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  • Joanna Connolly Solicitors
    replied
    Originally posted by Flowingone View Post
    During the sale my husband wasn’t asked to be involved in any way (including the settling of Lloyds loan) or to sign anything other than the one document to confirm he also occupied the property and would vacate on completion.

    Did he take independent legal advice on this issue?

    Di

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  • Flowingone
    replied
    I had already spoken with the solicitors who handled the sale but they said they strictly only deal in conveyancing and nothing else.

    During the sale my husband wasn’t asked to be involved in any way (including the settling of Lloyds loan) or to sign anything other than the one document to confirm he also occupied the property and would vacate on completion.

    Leave a comment:


  • Joanna Connolly Solicitors
    replied
    Originally posted by Flowingone View Post
    I can’t be exactly sure what they called the document my husband signed it was to relinquish any financial claim on the property because it was in my sole name. We are however both 85/90% sure the personal guarantee was signed by us both, I guess our thinking always being that a guarantee is a guarantee and assets might not only ever be in the form of that particular property even if this is the case when it was signed.

    Lender was Lloyds

    Voluntary sale, I sold the house and cleared the mortgage (again in my sole name) and the Lloyds finance through the solicitor on completion of the sale.

    Perhaps your husband was asked to sign the document to "relinquish any financial claim on the property" because the lender (Lloyds) believed that he had a potential financial interest?

    You need to get formal legal advice on whether that means he has a 'financial interest' in the proceeds of the sale regardless of whose bank account they are in. Perhaps talk to the solicitor who you instructed to deal with the sale.

    I was trying to see if there was a possibility that the bank had acted improperly in any way during legal proceedings (possession) but you say this was a voluntary sale.

    Why not still post about the unsecured debts on the forum (one at a time) to see if any of them are unenforceable, and then your husband can decide whether he wants to continue to pay them.

    Di

    Leave a comment:


  • Flowingone
    replied
    Thanks.

    So although I can’t be exactly sure what they called the document my husband signed it was to relinquish any financial claim on the property because it was in my sole name. We are however both 85/90% sure the personal guarantee was signed by us both, I guess our thinking always being that a guarantee is a guarantee and assets might not only ever be in the form of that particular property even if this is the case when it was signed.

    Lender was Lloyds

    Voluntary sale, I sold the house and cleared the mortgage (again in my sole name) and the Lloyds finance through the solicitor on completion of the sale.

    Leave a comment:


  • Joanna Connolly Solicitors
    replied
    Originally posted by Flowingone View Post
    My husband and I have been married for many many years and owned our own home for more than 20. We ran a LTD company that went bust a year ago.

    We had to sell our home to pay off debt for the LTD company we stupidly gave a personal guarantee on.

    In your first post you said "we" gave a Personal Guarantee, but if the house was in your sole name that may not have been the case.

    In your last post you say a Deed of Postponement was signed by your husband, which I presume means the Personal Guarantee was not signed by him.

    Which lender had the Personal Guarantee for your limited company?

    Was it a forced sale (possession proceedings) or was it a voluntary sale because you decided to call it a day with the business?

    Di

    Leave a comment:


  • Flowingone
    replied
    Many thanks for finding the time to do this Di it's much appreciated. We will consider our options.

    One last thing if you would. Because the property was always in my name only, when we took out the business loan and made the personal guarantee my husband had to sign a document (we think it could be called a deed of postponement) so that if they had to foreclose on the loan he couldn't stop the repossession of the house.

    If we can work out the solicitor we used and find this document is it of any use?

    Leave a comment:


  • Joanna Connolly Solicitors
    replied
    Originally posted by Flowingone View Post
    Does anyone have any suggestions as to somewhere else I can try for advice?

    Your husband needs to take face to face advice from a FCA regulated debt adviser if he is considering bankruptcy.

    You say he's already taken advice on a DMP from StepChange so perhaps that would be his next step.

    I can't comment on his situation as I don't know the full facts.

    Your husband needs to look at the overall picture which includes any financial interest he may have had in the property (the marital home) before it was sold and the proceeds banked, even if it was in your sole name.

    He also needs to make the debt adviser aware of any pension he has etc.

    However if you would like help establishing whether the debts are enforceable in law first, then make a separate post for each one so that the forum members can guide you.

    If some or all of these debts are unenforceable then he may not need to consider bankruptcy.

    I know you say "we could really do with getting on with this" but gong bankrupt is a major decision not to be taken likely, even if the research takes a while.

    Di

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  • The Tech Clerk
    replied
    hold on here weekend over

    Leave a comment:


  • Flowingone
    replied
    Does anyone have any suggestions as to somewhere else I can try for advice? I understand if the likes of Diana Mayhew give their time as a volunteer they are bound to have times when they just aren't availabe, however we could really do with getting on with this.

    Thanks

    Leave a comment:


  • The Tech Clerk
    replied
    Diana Mayhew

    Leave a comment:


  • Flowingone
    replied
    Will do thanks

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  • The Tech Clerk
    replied
    Await Di response

    Leave a comment:


  • Flowingone
    replied
    Originally posted by The Tech Clerk View Post
    CCA Request to each card holder with £1.00 Postal Order send Recorded Delivery and keep a diary for each one and a separate correspondence file for starters? is what I would suggest?
    Thanks, Yes having read many of the threads on here I can see how this would be a way to go if we were to want to try and minimise the liability as opposed to the bankruptcy route but don’t see a valid reason for doing it yet. The question at the moment is whether the money left from the sale of the house, or property purchased with it, it is safe if my husband were to take the bankruptcy route.

    Leave a comment:


  • Flowingone
    replied
    Originally posted by The Tech Clerk View Post
    Diana Mayhew might be able to advise here, (if I read correctly you both acted as guarantor on this Ltd company??)
    Thanks The Tech Clerk. Yes we did both act as guarantor.

    Leave a comment:


  • The Tech Clerk
    replied
    CCA Request to each card holder with £1.00 Postal Order send Recorded Delivery and keep a diary for each one and a separate correspondence file for starters? is what I would suggest?

    Leave a comment:

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