- Original Poster
- #1
Hi
Established a lt comapny with my brother then three months later were offered a loan for the business by Carlsberg. We informed the rep that we were a ltd co but were told that was no prob and we promtply and stupidly signed. We now cannot pay the loan back as the business is on the market. We have offered to pay the loan once the business is sold but they are not happy with this. we both signed a an angreement for this loan but were not asked for any personal guarantees .and did not give any. The repayments came from our business account which is clearly a ltd co account however that is not relevant and we have been held responsible for the debt, is this correct. My house is secured against the loan for the business but my brother has just put his house on the market and has equity of 200,000. The loan is for 34.000. I have not money to pay off any interim payment or installment until the business is sold but my brother has equity in his house. They have applied to ccmcc for judgement and I have not defended it as we owe them th emoney but had hoped the ltd co would owe them. If my brother has equity in the house are they liable to make a charging order against his house or what are the other possibilities that can happen in the judgement. There is no point putting a charging order on my home as the bank own it as security and I am making repayments to them every month in order not to lose my home obviously.
Established a lt comapny with my brother then three months later were offered a loan for the business by Carlsberg. We informed the rep that we were a ltd co but were told that was no prob and we promtply and stupidly signed. We now cannot pay the loan back as the business is on the market. We have offered to pay the loan once the business is sold but they are not happy with this. we both signed a an angreement for this loan but were not asked for any personal guarantees .and did not give any. The repayments came from our business account which is clearly a ltd co account however that is not relevant and we have been held responsible for the debt, is this correct. My house is secured against the loan for the business but my brother has just put his house on the market and has equity of 200,000. The loan is for 34.000. I have not money to pay off any interim payment or installment until the business is sold but my brother has equity in his house. They have applied to ccmcc for judgement and I have not defended it as we owe them th emoney but had hoped the ltd co would owe them. If my brother has equity in the house are they liable to make a charging order against his house or what are the other possibilities that can happen in the judgement. There is no point putting a charging order on my home as the bank own it as security and I am making repayments to them every month in order not to lose my home obviously.
