Personal Guarantee

[paulie100]

Hi, i have a rather serious issue regarding a PG that was falsely signed and witnessed. I have received a stat demand regarding the debt. Do I have a hope in fighting this on those grounds, or is it very difficult to prove and fight?

[BankFodder]

You will need to gives a lot more detail about this including dates, who it is, circumstances, value, et cetera. Otherwise we are just trying to play guessing games

[paulie100]

Hi, ok where to start...

i was asked by a friend to give a PG for his company for a business loan.

I refused that, but it seems that he pasted my signature onto a PG agreement and also had someone witness it from his company!..

.as it happens the date on the PG was my birthday Sept '16, and I was out of the country.

 

The company defaulted on the loan, and I have received a stat demand this week.

The loan company have been informed of the discrepancy and have put the demand on hold while they investigate.

 

What is the best way to deal with this.

Would they still pursue it or would it have to go to court.

I have no assets.

[BankFodder]

Thank you. Please will you tell us which company this is which made the loan.

 

Your problem now is that you are dealing with a friend and it seems to me that you will probably have to inform the police get a crime reference number.

 

You say that there was a witness. Clearly the witness could not have seen you sign the document. What is the position of the witness? Are they saying that you did sign the document?

 

I think that if you didn't go to the police and get a crime reference number, then the lender would probably take that as a sign of the fact you were the guarantor and they would then begin a legal action against you. Even if you did go to the police, there is a chance that they might still try to proceed against you in the hope that they would get their money back from you and then it would be you who will be left with the problem of trying to recover any funds from your friend.

 

Which company is it, are they still in existence?

 

You haven't told us the value of the loan

[paulie100]

The company that gave the loan for 60,000 are Rebuilding society.

The company is still in existence but i fear for not much longer.

 

I haven't spoken to the witness, is this a good idea?...or just inform the police.

 

As I said i have no assets that they could take anyway.

Would they still petition for bankruptcy in that situation?

[sgtbush]

You need to report tho to the police toot suite!

Stat demands are powerful things and you could lose everything as they can force you to go bankrupt very quickly.

You have 21 days to respond so get all your ducks in a row now

[BazzaS]

Don’t speak to the witness.

Either their signature was forged too, or they are in on it.

Report it to the police (even if they fob you off to Action Fraud!)

For £60k I’d expect the police to investigate, including interviewing the witness, (so you don’t want to prejudice that by approaching the witness)

 

Get it in writing that they won’t act on the statutory demand.

You could oppose it anyway if they moved to a bankruptcy claim, but it’d be even easier to oppose if you could evidence them saying “we’ll put it on hold”.

[paulie100]

Thank you for your help everyone. I will heed the advice.

[BankFodder]

Have you got a copy of the signed guarantee?

[paulie100]

Yes, the one i received attached to the stat demand.

[brassnecked]

And you have proof that you were elsewhere on the date the agreement was signed? most helpful if you have

[paulie100]

Yes, i can provide proof that i was away with my wife

[AndyOrch]

Some relevant information on how to deal with the SD and set it aside....dont rely on the company telling you the demand is on hold...you have 18 days not 21 to deal with it.

 

https://www.consumeractiongroup.co.uk/forum/showthread.php?407519-Statutory-Demands-and-Lowells.-(amendments-December-2015-16)

 

Andy