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Business guarantor/charge threatened with forced home sale or repossession.


Jamhead
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Person A has been given a time limit to either agree to pay too much per month or sell their house. The loan is in person B's name, but as the business did not succeed and they have no assets (that we know of) the large debt is now being deposited on to the guarantor, who is currently only on a pension of not that much greater than a state pension.

 

Advice will be sought from a solicitor soon, but does anyone have any advice as to what can, or may, happen in this situation?

 

Thanks all for your time.

Edited by Jamhead
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