I'm sorry to have
to tell you that you are looking for a solution to an impossibility. The lender
will clearly not negotiate (although letters from a solicitor or insolvency
practitioner are likely to be received better).
The fact remains
that he owes £75,000 under the terms of personal guarantee and his credit rating
will not be good. Even if he paid the money back, his credit rating will be poor
for the next five years.
circumstances, insolvency practitioner bring pressure to bear on the lenders to
say either accept this reduced amount or he will go bankrupt and they will get
nothing. He is playing poker/hardball and if they simply take a hard line, he
either has to go bankrupt or pay up.
Of course, he
needs to be able to raise some money in order to negotiate
I would make an
appointment to see an insolvency practitioner.
I appreciate that
is probably not the answer you wanted but there is no point in me misleading
Can I assist any
further with this? Please bear with me today and this weekend because I will be
online and off-line.
forget to positively rate my answer service (even if it was not what you want
to hear). If you don't rate it positively, then the site keep your deposit and
I get 0 for my time. It is imperative that you give my answer a positive
rating. It doesn't give me "a pat on the head", "good boy" (like ebay), it is
If in ratings you feel that you expected more or it only helped a little,
please ask. Thank you.