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Hello, I hope you are well. My name is***** am a solicitor advocate and I will be assisting you with your question today. I am very sorry to hear of the problem you are experiencing and I will do my best to help you with this matter. The finance being with a company in England where you have made a personal guarantee to the financial agreement, will mean that you are fully and legally liable for the full outstanding amount owing under the finance agreement. Unfortunately, and unclear treats should have been check and questioned before signing any financial agreement. Once the agreement has been signed, then that is the amount that would be financed and be payable. The finance company are under no obligation to negotiate a reduced repayent amount. This is basically the whole reason for asking for personal guarantors to business finance, so if the business closes, the personal guarantors become solely and fully liable.
If you write to the finance company explaining your personal situation and current finances and requesting a reduction in amount due, they may consider that request. But it would be unlikely they would agree in the current climate. These companies are claiming everything they can to stay in business themselves.
You may have a better chance, asking for a reduction in the monthly repayment amount and for the length of the agreement to be extended to allow for the reduction in monthly payments.
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