D.J.P.

[D.J.P.]

:beagle:Hi everyone. I've just joined your site and hope to get some help/advice regarding a problem I have with HSBC. It is not a bank charges or PPI claim. So do I still post here or do I need to go to the HSBC forum, please advise?

[Hurricane Puffrose]

Re: D.J.P.

what is is about hun,
if you post it here we can ask the admins to move it

[D.J.P.]

Re: D.J.P.

I started a Limited company in 2003. In 2004 I approached HSBC - who I had been banking with for a year - seeking an overdraft facility of £10,000, I presented a business plan and the bank agreed to the overdraft facility. I was advised by the bank's employee that I would need to provide a debenture to secure the o/draft facility. I was told that the debenture would cover stock and company vehicles only. Not my house or personal effects. A few days later the bank notified me by letter that I had agreed to provide a personal guarantee to secure the liabilities of my company. At the same time I also received a copy of the Board Resolution giving the debenture to HSBC (dated 11.04.2004).
Subsequently my business got into difficulties and the overdraft could not be repaid. The bank sold the debt to DLC &/or Hillesden Securities, who sent me a copy of a personal guarantee that I had signed on the 15.04.2004 - 4 days after the debenture. I do not recall signing this personal guarantee, or indeed being asked to. I cannot see why I would have knowingly signed a personal guarantee when a company debenture was in place.
My problem is, the DCA is demanding the o/s amount, about £8,500, stating that the debenture predates the personal guarantee and that I am personally liable.

My question is, what are my rights in this matter. Does the debenture take precedence over the personal guarantee, despite the fact that the personal guarantee was signed a few days after the debenture was issued. Any help or advice would be gratefully received.
PS the company stopped trading as it was insolvent.

[bluebottle]

Re: D.J.P.

Hi DJP,

I feel that, in the circumstances you describe, you need to speak to a legal professional.

I am also of the opinion there may be Fraud by False Misrepresentation on the part of HSBC.

Contact your local Law Centre where you can obtain free legal advice.

[D.J.P.]

Re: D.J.P.

Thank you Golden Retriever, I will find my "local" law centre. They seem to be a bit thin on the ground where I live in East Sussex!

D.J.P.