Guarantor for loan form Ltd company in 2008. Recently contacted by NatWest

MMP

I have been contacted by Nat West debt management regarding a loan originally taken out in 2008 for my father’s business. I signed as the guarantor for the loan. The loan was defaulted approximately 5-6 years ago (or possibly over 6 years I do not have the details of when the last payment or the remaining balance).
It appears they have found my details from linked in and emailed me.
I do not know why they are contacting me now or how much is left on the loan.

Here is the communication we have had via email:
Jackie: Please could you contact me, via the email or telephone number below.
I await your response.
ME: What is it regarding please?
Jackie: I appreciate your speedy reply, thank you.
I am contacting you re: the Guarantee Liability to Revan Poultry & Meat Limited
Please send me your current address.
Me: Can you kindly send me the paper work please? As I do not recall anything to do with COMPANY NAME HERE.
Jackie: Please send me your current address, to enable me to mail the security document you have requested.

I have received the letter from them which is a copy of the Guarantor document but nothing else, eg statement or original loan contract.

Is my next move to ask again for this information or should I send the statute barred letter now?

Their last letter claims to be awaiting my response and repayment proposals within 14 days. This surely seems premature considering they have not even sent me a statement of the loan.

Thank you for any help.

tripled

MMP wrote: »

Now, I gave my friend’s address in case they sent any bailiffs round.

Smooth :cool: Let's hope your friend thinks the same...

Gaz83

MMP wrote: »

Now, I gave my friend’s address in case they sent any bailiffs round.

What a lovely friend you are.

MMP

tripled wrote: »

Smooth :cool: Let's hope your friend thinks the same...

Thinks the same as what?

MMP

Gaz83 wrote: »

What a lovely friend you are.

Yes I am, thanks for you constructive post.

tomtontom

I do not know why they are contacting me now

To recoup the money your father failed to pay back, and that you agreed to repay should he fail to do so?

DCFC79

MMP wrote: »

Thinks the same as what?

To give your address if the bailiffs call round at his address.

jonesMUFCforever

I wonder is the guarantor debt secured by assets?

Primrose82

tomtontom wrote: »

To recoup the money your father failed to pay back, and that you agreed to repay should he fail to do so?

Exactly this, as you signed to guarantee the loan in the event of default that is now what they expect you to do
Can your father not give you details of when he stopped paying and the balance remaining?

antrobus

MMP wrote: »

...I am contacting you re: the Guarantee Liability to Revan Poultry & Meat Limited.....

Not the sharpest tool in the box, then.

MMP wrote: »

...It appears they have found my details from linkedin and emailed me.....

I think I may have just done the same thing. It's not going to be that difficult given your surname.:)

The company is still listed as active, despite the failure to submit accounts since 2010, and repeated proposals to strike-off by the Registrar.. Isn't your father still a director of the company, so why don't you ask him for details of the Nat West debt? Contact details are available from Companies House.

As far as being statute barred is concerned, I am under the impression that usually the limitation period under a guarantee starts running when the demand is made. And they have only just made the demand.

As always, you should consult a proper solicitor to get a proper answer.

Brock_and_Roll

I think some feathers are going to fly over this one not least because both Nat West and HSBC created fixed & floating charges just 3 days apart in 2006 ! As a banker, this raises both my eyebrows!


As at 30th November 2010, the company had total liabilities of £256k but impossible to tell from abbreviated accounts what proportion of this is bank debt. However, the assets of the business look limited and there are trading losses.