We took out a commercial loan 7 years ago to buy land and develop two houses. We have finally sold the houses but at a significant loss - 290K still owed to the bank.
We paid interest on the loans for the last 7 years but are no longer able to as OH has been diagnosed with cancer and being self employed is no longer earning.
As part of the original loan agreement a relative signed a bank guarantee for 160K. Is this considered secured debt or unsecured debt?
I am not sure whether we should apply for a DSA or PIA?
If we could raise some funds what would be an advisable cash offer to make?
We paid interest on the loans for the last 7 years but are no longer able to as OH has been diagnosed with cancer and being self employed is no longer earning.
As part of the original loan agreement a relative signed a bank guarantee for 160K. Is this considered secured debt or unsecured debt?
I am not sure whether we should apply for a DSA or PIA?
If we could raise some funds what would be an advisable cash offer to make?