Morning All
i closed a business last June. It was a ltd co and we had been trading for 7 years. Issues with a major supplier.
I have 15k outstanding on a lease loan with close brothers finance, which I have personally guaranteed, and so has my mum. 2 separate agreements checked by solicitor. The PG is definitely above board.
The loan is not secured.
my mum owns a property outright and I have part ownership of property with a deed of trust agreement.
I need to submit a payment plan, and the suggested repayments are going to be low, as I am starting a new business. CB solicitor seem to think they will go for it, if we secure the loan.
I am thinking about securing against my property and asking for then to remove my mum from the whole saga.
Do you think this is a wise idea?
Would the property be safe unless there were problems with the payment plan?
the lease loan was secured against some equipment, which I surrendered.
CB is saying the equipment has no value, and there will be no deduction from my balance
i find this strange as the lease was secured against these items
Any assistance would be great as I need to submit my offer. Would you do this via a solicitor?
Thank you very much
i closed a business last June. It was a ltd co and we had been trading for 7 years. Issues with a major supplier.
I have 15k outstanding on a lease loan with close brothers finance, which I have personally guaranteed, and so has my mum. 2 separate agreements checked by solicitor. The PG is definitely above board.
The loan is not secured.
my mum owns a property outright and I have part ownership of property with a deed of trust agreement.
I need to submit a payment plan, and the suggested repayments are going to be low, as I am starting a new business. CB solicitor seem to think they will go for it, if we secure the loan.
I am thinking about securing against my property and asking for then to remove my mum from the whole saga.
Do you think this is a wise idea?
Would the property be safe unless there were problems with the payment plan?
the lease loan was secured against some equipment, which I surrendered.
CB is saying the equipment has no value, and there will be no deduction from my balance
i find this strange as the lease was secured against these items
Any assistance would be great as I need to submit my offer. Would you do this via a solicitor?
Thank you very much
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