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About Me


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  1. In 2010 my Company had a £150k utilisation against an agreed limit of £100k which was supported by a personal guarantee of £50k. This level was from time to time up to levels of £300k with the same level of £50k PG all arranged and managed by my business manager in the Corporate Unit. However the Company made severe losses in 2008 and we started to breach the facility. The Bank were aware of the losses and we provided management accounts to include cash flow forecasts on a regular basis. The Company returned to a profitable situation in 2009, however with the retained losses we were still heavily dependent on the overdraft facility for cash flow, although this was not hard core and we enjoyed swings into credit from time to time. During March 2010 the Company was transferred to Nat West Specialist Lending Unit. Everything appeared ok to start with then they sent me a revised facility letter increasing my Personal guarantee from £50k to £155k, a structured repayment plant of £5000 per month, 4% facility charge (£8k per annum), charges of 4.75% over Bank Base, and only in force for a 2 month period. We responded with a counter proposal agreeing to an increase of of £25k on my PG to £75k, repayment of the debt at £3k per month and 1% facility fee, which was inline with our cash flow forecast. They laughed at me and said I had no chance. A couple of days later they emailed me agreeing to most of my counter proposal but the £155k PG was a must.I informed them that I would take expert advice and would come back to them. After taking advice which was not to sign the new PG of £155k I returned to their offices and informed them. They immediately froze my accounts and told me its over and dont try and use your credit card. I then went to see a solicitor and sent a detailed explanation to the bank on how they were trying to bully me and were being totally unreasonable and the offer we were making was a calculated one based on the company accounts and that I was not worth £155k and could at a push maybe get to £75k. They telephoned me 2 weeks after receiving the letter saying they would accept all my proposals on the counter offer and give me some time to think about it. They also asked me why I had got solicitors involved. In this period they returned all my presentations and discredited me. I could not recover from this and had to liquidate the company. Nat West have now placed me in County Court for £50k plus interest. They are saying that I told them I was liquidating the company thats why they froze the accounts and are entitled to pursue me for the £50k. This is a total fabrication. Has anyone else been treated like this and do you feel I have a defence. Would it be reasonable to counter sue Nat West especially as the Courts may look for a compromise and I would not want to concede on the level of PG but maybe my case of the Counter Claim.
  2. I'm trying to help two friends. One took out a payday style loan the other was guarantor. This is due to be judged through CCMCC today due to default. I intend to submit a holding defence on their behalf but just wondered if two defendants on the same claim with different signed agreements albeit on the same loan is legal? Any help help with this and the holding defence based on not having received CCA request info yet would be appreciated.
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