loan default & legal action

twocan

I am a director of a Ltd company(non profit) We borrowed £100000 unsecured. It looks like we are not going to be able to repay for some considerable time after the agreed period. What legal action can be taken and who will it apply to.

poppasmurf_bewdley

Seek legal advice.

debbieblueeyes

Hi twocan, im not sure if this is going to help but i defaulted on 2 loans and i was advised to called the national debt help line 08088084000 https://www.nationaldebtline.co.uk they give you free advice and help.

shedhead55

As another poster has said, seek proper legal advice. Business loans will not have the protection of the consumer credit act and it is unlikely that consumer advice organisations will be able to advise.

iolanthe07

For £100 grand the creditors may well seek bankruptcy proceedings. As others have said, you need to take professional legal advice soon.

ILW

twocan wrote: »

I am a director of a Ltd company(non profit) We borrowed £100000 unsecured. It looks like we are not going to be able to repay for some considerable time after the agreed period. What legal action can be taken and who will it apply to.

How does a non profit co lose that amount?

Not all gone on directors salaries and company cars has it?

_Andy_

twocan wrote: »

I am a director of a Ltd company(non profit) We borrowed £100000 unsecured. It looks like we are not going to be able to repay for some considerable time after the agreed period. What legal action can be taken and who will it apply to.

!!!!!! £100k loan legal action and you're asking randoms on a message forum? Speak to a lawyer !