- Original Poster
- #1
Hi guys, looking for a little advice, in 2009 i borrowed £20,000 from Barclays to open my own petshop, we managed to break even within a year but towards the end of 2010 early 2011 a Large chain stored opened on our door step and because of this within 4 months we were forced to close. Any monies i had left ended up going to various creditors leaving my business account and asset wise at zero.
Due to losing my business, and having worked a well over a year and a half on a business that i never took a penny from and i watched close. I sufferd a complete mental break down. In July/August time this year i decided i couldnt carry on and attempted to sort my life out. I met a new lady and moved in with her and her children. I tried to put it all behind me as best i could. I found getting work very hard and have settled for part time work at sainsburys which is all i could find.
When the business closed i went to see my bank manager and i said i could not continue to meet payments on the loan (which were £550 or so a month). He told me he would pass this on and that he was suprised i came back to update them as many business owners would have simply vanished.
He said that the chances are the loan would be written off and that id probably hear from Barclays within a few weeks. This was in May. and by July/August i had not heard anything from Barclays. I assumed if this was not to be written off i would have heard from them and i was very relectant when i moved out to notify them.
I have today recieved a letter from Barclays as follows...
Barclays Bank PLC Whoes registered office is at 1 churchill place, canary Wharf, London, Demands that you pay forthwith to the said bank at this branch your liability pursuant to your guarantee dated 29-01-2010 of the liabilities of (company name) ltd as specified below
Principal Sum due at the date hereof £18,514.06
Bank Charges to Date £0.00
Interest Accued to Date
(at 6.10% above the banks base rate) £87.04
Total Amount Outstanding £18601.10
Interest will continue to accure at the said rate (compounded with quarterly rests) from the date hereof until the date of payment. The said rate will subject to review and variation in the terms of the loan agreements
for and on behalf of
Barclays Bank PLC
Now im extremely scared, i earn £650 a month from my part-time job and im already on a payment plan for a creditcard that i can barely affort to repay. I was hoping they would have got in touch with me in the time scales they agreed back when the company closed.
Out of the £650 i earn not a penny is left at the end of the month, the payment plan i was put on for a barclays creditcard made sure of that.
Now i was under the impression that the EFG loan scheme was some what government backed. I believe when it was explained to me by my bank manager it was that i would if the business closed only have to repay 10% of it. Which although id still have trouble paying id certainly find it easier to swollow, what would you all suggest my course of action from here would be?
Due to losing my business, and having worked a well over a year and a half on a business that i never took a penny from and i watched close. I sufferd a complete mental break down. In July/August time this year i decided i couldnt carry on and attempted to sort my life out. I met a new lady and moved in with her and her children. I tried to put it all behind me as best i could. I found getting work very hard and have settled for part time work at sainsburys which is all i could find.
When the business closed i went to see my bank manager and i said i could not continue to meet payments on the loan (which were £550 or so a month). He told me he would pass this on and that he was suprised i came back to update them as many business owners would have simply vanished.
He said that the chances are the loan would be written off and that id probably hear from Barclays within a few weeks. This was in May. and by July/August i had not heard anything from Barclays. I assumed if this was not to be written off i would have heard from them and i was very relectant when i moved out to notify them.
I have today recieved a letter from Barclays as follows...
Barclays Bank PLC Whoes registered office is at 1 churchill place, canary Wharf, London, Demands that you pay forthwith to the said bank at this branch your liability pursuant to your guarantee dated 29-01-2010 of the liabilities of (company name) ltd as specified below
Principal Sum due at the date hereof £18,514.06
Bank Charges to Date £0.00
Interest Accued to Date
(at 6.10% above the banks base rate) £87.04
Total Amount Outstanding £18601.10
Interest will continue to accure at the said rate (compounded with quarterly rests) from the date hereof until the date of payment. The said rate will subject to review and variation in the terms of the loan agreements
for and on behalf of
Barclays Bank PLC
Now im extremely scared, i earn £650 a month from my part-time job and im already on a payment plan for a creditcard that i can barely affort to repay. I was hoping they would have got in touch with me in the time scales they agreed back when the company closed.
Out of the £650 i earn not a penny is left at the end of the month, the payment plan i was put on for a barclays creditcard made sure of that.
Now i was under the impression that the EFG loan scheme was some what government backed. I believe when it was explained to me by my bank manager it was that i would if the business closed only have to repay 10% of it. Which although id still have trouble paying id certainly find it easier to swollow, what would you all suggest my course of action from here would be?
