A question about : Been stupid need help.
Slightly different to most but we had a business which took out an overdraft and then a loan. We had a debenture against our house for the loan which the bank later released.
We then went into liquidation and as the debenture was released we thought we were safe against the debt. Then pops up an old personal guarantee that we'd signed 9 years ago and duly forgotten about.
Now we have debt companies asking for Ј22.5k to be paid. So I know we're screwed and have to find this money somehow but what i'd like to know if anyone can help is that will a debt company accept a much lesser settlement?
We could borrow Ј7k from a relative and pay that as a one off - do you think they would go for that considering that if we set up a repayment scheme with our current finances we can afford about Ј100 per month absolute max.
I have heard that they will accept lesser lump sums but I have no idea how much they would go for. I've never been in any debt before so have no experience with these sorts of companies?
any advice or where to look for advice would be appreciated massively. Kick in the teeth with a newborn and hubbie out of work. 
Best answers:
- How much equity do you have in the house? If you have a lot, then you may have a problem.
Quote: - We are in the process of building a house when this surfaced. It passed from one debt company to another one but it is one debt, from our business.
There is no option to sell as house is not complete and therefore un mortgageable at present. Plus hubbie has built it with his bare hands and would rather cut off his arms than sell.
So I really wanted to gage whether they would accept a lesser amount in full payment if we could borrow it? Or are they usually adamant in getting the full amount? - Sorry don't have any advice or suggestions, but bumping might raise a few more responses
|Good luck with the house build
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