200k debt being put into bank recovery

and_e_says

I owe high street bank 212,000 on a failed property investment which is now derelict & worth about 120,000-140,000 on the open market, if I'm lucky.

So now after much arguing & 4 years of interest only they have decided the debt will go to "recovery" regardless of any possible solutions I have presented.

My wife & I both signed as a partnership, so no company exists.
I'm currently working self employed in a food business which is just about keeping our family bills paid. My wife doesn't get much time off, keeping a home & looking after our 4 kids but does help out in the business regularly.
We have no other cash/investments except for shy of 20,000 in 2 inactive pension plans not maturing till 2035 and a 170,000 home (house value approx 180,000) mortgage which I'm just managing to keep up to date.
We have just about enough to keep things going at the minute but any more pressure financially will send everything spiraling out of control.

They have notified us that they will now call in the debt & I presume they will sell the property to the highest bidder leaving a shortfall on the full 212,000 debt.
What will the implications be on my current situation?
Can/will they come after my home?
What are my options to keep the bank at arms length while dealing with the debt?
I talked to mabs & they said maybe a PIP was the way to go but the fact that I have a commercial mortgage is a contract different to that of a household mortgage.
What are the PIP fees likely to be 100's ? 1000's??

I'm very concerned about what they can do to me financially & what I should/can do to protect my home & family.

Any advice greatly appreciated.

smcgiff

Hello,

This is beyond the remit of this thread and therefore I'm going to close this thread.

However, I'm going to send you a PM.