Personal Guarantees..Etridge Guidelines......Directors........

silvercar

Sounds like a basic error, etridge etc aside, if they put a charge on your property at a time when you have already left the company.

At the risk of repeating myself, a deed of postponement would allow you to get a mortgage on your property and the charges remain as second charge after the mortgage. I know this doesn't solve the main problem, but it does allow you to remortgage.

Pril_the_babe

Oh yes, forgot about that bit. What is it? How do I get one? As I have no other debts or problems. My credit is very good.Thanks for your help, trying to find a solicitor with a lot of back bone.Kind regards

silvercar

The solicitor who sorts the remortgage paperwork should be able to arrange it.

Technically when you move mortgages, your existing mortgage is repaid at which point any other charges move up the rankings. In order to place the charges ranking below the new mortgage, the charge holder(s) sign a deed of postponement so that the new mortgage is first charge on the property.

This is standard legal work and most charge holders will do this with no objection other than a few days to sort the paperwork and a charge (£100 or so) for the privilege.

Pril_the_babe

I kind wonder if they would agree? Is there any reason why they wouldn't? Also why wouldn't my mortgage arranger have suggested it? as everything was going fine until they did the land search of which I had already admitted the charge was in place. Lloyds in their last letter said they were going very vacant possession, will that start them off again with their threats? Sorry for all the drama

silvercar

I'd be happier if others posted on your thread I'm only one little opinion; please bear that in mind.:)

I kind wonder if they would agree? Is there any reason why they wouldn't?

The only reason not to agree would be if there was not enough equity in the property to easily cover the mortgage and this debt.

Also why wouldn't my mortgage arranger have suggested it?

Pass. Solicitors would know all about DoPs as so many people have secured loans these days.

Lloyds in their last letter said they were going very vacant possession,

That imples that repayments are behind. It is an odd situation when someone else is responsible for repayments on a loan secured on your home.

You really need professional advice.

Have you found any legal forums you can post on?

Pril_the_babe

Hi there,

Back again, nearly a year on. Have been offered a wonderful mortgage, esp with interest being so low, Deed of Postponement refused.

I have now been told if I come up with a re payment plan, they may reconsider.

Just wondered before I do, if any one has read the postings & has further knowledge, with either factoring agreements / indemnity or familiar with Etridge Guidelines.

Kind regards

Pril_the_babe

Under the Data Protection Act, I have requested some vital information from the bank, with regard to "the factoring account" I hold with them. It is a complex situation, but the request I feel is reasonable under the circumstances to warrant a written response rather than a verbal one.

They have sent 2 significant pieces of information, which I believe one of them has been fabricated recently as they do not have the information I have requested, and now say they want to talk to me about it.

My original request for documents included application form etc, which they have failed to supply.

If I have signed a document which has financial risk to my home what information should they have so I would be aware of any risk?


Your thoughts & comments would be most appreciated.

lesley1960

Did the company cease trading owing the factoring compoany money? , one of our companies factors and we have had to sign a personal indeminity but there is no charge against our house . I would be surprised if you havent signed anything , the factoring companies are very dilligent when it comes to this

Pril_the_babe

Thanks for your response, the company had not ceased trading, the director my sucessor moved the factoring to another company leaving behind the old debts. After I had left the company.

I have signed an aqreement but there was nothing to say I would be personally liable, that I was aware of at the time.

So left the company with that knowledge. Not expecting anything to come back on me.

Pril_the_babe

Having looked through the forum using search words i.e. bank indemnity, personal guarantee, bank guarantee, factoring indemity, it appears they have answered my first two questions.

My situation resembles some of the cases I have seen.

It is also apparent that the bank in question has tried to cover their tracks, by fabricating a letter in answer to my Data Protection Act request.

With this knowledge, I am not sure how to proceed as the bank want to talk to me as opposed to a written final response to my complaint. Neither giving me the complaints procedure or address to direct the issue to.

I currently have a charge on my house & I am looking for them to set it aside based on my findings.

I have tried in the past to get legal representation, but have been refused on the basis that there is a signed legal document.

My case is very lengthy & complex, have been picking through it since 2004, & have now drawn many ways the bank & the company have acted dishonestly.

Any suggestions on how to proceed & finally put it to bed would be greatly received.

Thanking you all from now.