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HSBC Personal Guarantee


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Many years ago, around 1996,

I became a director of a LTD company owned by my ex partner.

 

We had an agreed £20k overdraft on our HSBC (originally Midland) business account which ran until around 2011 when HSBC called us in and said that we could no longer have the overdraft and that we would have to transfer the £20k to a Managed Business Loan.

 

I jointly signed the loan with my ex partner.

Some time after this and without my knowledge, my ex partner removed me as a director.

 

Please can anyone advise me:

 

1. Am I responsible for the loan which I believe is still outstanding, even though I'm no longer a director?

 

2. Can I make a claim for any PPI that may have been paid on the overdraft and managed loan?

 

Thank you

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I would have thought that you'd have been chased by now if the loan was still outstanding and not being paid?

 

as for ppi it would need to be a joint claim or payout at least and getting hold of data from 1996 might be difficult

 

you could try an sar for all the data they hold on you it might show up.

but if the loan was still owed it would go off the outstanding balance if its not already been sold on

 

the other thing to bear in mind is many of HSBC's managed business loans were a legal debacle that I think they were carpeted over. sometime back?

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Thank you for your reply. I forgot to mention that I signed a personal guarantee along with my ex partner for the overdraft.

 

I believe my ex is probably still paying the loan but I wondered what would happen if he stopped.

I definitely signed the managed loan paperwork but I don't know if I gave a personal guarantee.

I think your advice about an SAR is a good idea.

 

Can you point me in the direction of information about HSBC Managed Business Loans please?

 

We didn't realise that it was a managed loan when we took it out.

 

It wasn't explained to us in that way and they didn't ask if we had any other way of paying off the overdraft nor did they advise us to get independent advice.

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please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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  • 1 month later...

I was not aware that my ex partner had removed me as a director until some time after it happened.

 

I have now done an SAR on HSBC and received all the documents but I'm still not really sure where I stand.

 

I definitely signed for what I now know to be a managed business loan.

 

I'm able to contact my ex partner but really don't want to discuss this subject with him

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is there a signed personal guarantee in your name then>?

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Yes there is but nothing really to worry about I guess as I lost everything at the hands of Kent Reliance Building Society when they appointed LPA Receivers over my buy to let business so nothing left for anyone to take! I lost my business and my home and now have a roof over my head thanks to a charity! A far cry from the five bed house I had not to mention the good lifestyle.

 

I should write a book about what the banks have done to me :0

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god as soon as a see the word LPA Receivers I always know anyone involved with those was always stitched up blind.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Stitched up but not given up. I have spoken to so many people over the years, some close to suicide, who have had their lives destroyed by banks appointing LPA receivers. It's unjust and immoral

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