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Personal guarentee advice needed


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Hi

My wife and I have a Limited company that has now gone into voluntary liquidation.

We have a £15k loan outstanding with the bank and they will obviously be approaching us for payment as we have a personal guarentee against the loan.

We have no problem in continuing to pay the monthly loan repayments and are happy to do that - We have never missed a payment.

Do you think the bank will be ok with us continuing monthly payments from our personal account, or will they insist on immediate payment in full ?

Although we have a personal guarentee on the loan, there is no charge on our house.

Regards

Citybloke

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If you are saying that they want to put a charging order on your house, so that should you wish to sell your house prior to the loan being paid off, then

after the mortgage had been paid off, their loan would be next in the queue

for payment, would that be too onerous for you? That should keep down the

interest rate because of the added security, though I expect there would be

charges involved as it would go through the Court to take effect. Whether

they could do that when you haven't missed a payment is doubtful.i

Can they do this? Not sure to be honest but it may be better than having to

cough up the whole amount now, which, I imagine would be the terms on

which you got the loan.

If you want to avoid the charge on your house, if your credit is still good,

can you borrow the outstanding amount, unsecured from elsewhere, and pay

them off now.

Or, rather than go through the Court, would you be better taking out a second mortgage on your home, or closing down your first mortgage and

taking out another [including the £15000]to keep the interest payments lower.

If you can, before doing it, speak to your bank and let them know what you

intend and they may drop the idea of a charging order. Though of course

they could try again in a couple of years.

 

PS Do not let them insist on taking out PPI with it.

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Thanks for the reply.

I just feel uncomfortable with the idea of a charge on my house with the bank.

Correct if i'm wrong here, but if they didn't agree to me carrying on my normal monthly payments and did take me to court, then the following would happen :-

 

They would look bad in the court's eyes as I have always paid every month and are happy to continue with that.

 

If they did get a judgement against me, then the court would decide what I could afford to pay each month and the interest would be frozen, so they would lose out on a lot of money in interest.

 

Thanks

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citybloke-your line of thinking is correct.

 

Depending on what bank it is, this is what i would say:

 

Since you have lost your income stream, your disposable income would be limited, so tell them that if they take you to courts then you are likely to end up paying a fraction of your current monthly installments, secondly you might be able to raise the cash from other sources and offer them a full and final settlement of say 40% of your guarantee.

 

They are only likely to be stringent if they think you have a substantial equity in your property, but if that is not the case then -you call the shots.

 

I would also not agree to a new loan agreement, what i would suggest is they open another account, where you will pay in each month and they would draw from that account to fulfill your undertakings under the guarantee given.

 

BTW when you signed the personal guarantee, was this done through a solicitor or at the bank.

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Hi Dhoom

 

Thanks for the reply.

The personal guarentee was done through a solicitor - does this make a difference ???

 

I do have an income now, but I would estimate the court could only recommend an amount similar to what I pay now and the bank would lose out on the interest.

 

I've always maintained i'm happy to carry on paying my normal monthly payments.

 

I do have equity in my property, but there is no charge on my house and i'm joint owner of the house with my wife and the guarentee is personal to me only.

 

Thanks for your response.

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Hi Dhoom

 

Thanks for the reply.

The personal guarentee was done through a solicitor - does this make a difference ???

 

Thanks for your response.

 

If there was no solicitor involved, then people in the past have argued that they were unaware of the full implications of giving personal guarantee. But stick your guns and don't give them a charge over your property.

 

Best of luck

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