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

Brock_and_Roll

ps under a guarantee, the "cause of action" [which starts the 6 years clock] commences when the guarantor receives demand for payment.

antrobus

Brock_and_Roll wrote: »

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!....

I noticed that as well. Looked a bit odd to me. And I Am Not A Banker.:)

That beta service from CH can be quite useful.

Brock_and_Roll wrote: »

...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.

Yup. It is difficult to draw much in the way of conclusions from the abbreviated accounts, other than the company must have decided to cease trading some time after the accounts were signed off.

Brock_and_Roll wrote: »

ps under a guarantee, the "cause of action" [which starts the 6 years clock] commences when the guarantor receives demand for payment.

That's my understanding as well.

See here for example;
http://www.guildhallchambers.co.uk/files/AspectsofguaranteeclausesFormattedNL.pdf

redpete

MMP wrote: »

Me: Can you kindly send me the paper work please? As I do not recall anything to do with COMPANY NAME HERE.

Did you mean to edit out the company name in the other part of the same post as well?

TrickyDicky101

MMP wrote: »

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.

For posterity...