Havent a clue scared!!!

melsa24

Hi all
I will give a run down of the situation and hope that someone knows the solutions.
My partner has had own business for 3 years (with friend they are equal partners) Its going down the pan. Around 50k in total owed. Accountant says go bankrupt as its only going to get worse.
We live in Scotland (if that makes a difference) We have a mortgage on our house. Finance for the sofa only. One business loan of 8k secured on both partners houses. Do not want to lose the house that is what im most scared about. House is in partners name valued at 150000 when we bought it last year for 153000. The mortgage is 115000.
They dont want the BR taken out of their habds and one for them, they want to decide when it happens.
Can anyone help with options this is so complicated in our heads we dont know what to do for the best.

Thanks for reading

maxmycardagain

calm down dear...

weve all been there

first seek PROPER advice via CCCS, national Debtline of the CAB

old codger philnicandamy will be along soon, he has the tel no.s in his signature (his memory isnt what it was bless him)

is the business a ltd company or sole trader partnership as this affects quite a few things

scotland has a different system and approach to going BR

with a proper joint loan both borrowers are equally liable for the whole amount (so the bank would chase a non-br joint borrower for the WHOLE amount, not just half)

BR though is personal, so you would have to post a SOA for any better comments, showing your household income/outgoings and all secured/unsecured debts

gosh, sometimes i sound like i know what im on about

House is in partners name valued at 150000 when we bought it last year for 153000. The mortgage is 115000.

£37,000 worth of equity - half is yours and you wont be going BR (will you?) thats £17.5K the OR will want...

its all to play for.............

melsa24

Hi thanks for replying
The business is NOT ltd. What is a SOA?
The house is in his name so why would half be mine? See i am totally clueless sorry. If we released the equity to pay the debts the repayments would be huge and couldnt afford to pay them. Then we would be still risking the house.
What would happen to personal stuff eg credit card and car and couch.


Thanks

RAS

Nicked tiger's list of contacts. You need to get OH to ring them up and get advice.

Your first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only.

CCCS 0800 138 1111 National Debtline 0808 808 4000 Business Debt Line 0800 197 6026 CAB – Contact your local office and ask to speak to a Specialist Financial Advisor. Insolvency Service- 0845 602 9848