Loan how to deal with it

Discussion in 'Personal Insolvency, bankruptcy, etc' started by dymo, Sep 12, 2017.

  1. dymo

    dymo Frequent Poster

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    During the downturn my husband had very little work self employed fingers crossed that seems to be improving.
    we have one loan that we had taken out when his company was trading this has not traded in the last few year and we were just about to get it struck off,company has not traded since around 2009 or 2010.

    we have one loan of 6,000 that we owe through the company had forgot about it and there last week we got a letter from there seeking full repayment.we do not have the money for this at the moment i think the loan was taken out in 2007 or 2008.how is the best to deal with this i think it was GE at the time and now has been sold on.
    What are our options are we best just to get back to them and offer them a payment plan or offer them a lump sum of say 2000€.
    we have everything else that we owed payed at this stage and all our other debts are update.

    thanks for all your help
     
  2. vandriver

    vandriver Frequent Poster

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    Was this a limited company?
    Was there a personal guarantee?
    When was the last payment on the loan?
     
  3. cremeegg

    cremeegg Frequent Poster

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    Was the loan to the company, did your husband give a personal guarantee, was the loan to your husband.
     
  4. cremeegg

    cremeegg Frequent Poster

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    snap !
     
  5. dymo

    dymo Frequent Poster

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    it was to the company i can't rembember if he gave a personal guarntee the letter came addressed to the company.Yes it was a ltd comany
     
  6. dymo

    dymo Frequent Poster

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    I dont think there has been a payment since about 2009
     
  7. cremeegg

    cremeegg Frequent Poster

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    If the loan was to the company, you or your husband should not make any offer to repay it.

    It may well be time barred, has there been any acknowledgement of the debt in the last 6 years.

    If they ask your husband to pay under a guarantee, that is a separate issue, though again the time factor may prevent them.

    I would do nothing for now, I know that can be hard advice to follow, but I don't see any better option.
     
  8. dymo

    dymo Frequent Poster

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    This has been the first we have heard from them
     
  9. vandriver

    vandriver Frequent Poster

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    If the loan was to a limited company,what do you hope to achieve by paying it personally ?(provided there was no personal guarantee)
    If you contact them,and there is a personal guarantee in place,you may well reset the clock to give the debt collector another 6 years to collect.
    (Btw,the debt collection companies are expert at ramping up the pressure with each letter,in a process called dunning,hoping you'll crack and offer them some small payment per month.)
     
  10. dymo

    dymo Frequent Poster

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    I honestly can't remember if there was a personal guarantee.I think it is the fact that we have always payed everything that we owe back. So should we will hold out and see do we get another letter from there solicitors.
     
  11. cremeegg

    cremeegg Frequent Poster

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    In my opinion yes. If the letter was to the company and the company is no longer trading, why write back. There may at a later point come a letter for your husband seeking to call in the guarantee, though I think that if the loan is time that would also fall.