Arrow global chasing me for company debt as a director- saying I am personally liable

[MAhmed00]

Hi echat11 des8 R0b

I have received a response from dryden solicitors today. Please see attachment. Any help would be appreciated,

coudl you also assist in the below thoughts please,

>new waveis a prepaid card based on percentage of revenue neverthe less it may still be a loan?
>is typing your name legally bounding as a contract?
>on page 48 they typed 'consumer credit act 2274' a future date does this matter

[des8]

!) it is still credit
2)Legal documents require varying degrees of authentication.. electronic signatures are capable of executing documents
3) a simple typing error will not matter

[MAhmed00]

!) it is still credit
2)Legal documents require varying degrees of authentication.. electronic signatures are capable of executing documents
3) a simple typing error will not matter

Thank you, are you able to advise/guide what happens next or how to proceed with this?

[des8]

I'm sorry, but I don't feel I have sufficient knowledge to advise as this is Fast Track and has cost implications.

If they have answered your questions satisfactorily, and if you did give that personal guarantee, perhaps you should try and negotiate a settlement before incurring further costs

[R0b]

Unfortunately, on the face of it, I think they are right. Your defence isn't great and a lot of it is not relevant to the fact that you signed a personal guarantee and appear to be liable.

You could really do with getting some initial advice on any prospects of defending this claim. It may be that the guarantee is invalid perhaps because you didn't know what it was you were signing or were unduly influenced into signing the document. Most lenders will require individuals signing a personal guarantee to seek legal advice and get the solicitor advising that person to confirm that they have been advised of the consequences of entering into it. There could be other ways in which the guarantee is not enforceable.

Although NewWave's agreement has a statement in the footer that you should seek legal advice if you don't understand the agreement, I'm not sure if that would be considered sufficient or not - hence why even if you can't afford to keep a solicitor on to defend you, getting that initial advice will always be useful in deciding which way to go.

As already pointed out, this is Fast Track and I'm not that familiar with cases allocated to that track. Recommend you get legal advice or if you don't want to do that, perhaps come up with a solution to not get yourself a county court judgment. For example, would you be prepared for them to register a charge on your property?

[Mary Jones 2]

has this reached conclusion? i have dealt with new wave capital and have a couple of suggestions is still running?

[webmonky]

Hello,

I believe I will soon be in a position similar to yourself, but for £90,000 with Capital On Tap and I'm very worried.

Have you had any luck challenging the fact that they have just printed your name against the Personal Guarantee and there is no signature or wet ink? Not even a proper digital signing facility has been used.

For me, I didn't even know there was a personal guarantee. Apparently ticking the box on the application is suffice but this seems a joke considering when I did a guarantee with HSBC, they made me witness it with a solicitor which is the proper way to do it.

How are you getting on with it?

[des8]

webmonky For a personal guarantee to be enforceable the document must be signed by the guarantor or their authorised agent.

However electronic signatures, or ticking a box may be considered sufficient evidence to demonstrate an intention on your part to enter into the contract.

There are many reasons why a personal guarantee may not be valid or may be unenforceable and I would suggest you seek professional help

I would also suggest, to avoid confusion, you start your own thread and not hijack an existing one