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commercial loan

  • NonMolest
  • NonMolest's Avatar Posted by
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  • Elite Member
02 Dec 07 #8258 by NonMolest
Topic started by NonMolest
Hi All,

On last maintenance pending suit hearing, i listed down my breadown of expenditure. I did mention loan as well, but that loan was the money I borrowed from my friends. Judge didnt consider that loan and made a comment saying it is not a commercial loan. But the problem is that I am in debt and dont have any money at all to live and to pay my solicitor. Shall I take a commercial loan for that? A friend of mine advised me that if you take a commercial loan now, then it will backfire on you. He said the oppsosite legal team will nail you on that saying since on last hearing judge made a comment about commercial loan, that is why I am trying to play with the sytem and hence taken a commercial loan. Please advice what shall i Do now, shall I take any loan or not?

  • gone1
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  • Platinum Member
03 Dec 07 #8282 by gone1
Reply from gone1
Hiya NM. Join the club. I have a huge sols bill to pay. I considered a loan at the start of all this but I decided against it. Most sols will let you pay the bill monthly. You can ask about repayment terms. I sort off paid as I went although I have just had a big bill from them and this means I will struggle for a while.

You have to think of the future. Although its a nice idea to have the money to pay it all off in one go its you that will be paying the interest for years. Do you want to replace one problem with another? Have a chat with the finance dept at the sols office and see if you can pay it monthly. Chris

  • Vail
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03 Dec 07 #8288 by Vail
Reply from Vail

I don't agree with your friend's advice that taking out a loan will backfire on you.

You are going through a legal process in which you are a layman. Not only do you need legal advice, I got the distinct impression that some judges expect you to have it so that they aren't bothered by ignorant self-reppers annoying them with 'simple' procedural mistakes.

If you can afford a loan and it does not against your principles, then get a commercial loan and pay off you friend/family loans. Having a real debt that is not accepted by the court as a liability is not only not good, it is harmful. You must change that asap. I understand that there are companies that fund legal procedures but have no knowledge of this.

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