Is going bankrupt an option?
Please bear with me today. I am on and offline.
Why isdnt bankruptcy an option?
Has he also considered an IVA?
How much is outstanding?
I'm sorry to haveto tell you that you are looking for a solution to an impossibility. The lenderwill clearly not negotiate (although letters from a solicitor or insolvencypractitioner are likely to be received better).
The fact remainsthat he owes £75,000 under the terms of personal guarantee and his credit ratingwill not be good. Even if he paid the money back, his credit rating will be poorfor the next five years.
In thesecircumstances, insolvency practitioner bring pressure to bear on the lenders tosay either accept this reduced amount or he will go bankrupt and they will getnothing. He is playing poker/hardball and if they simply take a hard line, heeither has to go bankrupt or pay up.
Of course, heneeds to be able to raise some money in order to negotiate
I would make anappointment to see an insolvency practitioner.
I appreciate thatis probably not the answer you wanted but there is no point in me misleadingyou.
Can I assist anyfurther with this? Please bear with me today and this weekend because I will beonline and off-line.
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