Hi My current situation is this. I personally signed a guarantee for 3 business loans a couple of years ago. That company has now gone into liquidation and i'm on the hook for them. There are two loans totalling £198,000 with Funding Circle and one overdraft I had with HSBC for £50,000. I've not made any payments for around 12 months to either one now as I've not had a regular income. Another business i started has failed and i'm currently waiting for my DBS check to come back to become a taxi driver. I don't have any assets. Funding Circle are asking me to agree to £20 a month for now until my financial situation improves however trying to pay back £240,000 worth of debt on a taxi driver's salary is going to take a long time. Funding Circle have said if i don't sign this agreement for the £20 then they are going to commence legal proceedings against me. I assume the worst case scenario for me is that they force me into bankruptcy and they pay? At the moment i can't even afford the £650 cost to do it myself. Should i let Funding Circle commence legal proceedings or sign the agreement, and pay £20 a month until i start taxi work and can afford to go bankrupt myself?