Business lost, big personal debt as result pls help

Kew_Sonny

Hi

Up until March of this year had my own business and all going ok. Had a client refuse to pay a final bill and went down at the bank for £100,000. Had a personal guarantee for £12,000 but with no income huge bills and debts soon racked up.

Cost me my marriage so no had to sell the house which will generate £135,000 but i don't want to use that to pay off approx £35,000 debt. Is there anything i can do.

I have been cleared by the Insolvency service and debt rescue company as not being our fault but credit rating totally screwed and owe lots, no home and dont want to use what is left to pay off the debts.

The business bank was the same as the personal bank so all i have left is a cash card i haven't even got a debit card.

Please can somebody help

beer2006

Well first thing that comes to mind is that you have £135 000 and you owe £35000, you have to pay it back, so why not now? Or is there something here I don't understand?

skintasusual

I think we need more info!!!

Somerset

If the 35k debt is yours legally ie not the business's ( ltd co ) there is no way any lender's, knowing you have 135k to pay it off tomorrow, will not go for you tooth and nail.

If the debt's in your name personally, no, there's no option but to pay.