Threat of legal proceedings by bank for business loan

A

Anne123

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Closed business in May '09. Ex business partner signed all their assets over to their partner. So, I'm left holding the bag, in excess of 60,000. I've been on SW payments since, I'm single mum and own my house (well me and the mortgage co.). Received letter (one of many) notifying me that bank instructing sheriff to call and seize goods and taking me to court to place judgement mortgage on property. Anyone experienced similar and can share their story? I know they can't just come and take everything tomorrow, but am worn down by this ongoing situation. Usually v. posative and proactive. Tempted to hand all assets back to finance co. (house + car), put 2 fingers up to bank and walk away. Not really a solution. I don't have a disposable income at moment, so cant make an offer, have looked for work..., so am applying to go back to Uni (4 yrs) and I don't think the prospect for the bank of spliting the debt between ex bus. partner and self and putting all on hold for 4 years will go down well. Trying to find a posative way out, it just doesnt offer any imediate solution. So, if anyone has any practical advice on how to address this.....
 
...that bank instructing sheriff to call and seize goods and taking me to court to place judgement mortgage on property
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Surely they have to bring you to court first before any sheriff can come out ? AFAIK the judgement they are seeking is to add the debt to your house so that if you sell they will recoup their loss. Either way you need to keep in correspondance. As a matter of interest are you saying that the company borrowed 60k and that they are asking you to pay the lot ?
 
Yes, will have to go to court first. Mortgage co is different to bank that business loan from. And Loan was reduced to 52K while business was good, but 9 months arrears plus interest, comes to over 60K. And, yes. My ex business partner v vigilent about ridding self of assets and leaving the country soon!!! So, they haven't absolved him and are focusing on me, however, I am here with house and car, Business partner, no assets and not in country. Sofar they won't split debt. Will fight this, but don't have anything to offer them at moment. Tried to sell house since May, hoping to clear my side of outstanding balance, no joy.
 
Blood and stones comes to mind. It does seem that the banks are increasingly using legal action and judgement mortgages than ever before. They won't take no for an answer.
 
Just wondering if anyone out there in similar situation. anything i can do to protect my home (legally), ways around the constant letters, phonecalls, hassle and court - cycle. I assume sheriff will look at things like car, computer.... Anyone any idea what other items they may try to seize. Can they take any of my sons belongings? Need to protect my interests at this point. Hearing conflicting stories of how far they will go... Wouldn't trust bank as far as I could spit with giving me guidelines on this.
 
Sheriff is not interested in stuff in someone's house unless they have expensive paintings, big expensive cars outside. They are not interested in children's toys etc. I don't know why banks waste the courts time sending the sheriff to places where they will get nothing.
 
If there any equity in your house?

If not and you have no other assets then your post of this option

"Tempted to hand all assets back to finance co. (house + car), put 2 fingers up to bank and walk away. Not really a solution"

might very well be an option particularly if you are on social welfare.
 
Nothing of any great value in house, Will sign car over to Mum. As for the house, maybe 20K profit in theory if it sold but cant sell. So, realise today that will ride out the storm. I'm sure it will be lengthy, expensive undertaking for the bank. Will approach them and accept half of debt, and moratorium for 6 months, then review. Amazing how a day can change your perspective. Ta for comments.
 
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