Guarantor loan trouble

System

This discussion was created from comments split from: Can anyone recommend a decent company to investigate Interest Only Mortgage overpayments?.

Doris1461

Can I claim against Nat West Bank for signing a guarantor under duress for my ex husband’s business?  Ps it was 20 years ago I had to sell my home to pay Nat West back. I have 2 witnesses that witnessed the signing, although my ex husband has died.
thanking you in advance for your help 

[Deleted User]

No. If the guarantor didn't want to guarantee the loan, they didn't need to sign.

dunstonh

Can I claim against Nat West Bank for signing a guarantor under duress for my ex husband’s business? 

How exactly were you under duress - the key is always in the details.  Who was forcing you?  If your ex husband then he is dead and his estate will be empty.

Ps it was 20 years ago I had to sell my home to pay Nat West back

That means the courts are not a choice for you.

 I have 2 witnesses that witnessed the signing, although my ex husband has died.

And did those witnesses "witness" you being forced against your will to sign the form?

MinuteNoodles

I believe Talking Heads summed up where this'll go if you pursue it....
"we're on the road to nowhere"
Because that's all that'll happen. Statute barred for a start.

jonesMUFCforever

20 years ago I'm pretty sure bank guarantees signed like this were done at a solicitor of the customer's choosing.

MinuteNoodles

jonesMUFCforever said:

20 years ago I'm pretty sure bank guarantees signed like this were done at a solicitor of the customer's choosing.

Applying for a mortgage 20 years ago...

"Hi my name is Mr MinuteNoodles I'd like to buy a house"

"How much is the house worth and how much would you like to borrow?"

"It's worth £100,000, I'd like to borrow £125,000"

"And what is your employment and income?"

"I'm a shelf stacker at Tesco, I'm on £50,000 a year."

"Can we see some wage slips or would you like to self certify?"

"Oh I'll self certify thanks, my solicitor will sign it for you."

"No problem Mr. MinuteNoodles, congratulations you've been accepted and the money will be with you tomorrow."

jonesMUFCforever

MinuteNoodles said:

jonesMUFCforever said:

20 years ago I'm pretty sure bank guarantees signed like this were done at a solicitor of the customer's choosing.

Applying for a mortgage 20 years ago...

"Hi my name is Mr MinuteNoodles I'd like to buy a house"

"How much is the house worth and how much would you like to borrow?"

"It's worth £100,000, I'd like to borrow £125,000"

"And what is your employment and income?"

"I'm a shelf stacker at Tesco, I'm on £50,000 a year."

"Can we see some wage slips or would you like to self certify?"

"Oh I'll self certify thanks, my solicitor will sign it for you."

"No problem Mr. MinuteNoodles, congratulations you've been accepted and the money will be with you tomorrow."

This thread is not about applying for a mortgage or self-certifying - its about signing a guarantee to make good a liability in husband's name if business goes bust.

SpreadableToast

jonesMUFCforever said:

MinuteNoodles said:

jonesMUFCforever said:

20 years ago I'm pretty sure bank guarantees signed like this were done at a solicitor of the customer's choosing.

Applying for a mortgage 20 years ago...

"Hi my name is Mr MinuteNoodles I'd like to buy a house"

"How much is the house worth and how much would you like to borrow?"

"It's worth £100,000, I'd like to borrow £125,000"

"And what is your employment and income?"

"I'm a shelf stacker at Tesco, I'm on £50,000 a year."

"Can we see some wage slips or would you like to self certify?"

"Oh I'll self certify thanks, my solicitor will sign it for you."

"No problem Mr. MinuteNoodles, congratulations you've been accepted and the money will be with you tomorrow."

This thread is not about applying for a mortgage or self-certifying - its about signing a guarantee to make good a liability in husband's name if business goes bust.

Done under apparent duress, which would be a crime.

Not Natwest's issue really, certainly not as the two "witnesses" didn't spot the OP was under duress either.  Probably because it's yet another tall tale told by the kids on their summer holidays.

bris

jonesMUFCforever said:

MinuteNoodles said:

jonesMUFCforever said:

20 years ago I'm pretty sure bank guarantees signed like this were done at a solicitor of the customer's choosing.

Applying for a mortgage 20 years ago...

"Hi my name is Mr MinuteNoodles I'd like to buy a house"

"How much is the house worth and how much would you like to borrow?"

"It's worth £100,000, I'd like to borrow £125,000"

"And what is your employment and income?"

"I'm a shelf stacker at Tesco, I'm on £50,000 a year."

"Can we see some wage slips or would you like to self certify?"

"Oh I'll self certify thanks, my solicitor will sign it for you."

"No problem Mr. MinuteNoodles, congratulations you've been accepted and the money will be with you tomorrow."

This thread is not about applying for a mortgage or self-certifying - its about signing a guarantee to make good a liability in husband's name if business goes bust.

Personal guarantees is now and always has been the only only way to secure funding from banks when business earnings are involved,

It was either a personal guarantee or goodbye, nothing about this looks like duress, it's all "right no problem" when they want the money but cry foul when it all goes wrong. 

Another troll springs to mind here given this one's about 20 years ago but still just another example of how Guarantors never really grasp the point of being a guarantor.   

MinuteNoodles

jonesMUFCforever said:

This thread is not about applying for a mortgage or self-certifying - its about signing a guarantee to make good a liability in husband's name if business goes bust.

WOOOOSH. The whole point was to illustrate the fact that back then financial institutions didn't bother doing any checks and the government were happy about that.

Not my problem that someone signed something as a guarantor and has been held to task. I bet the old "my husband made me do it" line has been used by many an aggrieved spouse when relationships have gone down the pan and lenders have pursued them for the money.