Personal Guarantee called in Five and a half years later.

[munden123]

Hello everyone,

Here is my story. Back in 2009 i started a company, however a few months later i had a nervous breakdown and was admitted to hospital where i actually remained for nearly 6 months. I had previously suffered quite badly with depression and still do to this day However when i set up the company i did so with a £25,000.00 personal loan. This was called in a year later. I was no longer working and made an offer of £40.00 per month as a token gesture. This was accepted. I tried to pay this every month with some interuptions. However in december 2014 i received a letter from Baker Tilly on behalf of NatWest instructing me to contact them regarding the outstanding sum of now £26,415.00. I was devastated that this has been called in again.

My question is after six years what sort of a position am i in with regards to negotiation, also do the laws of prescription come into play as it has been over five years is the guarantee not enforceable? I now work part time with a very small income compared to my 2009 income.

This is literally the first correspondence from the bank in over three years.

I would greatly appreciate any advice as to what i should do as a next step forward.

Thanks everyone!!

[nemesis45]

Re: Personal Guarantee called in Five and a half years later.

Hi Welcome,

When was the loan account defaulted?
No CC action taken at any time?

nem