We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
can i get out of my Personal Guarantee on business loan
Options
Hi i hope you can help
this is my first post i took out a business loan with hsbc in 2004 for £58K to purchase a company secured against a property i owned, i have never missed a payment i sold the property in 2006 and put the profit form the sale in to an account with the loan secured against it, in 2008 the business folded and i used the £25K from the sale of the property to pay off some of the loan i have carried on paying the loan but i am now in the position where i cant afford the repayments anymore, to date i have paid the bank over 65K but there is still about 20K left on the loan all of which is intrest.
does anyone know if there is a way out of this
can anyone help????????
this is my first post i took out a business loan with hsbc in 2004 for £58K to purchase a company secured against a property i owned, i have never missed a payment i sold the property in 2006 and put the profit form the sale in to an account with the loan secured against it, in 2008 the business folded and i used the £25K from the sale of the property to pay off some of the loan i have carried on paying the loan but i am now in the position where i cant afford the repayments anymore, to date i have paid the bank over 65K but there is still about 20K left on the loan all of which is intrest.
does anyone know if there is a way out of this
can anyone help????????
0
Comments
-
keep making the payments
you know its the only way0 -
Legalised loan sharks. Nothing more.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
-
Nothing more to add, the above comments are about the size of it.Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0 -
thanks for the comments so is there no way out of the personal guarantee???0
-
There would be no point in personal guarantees if you could just walk away.0
-
In short, no.
Unless you declare bankrupt and get it wiped out.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
because i had been talking to a friend who had a pg on a loan and the bank came to an agreement on the remain amout, i have spoken to the bank today and they are willing to have a look at it.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards