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Can anyone help? Natwest PG for a Business that failed!

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Hi there,


Hands up firstly as i am the original 'bury my head in the sand' type of guy, Whats changed 2 kids in 2 years :)


But as always the ghosts in the closet rear there head hence the reason i am here....after searching loads of posts and info

overload i was wondering if any kind person could help.


The details:

Started in Company in 2005 and moved to Natwest in 2007. Got suckered into the old line your business account is full of activity would you like an over draft. Accepted this and signed a Personal Guarntee for this for 10k. Now i realised the implications of this however in between signing the PG the Bank manager was totalling up the Business Assets and i presumed/was made aware that these would in effect be the guarntee?? Along with the line it will never happen so you need not worry!


With this so called reccession the business was hit Badly, even to reduce budgets and overheads (Vans,Employees e.t.c) cost me short of 10k (2 leased vans 3 months, 2 guys couple of months pay, Gave Unit up e.t.c)


I then tried to get it all going again and won a contract but needed further funding!

TBH my head at that time wasnt clear, when someone says dont worry we will help you, you tend to listen. All i know is a left Natwest again with a 10k Overdraft converted to a loan and now my O/D bank to 0.


It was meant to be reduced by never was and subsequentally after losing money when another Customer went to Pot i dipped into this to support myself.


Now i owe just short of 20k, and have had a coupe of Firms on to me about it,




My situation is now i am about to be served a Stuatory Demand and am not a 100% sure where to go now.


After reading the forum i was thinking of sending out a SAR, but after speaking to the company involved was told that this may be with the demand so wait till Thursday when papers are being delivered/served on me.


I am a homeowner, if there 5k equity ill be lucky, 2 new kids Mrs on Maternity Leave and myself out of employment......


At present we are surviving, luckily the OH income is good, and if anything it looks like i may be a stay at home Father :)


This 20k PG now is going to throw a huge spanner in the works and send a floatable ship under?


Any ideas where to go next, considering i havent made too much contact with anyone about this?


Is/Will i lose my home even though it is in joint names?


Many Thanks for Help, i sit here impatiently pulling what little hair i have left out!


Big M

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Sorry should i have made an introduction?


Any advice on where to look on the forum perhaps


Should i just wait for the Demand, can i/should i make an offer of payment however low it is now?

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Hi Big M


Until you actually receive the SD then there is little advice that can be offered, hence the lack of response to your thread.


Knowledge is power so start here :- http://www.consumeractiongroup.co.uk/forum/showthread.php?162131-Statutory-Demands-and-Service-By-Post


Perhaps do a DSAR and a CCA request also in the interim.





We could do with some help from you.



 Have we helped you ...?         Please Donate button to the Consumer Action Group


If you want advice on your thread please PM me a link to your thread

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Ahh Many Thanks Andy


Info overload here, think im getting somewhere then i see a different scenerio that doesnt quite fit mine.


I have read that post a few times now and slowly sinking in,


I will see what the outcome is on Thursday, if asked to sign should i state signed under protest or something like that?


Its not that i wish to get off or anything like that but tbh we have no spare income, 2 kids now, i have looked for work but unsucesfull, in the end a very profitable business cost me a fortune and my bank albeit with my signature

were quick to lend money by way of overdraft then convert it to a loan reverting an OD to 0 for them to take payments from for the loan! I should of stopped but i was always hopefull i could get through it.



A big lesson/story to tell/teach the kids i suppose......i dont know


Many Thanks for you help,


A happier chappie

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