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Hello, I am currently trying to make the best out of a very difficult situation regarding the failure of my company back in 2009 when my bank called in my company overdraft.
This left me with a mortgage, to the same bank, for on an office that I was working out of at the time and a Personnel Guarantee, backed up by a second charge on my family house.
I have been paying the bank what I can over the last three years, and my house and office are on the market!
In total the debt is in the region of 600K. However this figure is not clear.
My family house is mortgaged with another bank and not in arrears!
The bank now wants to speed things up, and just before Christmas I was contacted by Savills (their agent) to arrange a valuation of both properties. I have not yet given them permission, telling the bank that I was seeking further advice.
I have the following questions:-
Can they force the sale of my house?
Can they take control of the marketing as they are trying to do?
I may have a buyer for the office and as such is it likely that they will settle on receiving around £260K rather than the £600K that they say I owe them?
Also might there be some scope in resisting the PG which is in both my name and my wife's?
Prior to late 2008 we had an over draught of 196K but needed a further 50K to help finance a large project. At this time the bank did not have a guarantee in place for the £196K. However when it was agreed that they would extend the overdraft it was on the basis that they would require a joint guarantee.
Although we were advised to take legal advice, unfortunately we both signed the PG and the waivers in the presence of our business manager to get to the funds as soon as possible. My wife was not a fully involved director and this was known by the bank if relevant?
And lastly is there anything else I can do?
Best regards
This left me with a mortgage, to the same bank, for on an office that I was working out of at the time and a Personnel Guarantee, backed up by a second charge on my family house.
I have been paying the bank what I can over the last three years, and my house and office are on the market!
In total the debt is in the region of 600K. However this figure is not clear.
My family house is mortgaged with another bank and not in arrears!
The bank now wants to speed things up, and just before Christmas I was contacted by Savills (their agent) to arrange a valuation of both properties. I have not yet given them permission, telling the bank that I was seeking further advice.
I have the following questions:-
Can they force the sale of my house?
Can they take control of the marketing as they are trying to do?
I may have a buyer for the office and as such is it likely that they will settle on receiving around £260K rather than the £600K that they say I owe them?
Also might there be some scope in resisting the PG which is in both my name and my wife's?
Prior to late 2008 we had an over draught of 196K but needed a further 50K to help finance a large project. At this time the bank did not have a guarantee in place for the £196K. However when it was agreed that they would extend the overdraft it was on the basis that they would require a joint guarantee.
Although we were advised to take legal advice, unfortunately we both signed the PG and the waivers in the presence of our business manager to get to the funds as soon as possible. My wife was not a fully involved director and this was known by the bank if relevant?
And lastly is there anything else I can do?
Best regards
)
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