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Being chased for a Personal Guarantee! Help!


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My business has gone bust due to bad debt and has led me to have to close my business. I've instructed an Insolvency Practitioner to handle it. Everything seems fairly straight forward, if rather sad and expensive, but the real problem that has become apparent is a personal guarantee I had with my bank and this relates to a business loan to help finance the company when I bought it.

 

The bank made me sign a personal guarantee and put a charge on my house. At the time it was either sign this or don't get the money.

 

Now because I've put the company into administration, I've received a letter form my bank demanding the money personally from me. Can anyone suggest a way I can avoid paying this, because my financial situation is bleak?

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I will try and find some one who can help.

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Hello there.

 

Is the bank debt a loan or a secured overdraft?

 

How much is it for?

 

If you fancy getting a (free) second opinion you could consider calling Business Debtline on 0800 197 6026.

 

- Seq.

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