Good morning,
I secured a business loan of 110k with a legal charge over lands belonging to my family, current market value approx 85k.
The company dissolved in 2010 and i have been making small payments where possible with agreement from the bank.
The bank now want to proceed with payment of the full balance.
I have made a few offers of payment monthly with annual lump sums, these were rejected.
I am meeting a PIP next week to see is this an option to enter into a PIA,
The main concern is what can the bank do regarding the land, it is secured as a legal charge over the lands.
Any advice would be really appreciated.
I secured a business loan of 110k with a legal charge over lands belonging to my family, current market value approx 85k.
The company dissolved in 2010 and i have been making small payments where possible with agreement from the bank.
The bank now want to proceed with payment of the full balance.
I have made a few offers of payment monthly with annual lump sums, these were rejected.
I am meeting a PIP next week to see is this an option to enter into a PIA,
The main concern is what can the bank do regarding the land, it is secured as a legal charge over the lands.
Any advice would be really appreciated.