We're about two weeks into the strike off process

The loan is in the name of our limited company and the guarantee is in my wife's and mine as well the house. I will be sure to keep everything in writing. Do you know how long it can take for Lloyds to take us to court and force a sale? If this happens, will they allow us to achieve the best possible price for the house?

Thank you Caro. I believe the loan has 12 years remaining and the total payments come to £370 per month. I am going to see if they will agree to keeping the loan in place and allowing us to continue to the £370 payments. We have jobs now and money coming in so we can afford to pay this amount. I will also propose to pay the overdraft over 40 monthly payments of £100 per month. Do you think this is reasonable?

I'm new here so I apologise if I'm posting this in the wrong section. My wife and I purchased a business a few years ago that we closed earlier this year. The seller tricked us into buying the business by inflating the figures and we fell for it. Anyway.. we have lost our entire life savings trying to keep it going and earlier this year when we had no money left we had no choice but to walk away as we could not find a buyer after trying so hard to sell it for over a year. We have a business loan for £45k with Lloyds which we have personally guaranteed (I've been told the PG is watertight). We also have a £4k overdraft. They've sent us a formal demand for the loan and overdraft. I called them last week to set up a payment plan and I was told that they would contact us back. I wanted to know if anyone has been in a situation where Lloyds have accepted a payment plan for this kind of situation or will they force me to sell my house in order to pay them? I'm quite worried as I really don't want to move. My wife and I are currently working but we have only been working for 6 weeks so we will not have the right paperwork to remortgage the house.