,176
    Forum Member
    Sorry but Solicitors send out bills or accounts for their services after they have acted for you or they may ask for interim payments for long cases. I do not know of a single solicitor who demands cash upfront. Alot of businesses work like this (like Tom's). You have to take people on trust when you act for them or advise them.
    Mind you they can be pretty quick with their accounts once the work is completed.
    When I took a £10K loan from a bank, they required a solicitor to give me advice and sign to say he did. A neighbourhood solicitor new to me, basically gave a spiel saying a bank loan was not a good idea, and that in case of default the bank will pursue repayment to the grave and beyond (pursue the estate). Then he signed my bank form, asking for £90 cash.

    In cases where solicitors give professional advice on a legal issue without the probability of a relationship ongoing afterwards, the completion of his advice could be the end of the client relationship. If he was not confident of collecting his invoice, then it is understandable if he wants cash on the spot. His ancient legal profession would thus be emulating the oldest profession of all -- not that I admit firsthand knowledge of the second :D:D:D .
  • dizzyrascaldizzyrascal Posts: 287
    Forum Member
    barbar wrote: »
    There is a huge difference to people whom the solicitor knows have money and those he knows havent. If he knows you have 'rights' to something that means you have money of some sort. An inventor has nothing. One doesnt hear of solicitors making a loss. I can assure you no solicitor will ever take anyone on trust.

    Really??
    I am only speaking from experience and I don't have any money but I have never ever been asked for money up front. For instance, when I have moved house and used a solicitor then I have always recieved my bill after the sale and move. I would not expect to recieve a bill for work not done or for estimated costs. I would only pay a bill for work I know has been done. How do they know that you have money? Perhaps we do things differently oop North!
  • [Deleted User][Deleted User] Posts: 353
    Forum Member
    Really??
    I am only speaking from experience and I don't have any money but I have never ever been asked for money up front. For instance, when I have moved house and used a solicitor then I have always recieved my bill after the sale and move. I would not expect to recieve a bill for work not done or for estimated costs. I would only pay a bill for work I know has been done. How do they know that you have money? Perhaps we do things differently oop North!
    If you buy a house then of course he has something to come back to. You own some asset even if you have over 100 per cent mortgage. If you would not have paid he would have taken it away from you. Knowing that you wouldnt have gone to all the bother of buying it in the first place just not to pay his bill.
  • [Deleted User][Deleted User] Posts: 353
    Forum Member
    I am not really sure what you mean. You dont have to 'pay' a solicitor. He adds it to the mortgage somehow or the down payment. When you sell he makes sure to take his 'cut' before giving you the proceeds.
  • floopy123floopy123 Posts: 6,003
    Forum Member
    If this is true then it's not good for Tom's chances of winning but if this is new news, recently disclosed, then Sugar wouldn't have known about it. I'm assuming the winner has been picked so this revelation won't matter?

    Anyway, Tom is utterly useless on The Apprentice, nice bloke though, so I can't see him winning! Sorry, Tom. ;)
  • Sara WebbSara Webb Posts: 7,885
    Forum Member
    Sorry but Solicitors send out bills or accounts for their services after they have acted for you or they may ask for interim payments for long cases. I do not know of a single solicitor who demands cash upfront. Alot of businesses work like this (like Tom's). You have to take people on trust when you act for them or advise them.
    Mind you they can be pretty quick with their accounts once the work is completed.

    Yup. I had some paperwork done by a solicitor a few weeks back. They took the details on the phone, sent out the paperwork, and sent me an invoice later.
  • [Deleted User][Deleted User] Posts: 55
    Forum Member
    Having debt and making losses doesn't always tell the true story of a company.
    Amazon for example didn't make a profit for the first 8 or so years of operation, made $billions of losses and had $billions of debt, and was still valued at mega $billions.
    Owner/directors (especially of Ltds) often (legally) manipulate company assets and intentinally make losses or no profit to avoid paying tax, or off-set losses against other profitable ventures they have.
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