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Secured OD on failed business - can't afford to it pay back!


Guest stenik01
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Guest stenik01

Hi All.

My business (LTD) failed last year and I am left resposible for the OD offered to the business by the bank.

I signed a letter of guarantor for the OD but I am not in a position to pay it back. I had a temporary arrangement (now finished) to pay a nominal fee per month, as I had been unemployeed for a time. I am now in employment but with a large mortgage, and with no equity on the house, I have very little cash available from our monthly budget to repay.The bank are now putting the squeeze on me for the repayment.

 

Q. Can I get out of it?

Q. If not, what options are available to me to reduce the total amount and freeze interests etc?

 

Thanks in advance of any advice.

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You cannot 'get out of it'.

I would look at what you can afford to pay and just start paying them that. You do not have to wait for them to agree to the amount. If this does go to court the Judge will see you are trying your best to pay back the money. Don't overstretch yourself by paying more a month than you can resonably afford. If you just stop paying anything it will look bad on you.

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