very worried about my dad

tigerfeet2006

True RS, very true.

Cat, please can you clarify for us.

McKneff

I am very confused, if dad knew what the word guarantor meant, why would he particularly ask if he was liable for the repayment if the op and dh defaulted.

we know the bank will chase my dad for it
You said this in post one, why did you not contradict the lady in the bank at the time

catdavlee

Hi thank you all for the replies when i said he didnt sign anything i meant a seperate form like someone posted stating that he would be responsible if my husband didnt pay my dad has been banking with this bank for over 30 years and they knew that he had already retired and he was living on his pension they never asked for his specific income. Im sorry if im puzzling everyone cos im puzzled myself like i posted earlier when in the room my dad asked if he would be responsible for this should things go wrong and the woman catagorically stated no my dad was there as support for my husband as he had recommended him. The loan was for part of the money to purchase the lease on the pub at a cost of 45k the loan was for 25k and they wanted proof that my husband could come up with the other 20k my dad signed to say he had lent my husband the other 20k its really confusing im sorry everyone .

catdavlee

can i also add that whilst in the pub we got flooded and were closed for 3 months and had no income to pay the loan and missed 3 payments in that 3 months they never approached my dad for payment at all, once we reopened we paid off the arrears but why did they not approach my dad then it just seems strange that all of a sudden my husband is BR and they now approach him

Radiantsoul

catdavlee wrote: »

Hi thank you all for the replies when i said he didnt sign anything i meant a seperate form like someone posted stating that he would be responsible if my husband didnt pay my dad has been banking with this bank for over 30 years and they knew that he had already retired and he was living on his pension they never asked for his specific income. Im sorry if im puzzling everyone cos im puzzled myself like i posted earlier when in the room my dad asked if he would be responsible for this should things go wrong and the woman catagorically stated no my dad was there as support for my husband as he had recommended him. The loan was for part of the money to purchase the lease on the pub at a cost of 45k the loan was for 25k and they wanted proof that my husband could come up with the other 20k my dad signed to say he had lent my husband the other 20k its really confusing im sorry everyone .

It doesn't sound like your dad is a guarantor at all if you have this right.

I am intrigued as to where the other £20k came from, I assume your husband had it saved or borrowed from elsewere(ie he lied to the bank), or it was a loan from your dad. If it is the latter then your father can prove the £20k in the bankruptcy(will need to show evidence of funds moving). If the latter your husband has defrauded the bank, although it is doubtful they would act.

But a guarantee is very specific and offer the creditor the right to pursue someone else. In this case the bank was more concerned that they would loan the money and your husband would be unable to complete the deal.

catdavlee

PLEASE EVERYONE IM NOT THAT CONFUSED WHEN I SAID HE DIDNT SIGN ANYTHING I MEANT HE DIDNT SIGN A SEPERATE DOCUMENT LIKE SUGGESTED BY RADIANT SOUL i wish id not bothered now with this as it seems like the way im writing things is coming across all wrong thanks to all those who have helped me anyway

tigerfeet2006

Cat, your last post has cleared a lot of things up.

I am assuming that your DH needed £45k to buy th lease. He borrowed £25k from the bank and £20k from Dad. Dad signed to say he was providing the other £20k.

Reading that it would seem he has not signed as a guarantor which is a whole different thing altogether.

catdavlee

Hi radiantsoul i explained in one of my later posts that my dad loaned my husband the other 20k it was part of what he had from his redundancy and he signed to transfer the 20k from his account into my husbands it was all above board nothing fraudulant at all why if it was the latter why would it mean my husband has defrauded the bank the bank knew that my husband got the other money from my dad because they transfered the funds

tigerfeet2006

Cat, I think RS just mis-read your post is all.

Sounds like he hasn't signed as a guarantor for the £25k to te bank, so I would sit tight and see what happens. Then work from that.

Radiantsoul

Sorry mistyping on my part. The second latter should have been a former. It is only a issue if your husband had materially lied to his bank(as Peter Mandelson did!)

My view
Your husband has done nothing wrong.
Your father can prove the £20k in your husbands bankruptcy. That should be the end of it.