Slightly off BR - but hoping for some help?

limbolegs

Went BR in Sept and all has gone OK really, except Ll***sTSB and their £25,000 Security on our house for our ex-ltd company's Overdraft.

Our ltd company went BR in Aug and a few debts became personally liable by me & DH - hence the personal BR's. All have been resolved with the exception of the above mentioned - and they really are not playing ball!!! Both DH and I are unemployed (well, I am an expectant mother of two (7 & 3) - but I guess that's no excuse!)

We keep trying to negotiate a realistic payment with them, and a realistic interest rate (seeing as they already have a hold over our house!!) but they won't budge - we'll end paying £425pm for the next 10 years!!!!! Interesting thing is we just had the house valued by a Chartered surveyor who says it's worth £125,000 - our mortgage is £110,000, so Ll***sTSB wouldn't even get all their money if they take the house - which is what they're threatening - they're already handing it over to their solicitors. We asked for the original terms and conditions to see what we agreed to - they've been 'on their way' for the past month now - I can't see how we can resolve this - I know we have to pay the debt - we just wanted some time to negotiate payments and interst rate- we offered £250pm but they wouldn't have it - we even tried using our Legal Aid solicitor (not the most useful person!) - she just says we agreed to the loan - we should pay it!!! - it's not even a loan! Grrrrrrrrr

I am now thinking we might need a proper solicitor to help us negotiate this - last thing I want is lose the house now - we can't go into council - we can't afford rented and there's no family for us to stay with - we tried to get our lives back on track by going BR and as most of you know - it's not the easiest process to go through. What blooming difference is £25,000 going to make to Ll***s anyway???

What do you think??

betterlatethannever

Hi Limbo legs (great name)
This is a tough one, and unless some smart alec can come up with an answer can i prehaps suggest you call Community Legal Service Direct. Its a free, government funded service and i found them to be pretty good. They can help with debt and housing issues. There number is 0845 345 4 345.
Hopefully though someone else will be able to help you.

tigerfeet2006

Welcome to the board

I agree with BLTN excellent advice and would ring the CLSD.

Hope you manage to kick them into touch.

wherediditallgo

You could also ring the Insolvency Helpline (the number's in my signature), as they have a section that deals specifically with business debt & may be able to offer you some advice.

nomoneyprobs

Hi, I can't really offer you any more advise than's already been said, so i'll just say good luck with solving your problem, I'm sure the best solution will happen in the end.

all the best
Ian

debt_doctor

Hi,

I pressume that you gave a personal guarentee for the overdraft, as this is one of the few ways a company director can become responsible for a 'limited liability' debt .

fiveyearplan

I have a business loan with Lloyds but I got it in my personal name before my limited company was formed. I also have a £6,000 overdraft limit on my business account (business was closed 2 weeks ago) and I was under the impression that it would go into my BR. Luckily it hasn't reached the stage of charging order - in fact Lloyds don't know yet and won't until I miss my payment on 3rd December.