Personal Guarantee

[mgfboy]

A company I was a director of was wound up about 3 years ago and I had a personal guarantee on it of £3k. So like a good little boy I came to an agreement with HSBC to pay them back £50pm, this was all well and good until I started this week getting phone calls from Metropolitan collection services and also a letter stating my tempory agreement was up and I needed to renegotiate my payments.

I've sent them a letter say that the deal was sorted with HSBC and it wasn't time bound and for them to prove otherwise, but me question is this. I sorted this out before I was aware of the world of Niddy and as the agreement which I guaranteed was a annually renewable OD, that I didn't sign in the last year, should I have paid them a penny????

[SaltnVinegar]

Re: Personal Guarantee

A company I was a director of was wound up about 3 years ago and I had a personal guarantee on it of £3k. So like a good little boy I came to an agreement with HSBC to pay them back £50pm, this was all well and good until I started this week getting phone calls from Metropolitan collection services and also a letter stating my tempory agreement was up and I needed to renegotiate my payments.

I've sent them a letter say that the deal was sorted with HSBC and it wasn't time bound and for them to prove otherwise, but me question is this. I sorted this out before I was aware of the world of Niddy and as the agreement which I guaranteed was a annually renewable OD, that I didn't sign in the last year, should I have paid them a penny????

Hi

Not sure about UE on OD's but this is how you could play it with Metropolitan as they are being greedy bar stewards trying to bump up their commission:

"Yes I would LOVE to renegotiate my payments as my circumstances have changed detrimentally since my initial discussions with HSBC. Consequently I am only able to realistically afford to pay £2/month.

I trust you will find this proposal acceptable and thank you for allowing this opportunity to review my situation"

Regards and FO

MGFboy

That should make them back off a little!

SnV

[CleverClogs (RIP)]

Re: Personal Guarantee

Or you might try asking the greedy buggers if they have a copy of the guarantee agreement they claim you signed.

Who - if anyone - witnessed your signature?

[mgfboy]

Re: Personal Guarantee

So does anybody know if an annually renewable OD isn't signed , but they renew it anyway does the previous signiture still stand????

NB This is a limited company account with a personal guarentee

[Never-In-Doubt]

Re: Personal Guarantee

So does anybody know if an annually renewable OD isn't signed , but they renew it anyway does the previous signiture still stand????

NB This is a limited company account with a personal guarentee

See here - the posts should help mate! ---> Annual Statements of Account? - allaboutFORUMS

[mgfboy]

Re: Personal Guarantee

See here - the posts should help mate! ---> Annual Statements of Account? - allaboutFORUMS

Very interesting thread mate, but it doesn't really cover the issue of the enforceablility of a personal guarantee. I really don't care about the company OD that was written off years ago, but I'm worried that I've paid them a couple of grand I didn't have to!!!!

[Never-In-Doubt]

Re: Personal Guarantee

Very interesting thread mate, but it doesn't really cover the issue of the enforceablility of a personal guarantee. I really don't care about the company OD that was written off years ago, but I'm worried that I've paid them a couple of grand I didn't have to!!!!

Ahh sorry, you also need to read this thread ---> Unlimited Guarantee - allaboutFORUMS