We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Personal guarantee for invoice finance
Options
SamM80
Posts: 1 Newbie
Hi everyone
Just some generic advice if possible... looking at a possible PG (capped and not unsecured) to increase our invoice finance facility. However I know that my net worth would not cover the level of personal guarantee I’d be signing so if it did get called in I know I couldn’t meet the demand.
It’s surprisingly Difficult to find out online if this is effectively fraud??? The bank isn’t bothered about me proving my net worth so am I safe to assume it’s ok to just sign this PG knowing I’d probably just have to go brankrupt if it ever got called in??
Thanks
Just some generic advice if possible... looking at a possible PG (capped and not unsecured) to increase our invoice finance facility. However I know that my net worth would not cover the level of personal guarantee I’d be signing so if it did get called in I know I couldn’t meet the demand.
It’s surprisingly Difficult to find out online if this is effectively fraud??? The bank isn’t bothered about me proving my net worth so am I safe to assume it’s ok to just sign this PG knowing I’d probably just have to go brankrupt if it ever got called in??
Thanks
0
Comments
-
What? Come again?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 177K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards