U
upset sadie
Guest
I opened my own business back in August 07 and I got a business loan from AIB for 20k. My father in law signed a guarantee for the loan. At the time AIB promised support should I ever got into difficulties. Anyways after a bad xmas period I found myself in trouble and not being able to make payments. I tried to explain the situation to the bank but I received little sympathy. Todate 2 payments have been missed on the loan.
I have been trying to manage since then and I have managed to release the equity in my house to expand the business and to repay all the debts etc. I have been approved for the remortgage and I am at the stage of getting insurances in place. I expect the funds to be released in 4 weeks at the outside.
The asst manager of the bank has sent a rather nasty letter to myself and father in law demanding 18K now or else. Now I need to write to him and explain that I am remortgaging and that he will have the 18k in 4 weeks max.
Now I am afraid to say too much as he may try to sabotage the loan offer from the new bank. Also I am afraid that he will seize my current account which is used to survive on and pay the current mortgage and bills. My partner receives his payments into this account and I would be in dire states if I lost access to this money.
All I want is some breathing space until I can repay the loan in full. What should I be saying to manager in my letter? I am trying to be reasonable as I can with him. Is it reasonable to say I will give him an undertaking to pay him as soon as the money is released?
I am beside myself with worry and I am loosing sleep and also there is pressure from father in law over this as he is now involved. I need to know how to deal with this without jeporadising the remortgage and to keep the dogs at bay.
Thanks for taking the time to read this. I hope that something good will come of this.
I have been trying to manage since then and I have managed to release the equity in my house to expand the business and to repay all the debts etc. I have been approved for the remortgage and I am at the stage of getting insurances in place. I expect the funds to be released in 4 weeks at the outside.
The asst manager of the bank has sent a rather nasty letter to myself and father in law demanding 18K now or else. Now I need to write to him and explain that I am remortgaging and that he will have the 18k in 4 weeks max.
Now I am afraid to say too much as he may try to sabotage the loan offer from the new bank. Also I am afraid that he will seize my current account which is used to survive on and pay the current mortgage and bills. My partner receives his payments into this account and I would be in dire states if I lost access to this money.
All I want is some breathing space until I can repay the loan in full. What should I be saying to manager in my letter? I am trying to be reasonable as I can with him. Is it reasonable to say I will give him an undertaking to pay him as soon as the money is released?
I am beside myself with worry and I am loosing sleep and also there is pressure from father in law over this as he is now involved. I need to know how to deal with this without jeporadising the remortgage and to keep the dogs at bay.
Thanks for taking the time to read this. I hope that something good will come of this.