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Help with repossesion

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I have an 18,000 Personal Guarantee from a failed business(overdraft)
and Lloyds Tsb have a legal charge
I have been to County Court and the Judge as given us until the 20th January to find the money

I have over 100,000 in equity in our house and i have tried to borrow against it but because i am in an IVA( using my credit cards to keep the business going) i keep getting knocked back

My wife has also tried but i seem to be flagging up or it could be our home address and me because we have a joint mortgage

we have never missed our mortgage payments

Our income would support another loan but we cannot get one

Any help would be appreciated

regards

John

Comments

  • Sorry I don't know the answer but my partner and I are in exactly the same position as you- he used credit cards to keep the business going and guaranteed the overdraft- we are desperately trying to find out what to do and will let you know as soon as we find anything out, we will be speaking to an insolvency practitioner tomorrow. Have you phoned the Business Debt Line?
    Can I ask you though, how did they get the charge on your house? Was this voluntary or did they take you to court for it? I ask because my partners bank say they want him to grant a voluntary charging order, and we are worried what they will do when we say no. Sorry to ask you for advice when you need it yourself...
    My understanding is that they cannot get your house if it is jointly owned, they can only apply a charge on itso that if you sell they get their money. Sadly, in our case the house in question is in his sole name. The reason your wife cannot get a loan is because you will be showing up as financially linked to her on her credit file.
    We will let you know as soon as we learn anything new. hopefully we can pool our knowledge.
  • Do they already have a charge over the property? if not could you offer a voluntary charge?
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