barclays loan

deesidee

Hi can anyone help we had a business with fire consultation, we were adviced to get aloan based on the company, for advertising, paying wages etc. we have since had to shut the company, due to losing big contracts and no work out there. barclays, who told us to get the loan, now want their money back, only right. But we are broke, my husband now earns £2000 and my morgage is £1670. they have sent us a form to fill in, which we did, asking all our incomings and outgoings, we have offerd to pay £100pcm, which we have now started to pay, but they want more, they want us to sign a form to secure our house on the loan, i,m not happy about this and told them no, they are now saying they are taking us to court, can they do this if we are paying them back?

pcombo

deesidee wrote: »

Hi can anyone help we had a business with fire consultation, we were adviced to get aloan based on the company, for advertising, paying wages etc. we have since had to shut the company, due to losing big contracts and no work out there. barclays, who told us to get the loan, now want their money back, only right. But we are broke, my husband now earns £2000 and my morgage is £1670. they have sent us a form to fill in, which we did, asking all our incomings and outgoings, we have offerd to pay £100pcm, which we have now started to pay, but they want more, they want us to sign a form to secure our house on the loan, i,m not happy about this and told them no, they are now saying they are taking us to court, can they do this if we are paying them back?

It must have been a big loan for them to want to secure your house and to not be happy with £100 PCM.

How much is the loan for???

opinions4u

Was the business a limited company?

Did you give any sort of personal guarantee?

deesidee

it was for 20,000 and yes it was a lmt company although we both had equal shares my husband signed

innovate

deesidee wrote: »

But we are broke, my husband now earns £2000 and my morgage is £1670.

After the £100 to Barclays, you have £230 a month for 2 people to live from and pay all the bills? Are you working, too? If not, and if your husband cannot find a higher paying job shortly, you have to move to a house that costs you a lot less. That would be true even if you didn't have the Barclays loan to worry about.

deesidee

innovate wrote: »

After the £100 to Barclays, you have £230 a month for 2 people to live from and pay all the bills? Are you working, too? If not, and if your husband cannot find a higher paying job shortly, you have to move to a house that costs you a lot less. That would be true even if you didn't have the Barclays loan to worry about.

thank you for repling but you have only told me what i already know

deesidee

pcombo wrote: »

It must have been a big loan for them to want to secure your house and to not be happy with £100 PCM.

How much is the loan for???

it was only for 20,000 not the queens jewels

opinions4u

deesidee wrote: »

it was for 20,000 and yes it was a lmt company although we both had equal shares my husband signed

You are not liable for the debt of the limited company unless you gave a personal guarantee.

Did you?

deesidee

opinions4u wrote: »

Was the business a limited company?

Did you give any sort of personal guarantee?

yes it was a ltd company and my husband signed the paperwork

deesidee

opinions4u wrote: »

You are not liable for the debt of the limited company unless you gave a personal guarantee.

Did you?

Yes my husband did