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deadeye20

Massive Personal guarantee headache

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This is my first post .....

 

I am in dire need of some advice in respect of a personal guarantee given for a business that is now in liquidation. I got a 100k loan from LLoydsTSB about 3yrs ago to start a menswear business. That business has now folded but I am being pursued by Lloyds for the balance of 85k. The problem I have apart from the fact that I don't have 85k stowed in my sock drawer, is that I don't think LLoyds have been entirely fair. This business was separate from my normal 9-5 job and was run by a manager. At the start Lloyds kept on and on at me to take their insurance which I did not want as my health or inability to work through illness would not affect the business. The way Lloyds handle the insurance fee is somewhat unfair as it is all loaded upfront and included in the loan. All in all the loan total came to 120k. As I said earlier I also signed a personal guarantee to cover that sum.

There are a variety of issues I have. First, since the business has folded. I am unsure of the relevance (or need) for the insurance as it not helping to pay off any part of the loan. I would rather have paid insurance to protect me against the business going bust.

Am I within my rights to ask Lloyds to identify what aspect of the outstanding balance comprises the Loan and what sum relates to the Insurance.

Can I refuse to pay the Insurance part as is evidently completely ineffective...?

I have tried to add the outstanding 85K to the mortgage but C&G who we all know are part of the Lloyds Group, have refused as it would raise my borrowing and their exposure above the 75% Limit. - I need to borrow a total of 505k if I was to repay the guarantee in full against a property valued on 14th Apr 09 @ 575 - 625k. surprise surprise Lloyds surveyors value it @ approx 483k

Does anyone have any idea of lenders who would consider rolling all my debs into one..?? I have not missed any payments on my Mortgage and I am in a job that does pay a reasonable salary. Although I am struggling with other loans I have incurred some of which were mostly down to LLoyds' unwillingness to lend a really nominal amount to ease cashflow for the business thus precipitating the demise of the business.

I received a letter from Lloyds on the 19th June 09 asking for payment of the outstanding amount in full. I had previously made an attempt to negotiate with them 2 months ago but they claimed they were not in a position to negotiate until the liquidation process had run its course. My Lloyds business manager was fully aware at the time that the personal guarantee would still apply irrespective of the liquidation.

The walls are closing in fast. I have not responded to their letter dated the 19th June 09. I need more time. I need to know what I can challenge on the insurance aspect, how/what I can negotiate with the bank and if the bank can force the sale of my residential property in a depressed property market.

Any advice gratefully welcome.

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Anthrax alert at debt collectors caused by box of doughnuts

 

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As the loan is more than £25k it doesn't fall under the cca so cerberus's link isn't relevant unfortunately.

 

However the ppi element of it was, I would suggest, definitely mis-sold. I can only suggest that you look in the ppi forums for some advice - sorry I can't help more.

 

I'll send you a pm with a couple of links that might be of some help

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Agree with nicklea, the reason the bank insisted on a personal guarantee, is because they had no confidence that the business could repay its debts, should problems arise, they wouldn't have loaned the money otherwise. You do not have the protection of the Consumer Credit Act

Once the business has been fully wound up you will be personally responsible for any remaining debt to the bank.

 

As to the insurance, you will have to wade through the small print to see whether it was missold...i have no idea, you dont even say what it was for.

 

Im afraid that when you are desperate to borrow money, you sometimes tend to take it on any terms, without regard as to the wisdom, or the consequences of it.


Please note i have no legal training any advice i give comes from my own experience and from what i have learned on this site

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Thanks for the responses and recommedations. Thanks Cerberus for the directlink to an insightful thread and some very useful information.

 

In response to Creditcardmug's question, the insurance is termed "Optional Business Loan Repayment Insurance" and I must say on the face of it I thought it paid the loan is the business failed. But then again, as you rigtly said, "when you are desperate to borrow money, you sometimes tend to take it on any terms, without regard as to the wisdom, or the consequences of it."

In retrospect the business model and plan were evidently over-optimistic. I suspect the vendor of the business probably had a slight edge on me too.

 

Nicklea, I do think it was mis-sold or at least under false pretext. I specifically said I did not want the insurance and I was badgered and I relented simply because I was assured that I could cancel the insurance at any time. It was only when I tried to do so after the loan was agreed, that I discovered that what the bank meant was I could cancel the insurance once the loan was repaid in full and then re-done without the insurance element. right then I strongly suspected I had been hoodwinked.

You both highlight the mis-selling aspect. I will have to judge if the legal route on the mis-selling will be financially beneficial with respect to legal costs.

 

 

For clarity, my agreement was signed on the 2nd Feb 2005.

 

Thanks again

Edited by deadeye20
clarity of statement

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