Hi all, Just to let you know, I requested my loan agreement from Lloyds TSB but tehy were not forth coming in providing so I smelt a rat and continued to request it stating that I would not pay anything until it was provided. It has since turned out that they have neither the loan agreement nor the correct guarantor paperwork. As a result my parents deeds have been returned and Lloyds TSB have confirmed that legally I nor my parents are obliged to pay anything.

Thank you kindly.

Hi, After a year of trading as a convenience store with my then business partner, I gave up my 50% share to my business partner in August 09 and terminated my appointment as joint Director of the Limited Company which was recorded with Companies House and documented via a 288b form. I had no longer involvement with the company nor running of the business. However, as of October this year the business came into financial difficulties and my ex partner put the company into liquidation. I know have three issues which I hope I can obtain some advice on which I have listed below: 1. Upon taking out the loan, my parents offered up their house as a guarantee against the loan. Myself and my ex business partner always knew that in the event of the business failing we would have to continue with this loan until it was cleared and have been prepared to do so. The loan was 30k and security was provided for that amount. The loan now stands at around £28,500. Upon the company going into liquidation, the bank manager phoned me and informed that the loan will now have to be paid in full in one off payment......! I found this a complete shock and stated that we are willing to continue with the loan as per the original agreement. The bank manager is refusing this proposal and is stating that due to teh company going into liquidation they cannot accept payment from Directors as they will be seen as preferred creditors. I responded by saying that my mom and dad would continue with the loan by setting up a direct debit (with us both paying into their bank) but he also refused this and advised that they either re-mortgaged or got a loan to clear the debt or he would put it in the hands of recoveries who could possibly take my parents house.... Is the above right and can they do this if we are willing to pay off the debt? I have even wrote the bank confirming that we wont to clear the debt and continue with the monthly payments but they are still refusing this offer.... 2. Secondly, there was an overdraft facility taken out with the bank by the company which had no security (unsecured) and was under a separate account number to the secure loan. As they lent to a Limited Company which has now been liquidated then I believe that they can not get this from any individuals or directors... However, they did ask me to raise £32,500 to clear the debt in full which I also believe is incorrect as £28,500 is what is remaining to be paid for the secured loan. 3. When registering with Cash and Carrys etc, I signed personal guarantees along with my then business partner... Am I still responsible as I have had no dealings with the company for over a year and have documentation to prove so..? Anybodys help on the above would be very much appreciated as I feel the Bank (Lloyds) is being extremely unfair and have caused immense stress to my parents as I have had to inform them of what the bank is threatening if the loan is not cleared in full immediately. Thanks.