Lessee of loss-making bar

[ann.t]

Need help we took a 10 year lease with a 5 year get out clause on a bar.Have 2 years left on the 5 year we are losing approx 2 thousand pounds a week ,can no longer sustain this debt. Landlords have 20 thousand pounds depoist of our money can they still come to us for next 2 years rent and insurance and keep depoist as well. We have a bank loan plus we remortgaged our home to set up can we lose our home because of this.HELP

[Brent]

Ann - we are in a similar situation - we need to get out of a lease that has 4 years to run. It seems the landlord has us over a barrel. If we cut & run I understand they can pursue us - though we do at times think that what we haven't got they can't have!
My question is the one under yours. I'll look out for the replies/advise you get and you can do the same with mine. Good luck!

[ann.t]

Brent
We are thinking to empty the bar and just let the baliiffs in after all they already have £20,000 of our money already. We just can't compete with the large chains selling cheap drink.We have struggled on for nearly 3 years and what money we had as gone Keeping up with the bills we do not owe any one but the landlords .We can keep up with the payments to the bank and other creditors such as the brewery and we can pay our utilities .But we have just received a bill for £20,000 for the next quater rent and insurance it was once quite enjoyable then the big chains moved in and are killing us with their cheap drink they are pratical giving it away ,and now even some local bars are reducing their drink to try and survive but i think going down that road is just going to incur more debt.thanks for letting me know your situation and i hope you get it sorted
Good Luck ANN

[king2163]

Refinance your loan.
Go to a bank or a credit union to see if they will pay off your original creditor and then you can start making payments to them. You are responsible for paying your debts. If you do not pay on your loan, eventually the creditor will repossess. The creditor can be your friend, not your enemy. Work with the creditor to keep your payments current and avoid repossession!

[Brent]

Ann
Have you decided what to do yet?
Brent