I don't know if there is anyone that can help, but a little advice will be appreciated. I lost my business last year with a net result of owing the bank £84k. the loans were joint and several, with my ex business partner, who is claiming hardship. The Bank holds security over both our homes, but don't seem to be willing to negotiate. I, over the course of time have had to put money into the business on personal c cards and so have based my initial offer on half of the debt. unfortunately they haven't accepted it and keep referring to the total amount and my home. is there a standard formula for this situation or am I just going to lose my home? advice please would be great
settle Bank debt after business failure
Collapse
Loading...
X
-
Re: settle Bank debt after business failure
Hi and welcome to the site.
As far as I know anything that has your name on it, you will be liable for, and that means if your ex partner cannot pay then you will be chased for the full amount, and regards to the credit cards I believe that the bank will say that its your look out and your debt.
I'm sorry to be the bearer of such bad news, I think that you should prepare yourself by working out which of the loans/guarantees your ex partner signed alone and let the bank chase him for it, the rest I think you'll both have to fight over.
I'm speaking here from experience, as my hubby closed a business years ago, the ex partner went bankrupt and we were left with the debt.
- 1 thank
-
Re: settle Bank debt after business failure
As well as the forum here, the Bankruptcy Association may be a helpful source of advice. They have a scheme for their members to get low-cost advice from Carrick Reed, a very reputable firm of insolvency practitioners.
I would add that I have used this scheme; I was advised more or less free of charge by one of the firm's partners, who went on to become Britain's most senior Bankruptcy Judge.
Comment
-
Re: settle Bank debt after business failure
Hi have you asked for copies of your loan agreement and copies of legal charge. Our bank have lost our secured loan agreement form it does happen and can help negotiations. We are still in middle of it all so know where you are coming from
Comment
View our Terms and Conditions
LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.
If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.
If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
Announcement
Collapse
No announcement yet.
Court Claim ?
Guides and LettersSHORTCUTS
Pre-Action Letters
First Steps
Check dates
Income/Expenditure
Acknowledge Claim
CCA Request
CPR 31.14 Request
Subject Access Request Letter
Example Defence
Set Aside Application
Witness Statements
Directions Questionnaire
Statute Barred Letter
Voluntary Termination: Letter Templates
A guide to voluntary termination: Your rights
Loading...
Loading...
Comment