S
I take it that it was either not a limited company or that the loan was personally guaranteed or something?woodfromtree said:Briefly, a company loan of 65k is owed to a bank who have initiated proceedings even though they were approached way in advance to try and explain.(job lost/company folded etc) Have offered a sum..was rejected.
Including this one or just others?Meanwhile an investment property had to be sold to try and clear debts.. it sold for less than paid for it.
did you have this release from the guarantee in writing?woodfromtree said:This is really hard to write:
The first was as (joint) guarantor but had left co. almost two years ago. Was assured verbally that would be released as part of severance/agreement. Naive- I believed them.
hmm, did you sell it or did the bank dump it 'for you' . A person in your situation should sell themselves.Second is unrelated kind of...couldnt afford mortgage because of loss of job. Market factors meant property had devalued. (abroad) Had bought at top as long term investment. Bank repossessed on my initiation as they werent interested in restructuring loan. Its now sold but I havent heard anything but this too brings me sleepless nights.
again , whats in writing.Every time banks were approached in good faith to reach deal- werent interested. Always had excellent relationship with banks creditors etc. Dont know what to do next...am taking legal advice. think courts will find in banks favour..but I cant pay.
Unlikely. the courts can be dead reasonable, blood out of stones and all that, and can order a workout of some debt and writeoff of the some as unrecoverable .Will I be bankrupted?
woodfromtree said:This is really hard to write:
The first was as (joint) guarantor but had left co. almost two years ago. Was assured verbally that would be released as part of severance/agreement. Naive- I believed them.
Second is unrelated kind of...couldnt afford mortgage because of loss of job. Market factors meant property had devalued. (abroad) Had bought at top as long term investment. Bank repossessed on my initiation as they werent interested in restructuring loan. Its now sold but I havent heard anything but this too brings me sleepless nights.
Every time banks were approached in good faith to reach deal- werent interested. Always had excellent relationship with banks creditors etc. Dont know what to do next...am taking legal advice. think courts will find in banks favour..but I cant pay. Will I be bankrupted?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?