A dilemma what should I do

Goldilocks55

I was a sole trader for 14 years then decided to make it a LTD Co. After 2 years we had to stop trading as family illness and could not survive any longer.
I had a loan with the sole trader account and am now looking into the PPI as didn't know they were being paid on the account. When we became a LTD Co. the loan was transferred to the Company.
I was the only director and again stupidly did not know about the PPI. In the last year I used £10,000 of my own ISA's to keep the Company going. If I'd known about the PPI's I could have claimed money to keep up payments on the loan but I didn't!!
I am now trying to get back money on the PPI's. The ones on the Sole Trader account they are looking into but the one on the LTD account they will not because the Company has dissolved.

To top it all the loan for the Ltd Co. was an unsecured directors loan but I didn't realize that I had signed to become a guarantor.
The Bank have taken me to court and I offered to pay a minimum amount but they wouldn't accept so now am negotiating with Banks solicitors on how to pay.

The Bank have now asked me to contact their PPI section to find out how much I will get back on the sole trader account they obviously know that because the Company has dissolved I will not get back anything from the Ltd Co account.

The ironic thing is that the "Bank" is the same one for the Loan's all the time I feel I should take them to court for the money on the Ltd Co PPI because they have taken me to court on the personal guarantor. It is not a small amount its £20,000.
Also the ISA's were with a side shoot of the same bank.
As soon as I have sorted it all I will be getting on my horse and changing banks
I've learnt to read what I sign!!! any advise would be welcome.

ratrace

Hi welcome to the board

regarding the LTD company i personally thought that there have to people 2 partners/shareholders for a private ltd to exist (i may be wrong)

I dont have much info on the ppi side except that as far as im aware if a ltd company has dissolved then so does anything else with that company so claiming ppi on that company will be use

How did you accidentally become a guarantor for the loan that you borrowed and was you told this at the time you took out the loan if not then you may have a case but im not sure

Was it a big loan?

other folks will be along to shed some light on this for you they really do know their stuff on here

Pixie5740

A limited company can have 1 director and 1 shareholder, that's how mine is set up.

oP, do you have any of the paperwork for this unsecured loan to see what it is you've actualky signed?

I don't know about the PPI claim for the ltd company loan since the company is now dissolved.

Crystallady

It used to be that if a Ltd Co wanted to borrow they had to have 2 officials but that changed a few years ago to allow single directors to borrow. However when you signed the guarantee for the company borrowing you should have had Independent Legal Advice (unless you signed to waive that right), where you liabilities should have been explained fully to you, usually from your solicitor when you signed the guarantee. If you didn't get that advice this may be an avenue to pursue.