Morning folks after doing loads of reading here , I am really hoping a few of the kind folks on here may be able to give me some advice on the situation that I am in at the moment or at least some guidance on the route I should take. In a nut shell our limited company took up an overdraft in 2006 for 20k from HSBC with two directors giving personal guarantees with me being one of them, over the last 3 years things got progressively worse and I sunk more money, time and all for much reduced salary in the hope things would improve but eventually in September we decided enough was enough and it went into liquidation. I have always known about the PG and finally a letter of demand came through asking me to contact the bank with repayment proposals.
It has been an incredibly tough time living on practically nothing, searching for new work and staying with friends as I no longer could afford to rent any longer. I have managed to get some part time work which is allowing me to just meet payments on my personal loan and credit card (£13900 and £9600 both with HSBC) . I have no assets or home that could be of any use although some friends have offered to loan me a small amount if I really need it but would rather not.
My questions are this, any further increase on the current amounts that i have will just be impossible to meet, so if i can scrape together a small amount can I make an offer to pay a lump sum as a settlement even though it may not be much ? What is the process of negotiation from here on, do I make contact early or will I have to wait for it to go to the collections team ? Will I be forced into paying an amount for the next 27 years or some ridiculously long time with a review every year ? Do I have the option to use the IVA route or maybe bankruptcy if it comes down to it ? Many thanks for any help or advice you folks maybe able to give me.