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djk1000
Guest
Hi, apologies for the long post but I'd appreciate some advice,
I used to work for myself, but I lost the business about a year and a half ago. I ended up with quite a bit of debt with the bank. My dad guaranteed an overdraft with me (€10k) he was a non working director of the company, we did this about 6 years ago. My dad passed away about 4 years ago and at that time the bank were informed and sent a copy of the death certificate.
Since the business finishing up, I've done all I can to sort my life out, I did some courses and got a new job, it doesn't pay much now (just over minimum wage), but it has prospects for the future.
I had been getting some letters from the bank and I did get in touch to say that there wasn't anything I could do to meet the debt at that time, but I was looking for work and I'd keep them in the loop. after a while, I got a legal letter and there was also a legal letter to my deceased father, these threatened legal action.
The first thing I did when I got the job was to write to the bank with a statement of my income and expenses and I made an offer based on my ability to repay, with the provision that as my pay increased, all of the increase would go towards the debt.
They solicitors wrote back to me yesterday saying that "their clients" wouldn't accept my offer and they were instructed to continue to proceedings. I'll quote you the last paragraph of the letter,
"Alternatively, perhaps you could by return let us know what proposals you can make with regard to the discharge of this loan from your fathers estate?" then they ask for contact details for my fathers solicitor.
This has me worried, he died 4 years ago, his assets were the family home which is jointly owned with my mother, some savings in joint accounts with my mother and a pension which was heavily based in property, isn't worth much and doesn't mature for several years, this is now in my mothers name.
The cupboard is bare, I honestly offered to repay as much as I can, the thought of them going after assets that are now my mothers is really scaring me.
I used to work for myself, but I lost the business about a year and a half ago. I ended up with quite a bit of debt with the bank. My dad guaranteed an overdraft with me (€10k) he was a non working director of the company, we did this about 6 years ago. My dad passed away about 4 years ago and at that time the bank were informed and sent a copy of the death certificate.
Since the business finishing up, I've done all I can to sort my life out, I did some courses and got a new job, it doesn't pay much now (just over minimum wage), but it has prospects for the future.
I had been getting some letters from the bank and I did get in touch to say that there wasn't anything I could do to meet the debt at that time, but I was looking for work and I'd keep them in the loop. after a while, I got a legal letter and there was also a legal letter to my deceased father, these threatened legal action.
The first thing I did when I got the job was to write to the bank with a statement of my income and expenses and I made an offer based on my ability to repay, with the provision that as my pay increased, all of the increase would go towards the debt.
They solicitors wrote back to me yesterday saying that "their clients" wouldn't accept my offer and they were instructed to continue to proceedings. I'll quote you the last paragraph of the letter,
"Alternatively, perhaps you could by return let us know what proposals you can make with regard to the discharge of this loan from your fathers estate?" then they ask for contact details for my fathers solicitor.
This has me worried, he died 4 years ago, his assets were the family home which is jointly owned with my mother, some savings in joint accounts with my mother and a pension which was heavily based in property, isn't worth much and doesn't mature for several years, this is now in my mothers name.
The cupboard is bare, I honestly offered to repay as much as I can, the thought of them going after assets that are now my mothers is really scaring me.