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Shoosmiths SD
tankusmaximus
Posts: 1 Newbie
Hi guys
just looking for some impartial advice.
Myself and business partner ran a small ltd business for 5 years that ceased trading 2 years ago.
In that time we left a debt of 10k to RBS that was a combination of overdraft and visa card. Both of which were unsecured personal guarantees.
Shoosmiths have since chased us both down and served both of us with SD's.
My question is although we have offered monthly payments that Shoosmiths have declined, surely they wouldn't pursue with Bankruptcy for 10k and then secondly they cant make us both bankrupt for the same debt surely it has tol be either one of us??
Can someone shed some light on what to do next we were served yesterday (both have different addresses) so the clock is ticking
Thanks
just looking for some impartial advice.
Myself and business partner ran a small ltd business for 5 years that ceased trading 2 years ago.
In that time we left a debt of 10k to RBS that was a combination of overdraft and visa card. Both of which were unsecured personal guarantees.
Shoosmiths have since chased us both down and served both of us with SD's.
My question is although we have offered monthly payments that Shoosmiths have declined, surely they wouldn't pursue with Bankruptcy for 10k and then secondly they cant make us both bankrupt for the same debt surely it has tol be either one of us??
Can someone shed some light on what to do next we were served yesterday (both have different addresses) so the clock is ticking
Thanks
0
Comments
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If the debt to RBS was in both names, then you are both responsible for the repayment and they have to pursue both parties for payment.
They wouldn't make one bankrupt and not the other, the debt would still be payable by the other party not made bankrupt.
Perhaps they weren't happy with the period of time it would take to clear the balance?0 -
A SD does not necessarily mean they will proceed with an bankruptcy petition.
Do you have assets/equity or income that would make it worth their while to do so?Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0
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