Absolutely. You are now in a strong negotiating position with the Bank to agree a settlement on the residual debt. Forget brownie points they are meaningless in a business negotiation.Before i sell, should i now go to bank and tell them i want to do a deal on residual now - or else threaten to hand them back the keys?
I presume you are referring to a family member or members. The bank will pursue you first for the residual amount and ultimately the guarantors. If you have no other assets or ability to pay back an acceptable amount of the residual balance the Bank will call in the guarantee. Try to get a good negotiator to deal with the bank on your behalf!A family has signed as a guarantor for a substantial amount so that is where i want to get the deal on as my priority
Absolutely. You are now in a strong negotiating position with the Bank to agree a settlement on the residual debt. Forget brownie points they are meaningless in a business negotiation.
I presume you are referring to a family member or members. The bank will pursue you first for the residual amount and ultimately the guarantors. If you have no other assets or ability to pay back an acceptable amount of the residual balance the Bank will call in the guarantee. Try to get a good negotiator to deal with the bank on your behalf!
Adecco. I am on the other side of this process being a banker currently working in the area of Debt Recovery. Banks are pragmatic and are prepared to do deals in return for co-operation. As I said previously you need to look for a good external negotiator who can deal with the banks on your behalf. Even if you go bankrupt your mother remains liable up to 100K. However get a copy of the guarantee to ensure that it has been completed correctly and that she obtained independent legal advice before signing it. This would need to have been written down by her on the actual guarantee.As an aside i am based in UK so on one level im kind of bullet proof as bankruptcy is an option for me.
Adecco. I am on the other side of this process being a banker currently working in the area of Debt Recovery. Banks are pragmatic and are prepared to do deals in return for co-operation. As I said previously you need to look for a good external negotiator who can deal with the banks on your behalf. Even if you go bankrupt your mother remains liable up to 100K. However get a copy of the guarantee to ensure that it has been completed correctly and that she obtained independent legal advice before signing it. This would need to have been written down by her on the actual guarantee.
Yes you can offer 50K. However, before agreeing to any settlement the Bank will require a full financial overview which should incorporate a sworn statement of affairs and income statement. If these documents are found later to have been incorrectly completed any settlement agreement will be rendered void, evan if the relevant funds are paid over!
Absolutely! Such a proposal is certainly wort negotiating with them. Best of luck!
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