Nationwide want 854k in 7 days after pg on commercial mortgages goes sour! IN 7 DAYS

Adam0710

They have called in their pg on a loan that they took back on 4 properties after they INCREASED their rates after the fixed initial 2 years. We couldn't afford it with the rents so let it go.

Where do we go from here? How long before they come knocking?

Adam0710

Is this on?

skintandfat

854K is a large amount to find if you don't have it

You need professional advice- where in the UK are you? Just a country will do

kation

The joys of PG's...

Apart from the very obvious comment of going to get paid-for-advice. The probable series of events might go:

You don't give them the 854k, they then serve you with a "statutory demand" which gives you 3 odd weeks to pay them, they then issue BR proceedings against you, you go bankrupt, the OR liquidates your assets.

It's not that clear from your posting if you have commercial mortgages on properties, or the properties are leased? If the former then I take it the properties haven't yet been sold? Is the 854k the real loss that the bank are looking to you for? Do you have partners who also gave PG's?