Judgement mortgage help

[Stressed98]

Hi all, first time posting so apologies if it's in the wrong place!

I owned a business several years ago and stupidly had a parent guarantee the loan. The company was LTD but as he signed paperwork guaranteeing it, I believe I am liable for it. I was living abroad for many years and earning very little following the collapse of my business and now I've returned to ireland following serious family illness and I want to clear up this issue so my family doesnt have it hanging over them and they can sell the family house if they want to in the future (in order to provide housing for my sister who is long term ill). The judgement was applied in 2011. I want to engage a professional to help me clarify and understand the situation and I'm not sure whether I need a solicitor or a financial advisor. My questions are, can I take this debt on personally in order for it to be removed from the family home? If I had cash how would I approach the creditor to see if they will accept a deal? I would like to speak to a professional about it and I'm wondering if anyone has recommendations for someone who will represent me really well in any negotiations and help me understand the best way forward.

Thanks in advance.

 

[Jim Stafford]

I suggest that you AND your parent consult with a Personal Insolvency Practitioner. PIPs deal with these types of cases on a regular basis.

If the judgment creditor is a "trade creditor" then they are likely to settle quickly. If the judgment creditor is a bank, it is possible that the bank have since sold on the loan to a vulture fund, which could open the door to a settlement.

Jim Stafford

 

[Stressed98]

Thank you very much for your reply.