Good points & all the stuff I should be asking myself. Although I know what the scenario in the next meeting will be..."We need to see some commitment from you & that your willing to make more of an impact on the principal, I don't think "THEY" will agree to stay on interest only for another term" ..that'll be the commercial managers line & I'll cave & probably sign something I shouldn't.
The loan was for a derelict shop with a view to converting to a restaurant, that's dead in the water now. The bank loaned me 200k (plus my own life savings) to buy it, plus 150k loan to convert. I drew down the 200k but after planning delays they refused to release the other 150k as "things have changed" a.k.a. the boom to bust, which they had covered in the small print...hence i am the proud owner of a derelict 200k loan with a building worth approx 140k best case! I could default & throw back the keys as it were, because the loan is only secured on the building itself & not my home....hmm... To be honest i don't know why I don't default & let them keep it? It's costing me 700 a month to hold onto a derelict building that I will probably never be able to repay in full...ever! and 700quid a month is a hell of alot of money....actually, I'm working 16-18 hours a day 7 days a week to keep this debt serviced! My kids don't see me & I'm absent from the house till late every day!
Thanks for that guys, i think I really need to put pen to paper & see if I can salvage anything from the bad investment I made (which by the way I agreed to & accept full responsibility for) , & if nothing is salvagable it might just be time to bite the bullet, let it go & STOP paying out 700 a month for the foreseeable future.
Hurrumph! I shall make a plan & make a stand against the bank. I'm not sure how it will go but I'm now determined, for the sake of my family, health, happiness & peaceful nights, to make it go my way! Cheers