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personal guarantee for business loan

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  • personal guarantee for business loan

    in jan 2002. i was director of a business. we asked the bank for 20,000 overdraft. myself and the other directors signed a personal guarantee form for this facilty.

    i have recieved various correspondance from rockwell debt collection agency about this debt.

    the final oneasking for 21,773.96 to cover the guarantee plus interest to be paid by 19th december 2008.

    i actually stopped been a director of the business in november 2002(i think). i didnt hear anything form rockwell until sometime in 2007.

    can you help me with this matter

  • #2
    Re: personal guarantee for business loan

    the company has since gone into liquidation.

    also the guarantee wasnt signed in a solicitors office. though there is a clause on it saying we the bank advised to seek independant advice before signing it and we decided not to. i dont remember been advised to do that. after the guarnatee was signed the bank manager did try on several occasions to to get us to sign another guarantee in a solicitors office.

    when i finally left the business he pretty much admitted the guarantee wasnt worth very much but that was in a conversation with me. so obviously i have no proof of this.


    • #3
      Re: personal guarantee for business loan

      I think that because the debt is 6 years overdue that it cannot be recovered but not entirely sure but you will get this advised properley from Citizens Advice Bureau


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