I have debts that I am now unable to pay

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graham.y

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Post by graham.y » Wed Jul 09, 2008 10:11 pm
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My wife has a business. I have lost my job and the most I can earn at the moment is £50 a week for delivering for the business. Things are difficult for her therefore she can't help me financially. it's a shop and we live in the flat above. The mortgage is by way of a business loan with the bank. Although I am not a partner in the business and have had no function in it, the bank asked me to sign the loan documents with my wife. They opened a fictitious "partnership account" for the sole purpose of us putting the money in each month and tranferring it straight out again to pay the loan. I have debts that I am now unable to pay. Does this mean that whatever I do will impact on my wife's business even if she can still fund the mortgage?
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plasticdaft

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Post by plasticdaft » Wed Jul 09, 2008 10:38 pm
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Why cant you get a job earning more than £50 a week??
Is opening a fictitious account a normal practice??
Are you saying the business loan is secured on the flat??
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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kallis3

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Post by kallis3 » Wed Jul 09, 2008 10:49 pm
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Sounds a little odd to me.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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MelanieGiles

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Post by MelanieGiles » Wed Jul 09, 2008 10:58 pm
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It will really depend upon whether you have created a legal partnership or not - and this is perhaps an area where you should take legal advice before deciding on an appropriate debt solution.
Regards, Melanie Giles, Insolvency Practitioner
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