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| emmab |
Posted - 21 October 2008 : 01:18:02
I'm one of three directors of a limited company; between us, we offered a £500k joint and several guarantee, secured on our homes, about nine months ago.
The business is about to go into receivership and I am concerned to minimise the impact of this occurrence on my personal finances.
When the secured PGs were put in place, they had my house valued; it was appraised at £435k. The outstanding mortgage was £393k. So there clearly wasn't enough equity in it to cover my third of the loan. My business partners each live in homes worth £1-1.5m, with at least £500k each of equity.
Due to the state of the property market I'd guess my house is now worth £350-375k.
Given the negative equity, personal guarantees and the fact I'll soon be jobless, I'm tempted to file for bankruptcy. But I'd prefer not to do this as it would affect my credit rating, ability to be a company director etc.
I'm tempted to write to the bank when the business goes under and offer them an informal full and final settlement. Is this a sensible option? If so, what percentage of my share of the debt should I offer, and how should I present my argument to maximise the chances of the offer being accepted? |
| 1 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 21 October 2008 : 07:19:17
Hi Emmab
Welcome, after reading your post may i suggest a call to our helpline. The reason i say is because when businesses and homes are involved a little bit more care and knowledge need to be given with respect to property etc and i would be happier if you would call us and let us go through your options.
Please give us a call and leave a message and number and we will get back to you, we never forget to return a call so please give us a shout.
That number is 0800 078 9367
Thanks again
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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