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Hi,
I have read a few posts on this forum regarding Guarantor's but my situation is different and am struggling to find advice so I hope somebody here can help as I am terrified and worried about what is going to happen!
Ok, so to briefly put the situation out there.
I was 19, my parents were struggling and my Father wanted to start a Franchise.
My Mum went along with him, and because I wanted to help, I told my father I would give him all the money I had to help him out.
So he set everything up, he put me as director, and I had to sign some forms and documents etc etc. I didn't really know what I was signing, but he signed it and told me to so I did. Trusting in my father I thought I would sign.
Anyway, the business went along, but I no longer wanted to stay and so I decided to resign as I wanted to do something else with my life. I wanted to move on and get a different job etc. And so I resigned as Director.
Anyway the business has suffered and my father split from my mother and moved away to a different country!
Apparently the company is now going through closing down proceedings.
A letter appeared from a finance company that my father went with to help start up the business for items to run the business.
This was a termination notification with a large sum and my name was Cc'd onto it.
I went through the files my mother has from the business to find out original paperwork, and it turns out that I signed a 'Guarantee and Indemnity' page when I was 19!
Now I guess this means that this is a personal guarantee?! And so they can chase me for the money owed? Would this be a personal guarantee? Is doesn't say personal on it but I guess that is what it is?!
My father and mother have both signed the same paperwork.
So the questions I have, even though I resigned, am I liable for this sum?
Is the amount split 3 ways? My Father and Mother I believe will be filing for bankruptcy, if they come to me for the whole amount I will have to file too! But what happens with the funds then, would the bankruptcy require each of us to pay a 3rd back ?
The only debt I have is a small personal loan, and now apparently this!
What would be the best option for me?!
In the letter from the finance company it says that they give 7 days to pay, your case will be sent to solicitors and legal proceedings may be brought against you and any guarantor to the agreement.
What legal proceedings are these?
I am terrified as I am only 23 and am trying to get a start in life, I have been unemployed and start a new job this Wednesday! I am living at my aunties house as she moved away. I am getting married next month but am so worried about it I can't concentrate on the wedding.
I dont know what they are going to do to me or my partner! I was so young and didn't have a clue what I was signing! Now I wish I never signed anything or trusted my father but it seems as though it is far too late!
I hope somebody can help please. The 7 days is up tomorrow I don't know what to do
I have read a few posts on this forum regarding Guarantor's but my situation is different and am struggling to find advice so I hope somebody here can help as I am terrified and worried about what is going to happen!
Ok, so to briefly put the situation out there.
I was 19, my parents were struggling and my Father wanted to start a Franchise.
My Mum went along with him, and because I wanted to help, I told my father I would give him all the money I had to help him out.
So he set everything up, he put me as director, and I had to sign some forms and documents etc etc. I didn't really know what I was signing, but he signed it and told me to so I did. Trusting in my father I thought I would sign.
Anyway, the business went along, but I no longer wanted to stay and so I decided to resign as I wanted to do something else with my life. I wanted to move on and get a different job etc. And so I resigned as Director.
Anyway the business has suffered and my father split from my mother and moved away to a different country!
Apparently the company is now going through closing down proceedings.
A letter appeared from a finance company that my father went with to help start up the business for items to run the business.
This was a termination notification with a large sum and my name was Cc'd onto it.
I went through the files my mother has from the business to find out original paperwork, and it turns out that I signed a 'Guarantee and Indemnity' page when I was 19!
Now I guess this means that this is a personal guarantee?! And so they can chase me for the money owed? Would this be a personal guarantee? Is doesn't say personal on it but I guess that is what it is?!
My father and mother have both signed the same paperwork.
So the questions I have, even though I resigned, am I liable for this sum?
Is the amount split 3 ways? My Father and Mother I believe will be filing for bankruptcy, if they come to me for the whole amount I will have to file too! But what happens with the funds then, would the bankruptcy require each of us to pay a 3rd back ?
The only debt I have is a small personal loan, and now apparently this!
What would be the best option for me?!
In the letter from the finance company it says that they give 7 days to pay, your case will be sent to solicitors and legal proceedings may be brought against you and any guarantor to the agreement.
What legal proceedings are these?
I am terrified as I am only 23 and am trying to get a start in life, I have been unemployed and start a new job this Wednesday! I am living at my aunties house as she moved away. I am getting married next month but am so worried about it I can't concentrate on the wedding.
I dont know what they are going to do to me or my partner! I was so young and didn't have a clue what I was signing! Now I wish I never signed anything or trusted my father but it seems as though it is far too late!
I hope somebody can help please. The 7 days is up tomorrow I don't know what to do
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