Can You Get Out Of Personal Guarantees?

feisty1

santana777: hope you resolve yr problem soon, just a gentle tip, if you're writing letters to fight yr case, use yr spell check before finalising & good luck.

santana777

My spelling isnt too bad, it's pretty good, i type awfully fast, so make plenty of mistakes to last a life time.

Am waiting on the final hearing which should take place soon.

If any one has a court hearing, tunr up on time or half an hour early, as the other side solicitors will find plenty of reasons for the case to be dismissed and previous judgement to stand.

Also personally i dont think its worth negotiating with the creditors or solicitors as they think they have the upper hand in most cases. So when it does go to court, be smart about it, dont say more thne you need to and dont argue in front of a judge. (the upset, stressed, depressed looks work like a charm, and dont agree to any payments until you know exactally how much you can pay )

A friend of mines was in major debt, she walked away paying only one pound per week. so its all possible, of course you need to show why your only able to pay a small amount but most times being on benefits specially if you have nothing and you should be on benefits the judge will rule in your favour etc etc..

jonesMUFCforever

bsmok wrote: »

Hi, I have liquidated my company and have a few PG's one is a brewery but is just a sign sheet and no mention of houses or property.
the otrher is for the lease on our premises again I am unaware of a mention of property...... would the solicitors miss this? the PG is for £76,000.

No they would not.
However it is the people you have granted the guarantee to who will be asking you for money if you have defaulted on any payments.

2boxers

Hi i hope you can help

this is my first post i took out a business loan with hsbc in 2004 for £58K to purchase a company secured against a property i owned, i have never missed a payment i sold the property in 2006 and put the profit form the sale in to an account with the loan secured against it, in 2008 the business folded and i used the £25K from the sale of the property to pay off some of the loan i have carried on paying the loan but i am now in the position where i cant afford the repayments anymore, to date i have paid the bank over 65K but there is still about 20K left on the loan all of which is intrest.
does anyone know if there is a way out of this

can anyone help????????

_Andy_

2boxers wrote: »

Hi i hope you can help

this is my first post i took out a business loan with hsbc in 2004 for £58K to purchase a company secured against a property i owned, i have never missed a payment i sold the property in 2006 and put the profit form the sale in to an account with the loan secured against it, in 2008 the business folded and i used the £25K from the sale of the property to pay off some of the loan i have carried on paying the loan but i am now in the position where i cant afford the repayments anymore, to date i have paid the bank over 65K but there is still about 20K left on the loan all of which is intrest.
does anyone know if there is a way out of this

can anyone help????????

This has nothing to do with the thread you've posted on - please start another

nellie999

I gave a personal guarantee in 1999 for an overdraft I took out for my business. The company was refinanced (property remortgaged) in 2007 and, due to this, the overdraft facility was removed.
The company is a Ltd company.
In 2008 the company went into receivership and the bank was owed some money. But they have security over the property so, if sold, they will get money back. There is approx 50% equity in the property.
The receiver hasnt managed to sell the property yet due to the state of the property market.
The bank are now asking for me to pay the personal guarantee.
My argument is that the guarantee was for the overdraft facilty and there was no overdraft when the business folded.
Where do you think I stand?? Can the bank pursue me for the guarantee?
Thanks.

jonesMUFCforever

nellie999 wrote: »

I gave a personal guarantee in 1999 for an overdraft I took out for my business. The company was refinanced (property remortgaged) in 2007 and, due to this, the overdraft facility was removed.
The company is a Ltd company.
In 2008 the company went into receivership and the bank was owed some money. But they have security over the property so, if sold, they will get money back. There is approx 50% equity in the property.
The receiver hasnt managed to sell the property yet due to the state of the property market.
The bank are now asking for me to pay the personal guarantee.
My argument is that the guarantee was for the overdraft facilty and there was no overdraft when the business folded.
Where do you think I stand?? Can the bank pursue me for the guarantee?
Thanks.

Start your own thread!
To answer your question yes they can pursue you for the debt.

nellie999

how do i post new thread....new to this ! thanks

talana

nellie999 wrote: »

how do i post new thread....new to this ! thanks

there's a "New Thread" button top left in every board.