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Advice on breach of loan and being a guarantor
Beth_Green
Posts: 1 Newbie
in Loans
I will try and keep what is a very long and messy situation as short as possible....
My partner owned his own business for 15 years. He was approached by a client whom he had built up a friendship with over a year or two.
The offer was that she would become a majority shareholder of his business and in return he would remain as director of the business and be paid an attractive salary a month. A legal contract was written up stating that ..
1) All the debts in the business would be taken over by the shareholders ( standing at £160,000)
2) The company vehicle would be renewed.
3) He would remain as director....
A little after a month of the contract being signed they refused him his company vehicle, did't pay him his monthly wage and then kicked him out of his own business..
We have now been left with all the debts that they had agreed to pay ( we have a settlement agreement that is signed as proof).
The loans have come our way as my partners name was still as guarantor. ( our lawyer never explained the importance of having this removed.)
One loan is now against the house and we have a charging order against it.
We want to take this company to court but have been told it could cost up to £40,000 with initial costs of 10,000.
I really would appreciate any advice as to how to proceed with this.... Also i need advice as my signature wasn;t on the loans. So surely as joint home owners i should have been informed??
We are also tenants in common and wanted to look at me securing more of the property as myself and our three children ( 4y,,10y,13y) are innocent parties of this.
We are needing to sort this situation out but also don't want to take responsibilities of these loans.
We are also looking at bankruptcy but again feel resentful that we find ourselves in this situation.
The company in question are still operating and are driving around in the company van that they are not paying the monthly payments on and for some reason VW seem to think that as guarantor this responsibility falls on us.
If anybody has any legal/constructive advice it would be very much appreciated.
My partner owned his own business for 15 years. He was approached by a client whom he had built up a friendship with over a year or two.
The offer was that she would become a majority shareholder of his business and in return he would remain as director of the business and be paid an attractive salary a month. A legal contract was written up stating that ..
1) All the debts in the business would be taken over by the shareholders ( standing at £160,000)
2) The company vehicle would be renewed.
3) He would remain as director....
A little after a month of the contract being signed they refused him his company vehicle, did't pay him his monthly wage and then kicked him out of his own business..
We have now been left with all the debts that they had agreed to pay ( we have a settlement agreement that is signed as proof).
The loans have come our way as my partners name was still as guarantor. ( our lawyer never explained the importance of having this removed.)
One loan is now against the house and we have a charging order against it.
We want to take this company to court but have been told it could cost up to £40,000 with initial costs of 10,000.
I really would appreciate any advice as to how to proceed with this.... Also i need advice as my signature wasn;t on the loans. So surely as joint home owners i should have been informed??
We are also tenants in common and wanted to look at me securing more of the property as myself and our three children ( 4y,,10y,13y) are innocent parties of this.
We are needing to sort this situation out but also don't want to take responsibilities of these loans.
We are also looking at bankruptcy but again feel resentful that we find ourselves in this situation.
The company in question are still operating and are driving around in the company van that they are not paying the monthly payments on and for some reason VW seem to think that as guarantor this responsibility falls on us.
If anybody has any legal/constructive advice it would be very much appreciated.
0
Comments
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With all due respect, get proper legal advice not opinions on a forum0
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VW have got it right, as your husband is the guarantor then they will go after him, why would they go after anyone else.0
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