settle Bank debt after business failure

[philtaylor1970]

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

[Sapphire]

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.

[enquirer]

Re: settle Bank debt after business failure

Sapphire is right. 'Jointly and severally liable' means just that.

[SpringerSpaniel]

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.

[chester]

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

[Guneet]

Re: settle Bank debt after business failure

Hi you have to contact with the bank manager and learn the policy otherwise you must have to consult with the expert lawyer who will experienced in Loan Department.