Business loan

Tina2018

Hi all,

I’m looking for advise with regards to my rbs business loan. I’ve just stopped paying a business loan that I took out in order to finance a business property. The loan repayment was due end of November which I missed as I would like the bank to repossess my business property. I just received a letter from my relationship manager that formal recovery action may be taken by the bank if I don’t contact them. Is it normal that such letters are sent out just after missing one single payment, as I thought it will be only after missing few payments recovery actions are taken.

Thanks

Farmer_Johnson

Why are you concerned at action starting immediately if you want the action to happen anyway?

To answer the question, yes, it’s perfectly normal.

Is the loan only in your company name, or have you given a personal guarantee? It’s strange that you would want it repossessed, commercial loans tend to have some buffer in there relative to the valuation, meaning that you’ll be giving up an asset worth more than the loan.

fatbelly

It's a long processs, Tina, with lots of options to it.

I take it this loan is secured by a charge at the Land Registry?

As this is business debt, the best people to run your situation past wuld be Business Debtline

https://www.businessdebtline.org/

Tina2018

It’s a business loan and I’ve been trading as a sole-trader. Well, I’ve read posts from other people that repossession took place after more than a year since defaulting payments etc..

Yes it’s a secured debt and there’s a charge at the land registry.
Thank you I will get in touch with the businessdebtline.