£7,000 or told to leave house?

canonman

Please see this thread: https://forums.moneysavingexpert.com/discussion/2556147

Or Here is a copy:

Ok so i am posting this on behalf of my Girlfriend and please move to the correct board if i have posted this in the wrong section.

My girlfriend is Polish and so are her family but she speaks fluent English, her parents are not so good at English and i hope this does not affect there chances of receiving help, they both work full time and have done for the last 5 years.

Her parents owned a pub which failed and they had a loan on it and ever since then there credit rating has not been so good.

My girlfriends parents are behind on there Mortgage payments and any other outgoing expenditure they have. They have already been to court to settle the Mortgage repayments and had the amount reduced but still can't pay it.

They have now been told they have till the 9th July to pay the whole £7,000 or they will be evicted out of there house.

They have no-one who can be a guarantor on the Loan which they have found at a good APR

What are there options as there last resort is to move back to Poland. I would be glad to provide any information you require.

Thanks for any help.

Thrugelmir

Sorry but there is little that can be done. A failed business is unfortunately the risk that one takes. Securing a loan against another asset, obviously means in the event of default the loan can be called in.

Finding a guarantor for a loan is never easy at the best of times. Best to settle the debts and think afresh.

Why is the last resort returning to Poland? As renting a property while re-establishing themselves is an option. You make it sound as if they intend doing a "runner".