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swfourty

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  1. Hello, I've seen lots of threads here about Ruthbridge, and am definitely getting the sum of the company here. However, with apologies for starting yet another one, I wanted some advice on my particular situation. Situation: In 1989 (yes, 1989!!!) my mother took out an urgent loan to help her get back on her feet after a messy divorce. The company she took it with - Cedar Holdings - secured this on the property she lived in. Myself and my sister were the *guarantors*, even though I was only *just* 18 at the time, by no more than a couple of months. My sister was 20. My mother defaulted on the loan repayments after some years. Direct Legal & Collections were brought in, she was taken to court, got a judgement against her, but seemingly the court thought she'd been treated badly by the debt collection company and she was instructed to pay only £20 a month to them in repayment. That's been on a standing order ever since, and she has never defaulted on it. Last week I got the anonymous-looking letter to 'the occupier' that Ruthbridge are famed for. I know I should have checked online first, but stupidly I called the number. Ruthbridge aggressively and rudely told me what the call was concerning, that I was liable for the remaining amount of £2,803, and how was I going to pay? Otherwise, they would commence bankruptcy proceedings. I explained that my mother was repaying after the court judgement, and that I had only been the guarantor, but they said that didn't matter and they could still chase me for this and make me bankrupt. During the week, two other things happened: (i) Direct Legal & Collections contacted my mother, still repaying the debt by standing order, and offered a £280 reduction in the amount (10%) if she changed it to direct debit. She took advice on this from the National Debtline and they, quite rightly, told her not to take them up on this as the direct debit meant DLC could take any amount they wished, since they obviously were no longer happy with the £20 (my mother, after all, is a pensioner of 69). (ii) Ruthbridge sent me a follow-up letter, offering a 'full and final settlement' of half the amount - £1400 - thus ending all liability for the debt. But this has to be settled by tomorrow (Monday 25th January) or the debt will return to the full amount and they will commence bankruptcy proceedings. I have told Ruthbridge - but not yet in writing - that I want a copy of the original loan agreement showing my signature on it, and they say it will take anywhere between 7 and 90 days for this to be sourced, in which time the offer on the table will of course cease and they will commence proceedings against me for bankruptcy. Obviously I don't want that, and I would like my mother to be debt-free now and for myself to remain that way, but reading everything I've seen here, how likely is it that they'd be able to get a copy of the original agreement after so long - and to go that effort for such a relatively small amount? Am I likely get their heavy mob turning up at the door? Should I send a Consumer Credit Act request from the template letters here and leave them to it? And am I truly liable having just been a guarantor when the debt is still being paid off? Any advice really gratefully welcomed - especially as the deadline is getting close. Thanks all.
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