Business & Commercial Debt
A lot of Homeowners that run a business decide to expand and when they have a Business Overdraft, or commercial borrowing to support or grow their business, they are often pushed into securing the debt against their private residence.
Secured Business & Commercial Debt
If the business then fails or even hits a bad patch, the Bank or Lender can “call in” a proportion, or even all of the money. Many people do not realise that all their business loans and overdrafts with a specific bank can be combined under an “all monies order” as are therefore treated as an accumulative debt that is due immediately.
An All Monies Order renders the Judge relatively powerless and there is no specific regulation on Business debts however this can change when it is related to a residential dwelling, depending on whether it is related to a first or second charge. Clearly, therefore, every case requires a very specific assessment and you will need very specific advice in order to prevent the Bank/Lender from obtaining possession of your home.
A lot of Homeowners do not contact us until the Lender has taken eviction action, we have the knowledge and power to stop the eviction.