Tweet
Hi i recently had a lloyds personal guarantee on a £25k business overdraft, i required more and they offered £50k overdraft if i accepted a second charge over a rental property. I signed the agreement but they replied to say that the morgage company would not allow a second charge and therefore provided a nil value, and would release the remainder of the monies.
They sent the documents to my wife (joint owner) who also had to sign following legal advice
Unfortunatly the business went into liquidation during the process and she refused to sign saying that if they had a charge for £50k for the extra £25k and them not paid why? as they had a personal guarantee for the £25k and no more.
Would they still have any charge on my equity or do you think that my signature alone wouldnt stand up. I have check land regisry and there is nothing registered, although the bank said it wouldnt be classed as a chargeg but some sort of secured equity, when i asked what that meant the bank manager couldnt really give a definitive explanation
regards
P
They sent the documents to my wife (joint owner) who also had to sign following legal advice
Unfortunatly the business went into liquidation during the process and she refused to sign saying that if they had a charge for £50k for the extra £25k and them not paid why? as they had a personal guarantee for the £25k and no more.
Would they still have any charge on my equity or do you think that my signature alone wouldnt stand up. I have check land regisry and there is nothing registered, although the bank said it wouldnt be classed as a chargeg but some sort of secured equity, when i asked what that meant the bank manager couldnt really give a definitive explanation
regards
P
