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Shazzas hubby and Personal Guarantee on Ltd company debt
Hi all,
So depressed and figured a problem shared is a problem halved so would appreciate any advice from anyone.
I posted a few bits if this up on a previous thread but figured it would be better to start a new thread to explain the latest of our problems.
Basically, hubby was running a limited company (recruitment) up until last year when the company - because of the economic climate - just couldn't continue. He was advised by his accountant to shut the comapny down which he did. The comapny had a circa £13,500 overdraft outstanding with his bank that he signed a Personal Guarantee for back in April 2003. We are now receiving correspondence from Shakespaer Putsman solicitors requesting the repayment of the debt which quite simply we do not have. Hubby is only working part time as a postman earning £900 per month, I earn approx £800 per month and our outgoings exceed our earnings. We're basically living on a month to month basis paying who we can but trying to ensure the mortgage and council tax are paid each month.
I thought there would be no harm in asking for a copy of the Personal Guarantee which has arrived today. We're not trying to avoid paying this debt but requested the guarantee to see if was valid in every way just so we had some ammo to go back to Shakespear Putsman when I write to them offering I guess a minimal monthly payement of £50 per month. Don't know if they will accept this but am just really worried that because this debt is so big they will take us to Court and either bankrupt us or take the house from us.
Am attaching the Guarantee we've received and would appreciate anyones thoughts on it (apologies for the condition but this was the one letter our dog decided to have a play with this morning). It states my husband as the guarantor but at our old address (we have since moved). It's dated April 2003 - should this have not been reviewed annually? Hubby also signed a form at the time saying that he was aware he should seek independent legal advice but that he chose not to do so (can attach if neccessary). The independent witness is the bank manager that arranged the loan for him.
As I say a problem shared is a problem halved so any ideas what I should write back to Shakespear Putsman? Should I send them a breakdown of our incoming and outgoings to justify a amount we could pay them monthly?
Thanks so much in advance for anyones advices.
Shazzaw :-(
So depressed and figured a problem shared is a problem halved so would appreciate any advice from anyone.
I posted a few bits if this up on a previous thread but figured it would be better to start a new thread to explain the latest of our problems.
Basically, hubby was running a limited company (recruitment) up until last year when the company - because of the economic climate - just couldn't continue. He was advised by his accountant to shut the comapny down which he did. The comapny had a circa £13,500 overdraft outstanding with his bank that he signed a Personal Guarantee for back in April 2003. We are now receiving correspondence from Shakespaer Putsman solicitors requesting the repayment of the debt which quite simply we do not have. Hubby is only working part time as a postman earning £900 per month, I earn approx £800 per month and our outgoings exceed our earnings. We're basically living on a month to month basis paying who we can but trying to ensure the mortgage and council tax are paid each month.
I thought there would be no harm in asking for a copy of the Personal Guarantee which has arrived today. We're not trying to avoid paying this debt but requested the guarantee to see if was valid in every way just so we had some ammo to go back to Shakespear Putsman when I write to them offering I guess a minimal monthly payement of £50 per month. Don't know if they will accept this but am just really worried that because this debt is so big they will take us to Court and either bankrupt us or take the house from us.
Am attaching the Guarantee we've received and would appreciate anyones thoughts on it (apologies for the condition but this was the one letter our dog decided to have a play with this morning). It states my husband as the guarantor but at our old address (we have since moved). It's dated April 2003 - should this have not been reviewed annually? Hubby also signed a form at the time saying that he was aware he should seek independent legal advice but that he chose not to do so (can attach if neccessary). The independent witness is the bank manager that arranged the loan for him.
As I say a problem shared is a problem halved so any ideas what I should write back to Shakespear Putsman? Should I send them a breakdown of our incoming and outgoings to justify a amount we could pay them monthly?
Thanks so much in advance for anyones advices.
Shazzaw :-(
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