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Personal Guarantee called in Five and a half years later.

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  • Personal Guarantee called in Five and a half years later.

    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!!
    Tags: None

  • #2
    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?



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