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Business guarantee reported on personal credit file

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Hi, I'm hoping someone can help. Please.

 

I'll keep information vague so as to protect myself from any prying eyes - but keep the facts straight.

 

A number of years ago, I had a business which took a loan in 2004 against which I stood as personal guarantor. The company got into difficulties in 2008, and eventually ended getting wound up. The value of the original loan was £30K, and at the time of winding up, approximately one quarter remained outstanding.

 

Barclays began contacting me personally with regards my liability of guarantor in late 2009, so I made a CCA request of them to understand how they could enforce their claims against me. In essence, I was never really in receipt of anything from them. I wrote a number of times to them in ealy 2010, but pretty much everything was ignored.

 

They subsequently defaulted me personally in late 2010, and when I complained about the default, the only information they have been able to give me is an unsigned 'offer of loan' letter to the business, dated back in 2004.

 

It still sits as a defaulted account on my personal Experian report. A number of questions:

 

1) The last payment was made by the business in 2008; yet the personal default made against me some two years later. When does any liability become statute barred? I, of course, as an individual have never made any payments, nor acknowledged any debt to them.

 

2) How can they make inputs to my credit report, when no credit agreement exists bewteen them and I as an individual?

 

Any suggestions for how I best proceed? I'd like to get my credit file cleared as soon as practiaclly possible, but don't want to spend excessive funds to achieve this.

 

Thanks in advance of any wisdom coming my way - really, really appreciated

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Looking in as requested.

 

Hi, you are in a difficult situation here, standing as a Guarantor is a major legal undertaking, you will have signed an undertaking that should the company be unable to meet it's committments you would take responsibility for them..

For a debt to become statute barred the following is needed:

 

No payment for 6 clear years from the date when a payment was due and not paid after which no furthe payment was ever made, and or no written explicit acknowledgment that the obligation still subsists, ie no unequivacal admission of liability in writting.

 

I suugest you make a Subject Access Request under the Data Protection Act 1998 to get all the data held by the bank this should include a copy of the signed gurantee and the loan agreement if you specifically ask for these documents. There is a £10 statutory fee for this and the bank has 40 days to comply.

There is a template in the CAG library you can amend to suit your caes.


Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

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