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A Bank - Personal Guarantee claim £300k

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  • A Bank - Personal Guarantee claim £300k

    I have a problem with a Bank at the moment we had a successful building company and in April 2004 we had a loan which i gave a personal guarantee for and the loan i arranged with my business manager that the charges would be removed once the loan was repaid this was repaid in 2008 the deeds for my property were returned and a letter saying they had no more interest in my property. In 2008 we had another business loan and every thing was great. In 2013 last year we had a client where we lost a lot of money due to a unenforceable contract, we asked the Bank for a little help and they refused stating they were no longer helping building contractors they checked our arrangements and found in 2008 we had a business development loan which was unsecured. This loan is to a LTD Company they now have come back with the personal guarantee is this still vaiid even though the original loan was paid off in 2008. 2013 they gave us a choice that if we didn't sign the documentation for the original loan they would close all our accounts which they did and shut the business down.

    Any comments would be appreciated :beagle:
    Last edited by hush puppy; 24th February 2014, 12:02:PM.
    Tags: None

  • #2
    Re: A Bank

    What have they come back with the personal guarantee for now ? Is there a debt owing now to the bank?

    I'd say it was attached specifically to the original loan and is over and done with but we'd need to see the terms of the loan and the guarantee given.
    #staysafestayhome

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

    Received a Court Claim? Read >>>>> First Steps

    Comment


    • #3
      Re: A Bank

      Sounds like some of the tricks RBS have been getting up to.

      Comment


      • #4
        Re: A Bank

        The guarantee was given for a £143,000 which was for a loan of £110,000 and a overdraft facility of £30,000 the loan was paid off in 2008 and then additional borrowing was given but unsecured and i told our accountants that as far as i am concerned i am liable for the £30,000 which is out standing and nothing else. They even have my wife down aa a guarantor and she has never signed anything in her life for the bank i think they are just fishing with that.

        Comment


        • #5
          Re: A Bank

          What was the court case and when was that ?

          The guarantee was given for a £143,000 which was for a loan of £110,000 and a overdraft facility of £30,000

          So

          Loan in 2008 - with personal guarantee - repaid in full and deeds returned ( date?)

          Loan in 2013 - unsecured - no personal guarantee - business loan?


          The tricky bit sounds like that £30k overdraft - was the personal guarantee on your overdraft ? was additional lending supplied via your overdraft ?

          Do you have a copy of the personal guarantee ?

          Anything like this one? Read the Debtors Obligations bit

          from http://s608.photobucket.com/user/Chi...estP2.jpg.html
          #staysafestayhome

          Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

          Received a Court Claim? Read >>>>> First Steps

          Comment


          • #6
            Re: A Bank

            Thats very similar and i repaid the loan in 2008 and the deeds were returned. I then took another loan out in 2008 and this was unsecured in 2013 they realised there mistake and withdrew the company credit card and when this did not work they threatened to close the bank accounts and this they did in August 2013 we have all the threatening letters we have not been to court yet just replied to the writ and the date of reply was today so we will have to wait and see what they come back with as the only guarantee they have is for 2004 for a loan that was repaid and left 30k overdraft which we may be liable for and guarantee states that the figure is a £143,000 which a £110,000 was paid off but i will have to wait and see
            Last edited by hush puppy; 24th February 2014, 18:36:PM.

            Comment


            • #7
              Re: A Bank

              To day i have received a Multi Track document and wonder if i can have the case transferred to my local courthouse

              Comment


              • #8
                Re: A Bank

                Okay you haven't mentioned this is going through court, and multitrack is quite serious with regards costs liabilitys, or is the form you have received today a claim form ?

                Do you have copies of the relevant documents - ie the personal guarantee and loan documents ?

                The guarantee will need looking at.

                Plus the particulars from the claim too please.
                #staysafestayhome

                Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                Received a Court Claim? Read >>>>> First Steps

                Comment


                • #9
                  Re: A Bank

                  Yes but i have no idea how to post them it states on the form directions questionnaire ( fast and multitrack ) and the covering letter says Notice of Proposed allocation to the Multi Track

                  Comment


                  • #10
                    Re: A Bank

                    http://www.legalbeagles.info/forums/...r-details-safe!) for help with uploading documents (make sure you redact personal documents) or email them to me admin@legalbeagles.info (again, redacted first) and I can upload them for you.

                    So we'll want copy of the original claim form too, oh AND what you entered as defence...basically bring us up to speed with the claim so far and we can try and help.
                    #staysafestayhome

                    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                    Received a Court Claim? Read >>>>> First Steps

                    Comment


                    • #11
                      Re: A Bank

                      I have just bought a new apple and i am struggling a little learning what to do with it very frustrating

                      Comment


                      • #12
                        Re: A Bank

                        I have sent over the email to Admin if it helps i can give a breakdown of how and when

                        Comment


                        • #13
                          Re: A Bank

                          Hi

                          Thanks for the documents, it will take me a time to redact them and I'm not sure it will benefit putting them on the thread for the moment, having read their claim it contradicts (as it would) what you have said on here so far.

                          They seem to be claiming £47k off the personal guarantee for current loan and overdraft accounts. Also for repayment of the £250k loan taken in 2008.

                          From what you have said you are only disputing the claim for the £47k on the personal guarantee as that only, in your view, applied to the original 2004 lending which was all repaid in 2008 - entirely separately to the new loan and overdraft taken out in 2008 ? Or did the new lending arrangement repay the 2004 ?

                          What is your position with the 250k loan ? As they are claiming against you personally not the company and they state it was a ''business term loan'' in yours and your wife?'s names.

                          Do you have the letter that came with the return of deeds too.

                          Could you a) email me a copy of your defence entered, and b) do me a brief timeline from taking out the loan in 2004 to today.

                          I'm playing catch up don't forget so just trying to get the true picture of the situation first.

                          Thank you.



                          that, with the Directors waiver of legal advice, isn't sounding great so far.

                          Even if the business pays off the initial loan, the guarantee will still be in force so that if your business arranges a new loan in the future or uses an overdraft facility then the bank can rely on the original personal guarantee for those debts as well.

                          The only way to bring your liability under a guarantee to an end is either to ask the bank to release you or to see whether there is a provision in the guarantee document allowing you to terminate the guarantee. Normally you will have to give notice to the bank (typically three or six months) and at the end of the notice period, your liability under the guarantee is capped at the amount owed by your business to the bank on the last day of the notice period.


                          SO basically when you paid off the first loan, did you cancel the guarantee.

                          Hence needing the letter that came with the deeds. Also need a bit more info on how the house was used as guarantee originally.
                          Attached Files
                          Last edited by Amethyst; 26th February 2014, 23:01:PM.
                          #staysafestayhome

                          Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                          Received a Court Claim? Read >>>>> First Steps

                          Comment


                          • #14
                            Re: A Bank

                            Originally posted by hush puppy View Post
                            I have just bought a new apple and i am struggling a little learning what to do with it very frustrating
                            Lol, I got a MS Surface Tablet 6 months ago and still have to wait to come on the PC to do any 'proper' work.
                            #staysafestayhome

                            Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                            Received a Court Claim? Read >>>>> First Steps

                            Comment


                            • #15
                              Re: A Bank

                              I think i understand what that means i am still liable for the original £143,000 as the other was lent to the business and wasn't signed for they have no guarantee for this loan or any documentation

                              Comment

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