H
holly8
Guest
Scenario -
husband had his own company which is now liquidated. He has no income at all & not entitled to social welfare based on wife salary, which is barely above the min cut off amount.
Husband owes the bank €6k on an overdraft from company bank current account (but signed for under personal guarantee, not a business one); owes the CC another 6k (again, a personal debt) and also has a bank loan for €15k (again, signed for under personal guarantee). This €15k loan was used to invest in the business which can no longer pay back on the loan. Nor can the husband.
The company is liquidated, husband has zero income (and no immediate prospects on one either).
Wife has met with the bank on husband behalf (husband has head in sand!), the bank is "urging" wife to pay off debts on behalf of husband so to avoid bad credit rating, debt collection process, etc.
What advice can I give them on how to proceed with this? worried!
husband had his own company which is now liquidated. He has no income at all & not entitled to social welfare based on wife salary, which is barely above the min cut off amount.
Husband owes the bank €6k on an overdraft from company bank current account (but signed for under personal guarantee, not a business one); owes the CC another 6k (again, a personal debt) and also has a bank loan for €15k (again, signed for under personal guarantee). This €15k loan was used to invest in the business which can no longer pay back on the loan. Nor can the husband.
The company is liquidated, husband has zero income (and no immediate prospects on one either).
Wife has met with the bank on husband behalf (husband has head in sand!), the bank is "urging" wife to pay off debts on behalf of husband so to avoid bad credit rating, debt collection process, etc.
What advice can I give them on how to proceed with this? worried!