I Took Out a Loan For My Brother And He Has Stopped Paying
Question Hi Jon, I took out a loan 3 years ago for my brother to help him in his business, and he paid the payments. The business was doing OK, even during the lock downs, but recently he has stopped making the payments. The bank has now contacted me saying the loan is in default […]
My Business Is Trading Again But We Are Struggling To Pay The Bills What Can We Do?
Question Jon, I have a business that is just now starting to get back on its feet. We lost a lot of custom during the lock downs, but now we are seeing the tide turn. My creditors allowed me to not make payments to my business loans during the lock downs, and I did receive […]
Is My Bounce Back Loan Fraud?
Question Hi I am very grateful for your website! I have a bounceback loan from Covid which is from my personal business account and also an overdraft on that same account and I would really like to try and write this debt off as I understand it is fraud. I understand the basics of the […]
I Need Debt Advice To Not Lose My Home
Question Jon, I defaulted on a huge loan for my business, which I was the guarantor. The loan was for £20,000 to begin developing a parcel of land and build a retail park. I had other investors who in turn each pledged £20,000, and in total the cost at our end was £160,000. I under […]
My Brother And I Took Out a Business Loan Together And Now He Refuses to Pay.
Question Jon, I need some advice regarding a business loan I have with my brother. We both started a company as a partnership and borrowed £15,000 from our bank to start the company up. The bank required we both sign for the loan as guarantors. This was last year, right before Covid hit and we […]
How Can I Get a Loan Without a Guarantor?
Question Jon, I set up a LTD last year, but due to Covid we did not start trading until this year 2021. Business is going pretty well, and in the past few weeks with the lock down restrictions being lifted, we are very busy. I need to expand the company and went to my bank […]