Personal Guarantee

ES19901990

Hi All
I have a business which unfortunately looks like it will not make it. I have excellent advice on here regarding debts so far.

Just now want to understand how the personal guarantee would work. It has 4 years 10 months left £591 per month on an equipment lease. It is an unsecured guarantee.

What will my options be? Could an IVA for this and my other debts be possible? Will they look to bankrupt me personally?

Would the same CCJ procedure etc have to be followed allowing me chance to pay?

cymruchris

I was in a similar position prior to bankruptcy. The leasing company didn’t want to know unless either I continued making the payments or stopped, which I did. They then instigated a ccj - and the proceeds of the sale of my flat post bankruptcy settled the debt. I imagine every company is different though - and you won’t know the options you have until you speak to them directly. 

ES19901990

Thank you, with the CCJ were you give the opportunity to pay instalments in etc?

im trying to avoid bankruptcy as I need to keep my family home?

sourcrates

Every CCJ can be paid by instalments.

If you defend a claim, and lose, the judgement will be paid by an instalment order according to the budget you gave  the court in your return pack.

Some judgements are granted "forthwith" so the whole sum is demanded at once, these situations usually arise when you fail to defend a claim.

If that is the case you simply apply to the court for an instalment order using court form N-245, which varies the order to a monthly payment.

cymruchris

ES19901990 said:

Thank you, with the CCJ were you give the opportunity to pay instalments in etc?

im trying to avoid bankruptcy as I need to keep my family home?

I didn't ask as I wasn't in a position to do so at the time. The advice given above answers your question though.

ES19901990

Thank you all this really helpful

ES19901990

Hi all
Just been doing research into CCJ’s but just want to ask about the payments and how they work?

If I owed £38000. How do they work out what I’ll pay monthly. I would probably only be able to afford £150pcm which would take 20 years. Would they allow that or do say must be like £1000pcm or something which is unaffordable?

is there a time limit on paying back?

Grumpelstiltskin

sourcrates said:

Every CCJ can be paid by instalments.

If you defend a claim, and lose, the judgement will be paid by an instalment order according to the budget you gave  the court in your return pack.

Some judgements are granted "forthwith" so the whole sum is demanded at once, these situations usually arise when you fail to defend a claim.

If that is the case you simply apply to the court for an instalment order using court form N-245, which varies the order to a monthly payment.

Sourcrates has explained CCJs. Please stop thinking about the future just concentrate on the here and now.

ES19901990

Just wondering though and wanted to check on the monthly payments. Even on a large amount like £36000 is the monthly payment still calculated using what’s affordable on my budget?

RAS

Yes, yes and yes.

ES19901990

Thank you so
much guys