Moneyworries
Registered User
- Messages
- 12
My Partner went into a Limited business with his brother a couple of years ago. I was concerned when he told me that they were going to take out a large personal loan to expand the business.
They bought some extra land to build a shop/cafe on. At the time, when I expressed my concerns, he told me not to worry, they were not borrowing on our home (which I own 100% jointly with him) and that I would not be liable for the loan in any way shape of form.
They explained that they had put up a couple of barns, which they had owned jointly since they were teenagers as securtity against the loan. The bank were quite excited about their plans and agreed to lend them further money to build the new building with. That, of course, was before the banks were in trouble.
As it stands now my partner and his brother have bought the extra land and the bank are refusing to loan any more money to build the shop/cafe. So, in effect, they own a worthless plot of land with a huge loan.
The bank are now putting them under pressure to repay the loan, but they have no way of repaying it. My partner and I have always done everything by the book. We've both worked so hard and we have cleared our mortgage on our home. However, I have been told that the bank could force us to sell our home to get their money back. We are not married and we have no kids, so it wouldnt be classed as a family home? Is this the case? I'm sick with worry and don't know what to do.
They bought some extra land to build a shop/cafe on. At the time, when I expressed my concerns, he told me not to worry, they were not borrowing on our home (which I own 100% jointly with him) and that I would not be liable for the loan in any way shape of form.
They explained that they had put up a couple of barns, which they had owned jointly since they were teenagers as securtity against the loan. The bank were quite excited about their plans and agreed to lend them further money to build the new building with. That, of course, was before the banks were in trouble.
As it stands now my partner and his brother have bought the extra land and the bank are refusing to loan any more money to build the shop/cafe. So, in effect, they own a worthless plot of land with a huge loan.
The bank are now putting them under pressure to repay the loan, but they have no way of repaying it. My partner and I have always done everything by the book. We've both worked so hard and we have cleared our mortgage on our home. However, I have been told that the bank could force us to sell our home to get their money back. We are not married and we have no kids, so it wouldnt be classed as a family home? Is this the case? I'm sick with worry and don't know what to do.