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personal guarantor advice


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Hi, first time user - so thank you in advance to all those who offer me help. I am a director of a company that has ceased trading due to lack of business. I have no income. I jointly own a mortgaged property with my wife.

I am a personal guarantor for a company debt of approx £8k and am being taken to court.

What should I expect? What is the best course of action? How will a CCJ effect my life?

 

Thanks again.:)

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What should I expect? What is the best course of action? How will a CCJ effect my life?

 

The CCJ will really only affect your ability to get credit in the future. What you need to ensure is that they don't try for a charging order. If you admit you are unable to make any payments, they may go for a CCJ & then a charging order to further secure the debt.

 

Can you give a bit more info. Was it a loan or overdraft gurantee?

Do you have a copy of the agreement? Does the gurantee/agreement have a post judgment interest clause.

 

Debs

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:)thanks,

 

the company to which the debt is owed to acted as a payment company for some self employed contractors in my employ. I personally guranteed that I would cover this debt to them.

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You should request a copy of the guarantee you personally signed, to clarify exactly what you are liable for & what action they can take to enforce the debt.

Remember, to enforce any action in court they must follow the correct procedures & they must produce the guarantee.

 

Debs

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