Hello, hoping someone can give me a little advise on what I can do

My ltd company was wound up 3 years ago, I had given a personal guarantee on 2 loans.

1st loan 2nd charge on my house I live with my family (approx £20,000 still outstanding)

2nd loan full security on a small flat that I inherited from my parents(approx £35,000 outstanding)

the payment rate on the loans before company liquidation was £430 and £270 per month.

I have recieved a calling up notice and I have my solicitor at negotiations with debt agency,

I am unable to raise any funds as i am not working at the moment

- I filled out income and expenditure forms and even included my husbands income on the form

(even though he played no part in this loan/garentee nor is he on title deeds of property),

after bills there was £100 surplus, I knew this wouldn't be enough for them so we removed what we considered to be "luxury items" from the income/expenditure ie haircut/clothes/kids trips etc

I offered Lloyds £450 per month and they have refused

- they want me to pay £1400 a month even though they know that there is no way on earth that I could pay that kind of money ,

my solicitor wrote again explaining the situation and even said that as soon as i find employment that I will notify them to increase the payments. but they say no,

they say they have full security for all debt with the flat and want to force a sale unless I pay £1400

My question is:

would a court force a sale even though I have made offer of £450 per month to pay this debt?

should I just start paying the £450 a month even though they said that they wont accept it?

I know the company failed to pay so that onus is now on me to pay it but surely they cant just sell the property when im willing to pay them back?

The company was paying £700 a month when it was trading, it seams really unfair they are pushing me to pay £1400

Please help me, Im not sure what on earth to do and really dont want to goto court

which DCA?

what letters have you been getting

who is the DCA's 'client'?

dx

Thankyou for reply ! I'm worried sick

It's

Yuill & Kyle

And it's lloyds bank

I'm sure I only ever signed 1 personal guarentee (on first loan) would that cover all borrowing of the company?

I'm willing to pay them money but just can't afford £1400 a month has anyone had dealingsss of similar nature with them?

Yuill & Kyle just write to solicitor now...

I tried calling to explain my situation.

. Begging to allow £450 a month but they said that their client lloyds said no..

. Last letter said that unless I commit to £1400 a month they have court papers ready prepared to submit to court

yea I bet they do!

can I give you a bit of advise

stop talking to the phone!

I take it you are in Scotland and this is a Scottish debt.

yes dx its in the scottish forum:lol:

so must be

dx

yea I bet they do!

 

 

can I give you a bit of advise

 

 

stop talking to the phone!

 

 

I take it you are in Scotland and this is a Scottish debt.

Yeah I only spoke once on the phone,

I called them in desperation after so many letters and threats of court action,

i wanted to let them understand that im not hiding behind this,

im serious and will fulfil my obligations by I really dont have all that money to pay what they are asking.

It is Scotland, was a scottish company that was liquidated and I live in Scotland.

My questions are:

would a court force a sale even though I have made offer of £450 per month to pay this debt?

should I just start paying the £450 a month even though they said that they wont accept it?

The company was paying £700 a month when it was trading, it seams really unfair they are pushing me to pay £1400

I'm sure I only ever signed 1 personal guarantee (on first loan) would that cover all borrowing of the company?

thankyou for reading

If they are going to court to force the sale, would you think the judge would look more favorable if a regular payment has been getting paid to it or none?

I would only be offering a payment that you can afford and maintain cause further down the line any late missing payments can cause more problems.

If they are going to court to force the sale, would you think the judge would look more favorable if a regular payment has been getting paid to it or none?

 

I would only be offering a payment that you can afford and maintain cause further down the line any late missing payments can cause more problems.

I put a cheque into solicitor to send the bank and 2 days later I received court summons - they have not yet cashed the cheque

I have read it all through... I notice they had attempted to serve a notice on the long term tenants of the inherited flat in December ( track and trace said this has been returned to sender) so basically tenants are unaware of situation.

is this allowed by court or have they failed correct procedures?

would them showing that they sent a letter enough or do they have to prove that they made every effort to give them notification?

also tenants are long term they have been there long before i signed the personal guarantee, they have yearly leases sent up by letting agent and current lease is another 9 months on it.

court date is next week, am i fighting a losing battle with this?

any help is very much appreciated im just not sure what to do now

have you even sent the claimant a CCA request

and the sols a CRP to product the documentation they will need to rely upon in court.

when did you take these loans out

can I just be clear

they are going to court on the second loan

or its both?

no the guarantee on the first loan would not cover the second.

dx

have you even sent the claimant a CCA request

and the sols a CRP to product the documentation they will need to rely upon in court.

 

when did you take these loans out

 

can I just be clear

they are going to court on the second loan

or its both?

 

no the guarantee on the first loan would not cover the second.

 

dx

Yes They have everything in order, both security documents and signed guarantees, I also tried claiming PPI and they said none was owed.

2nd charge on marital house was in 2008

1st charge on flat was 2011

I notice from court docs, they are only going on the property that they have full charge on

also they requested that i sign a new personal guarantee for £60k in 2011 so effectively consolidating all the company debts together.

They are wanting the full amount of all that was owed to them, (loans and overdraft) but only going after the flat property.

the only thing that they don't seem to have done is ensure the tenants have received notification of the situation,

the tracking number of letter they sent says "returning to sender" so tennants are unaware that the property could be repossessed.

Im not sure what to do now,

anyone been in similar situation?

its a BH W/end and obv we are light in those hat can help.

I've got to admit

other than the basic's not exactly my bag

though I've alerted this thread

dx

hows this progressing

dx