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urgent advice needed bank being unfair on secured business loan and od

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I have been with nat west for 5 years and had good accounts and at one point hat over 1.5 million pounds borrowed.Over the last 2 years have paid back all but 170000 which includes 15000 od which is secured against my home.Because of the financial climate i have been unable to pay this back but i have been servicing the interest.the loan and od is up for renewal and the said they want it paid back over a 10 year period but with interest and capital which they know i can not afford at present as my accounts show only a 20000net profit. The interst they want to charge is more than double what i am paying at present.I put a proposal to them that i pay interst only for 7 years and then sell my house as i intend to retire and live abroad.Furthemore i offered a life assurance policy assigned . My offer was neither accepted or refused but i recieved 2 letters demanding full payment within 28 days or they will inform all the credit agencys and cancell all my direct debits.If they do this they will also destroy my clean credit report and make it difficult for me to carry on in business.If anyone can advise i would be very gratefull

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Is this a Limited Company or Sole trader? With £170,000 outstanding and only £15,000 secured I'd say the cards are on your side just now, but I obviously can't tell without a better picture.


What is the worst case scenario ? Find that and you can work forward and around it.

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Over the last 2 years have paid back all but 170000 which includes 15000 od which is secured against my home


Sorry, but I thought you said only 15k was secured, can you give a little more info on this and the business situation?


Or have I misinterpreted this? You have 170,000 secured of which 15 od is not 15k 'odd', but od meaning 'Overdraft'?

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