H
hardtimes
Guest
Hi,
I am writing on behalf of a case my father is involved in regarding a personal guarantee he gave the bank for a business overdraft, the company has now ceased trading.
I am totally inexperienced when it comes to this sort if thing so forgive me if i ask stupid questions!!
He signed the agreement in October 2008 to go as guarantor for the overdraft.
Q 1. Is there such a thing as an unsecured personal guarantee? i.e on the overdraft agreement it make no reference to any assets my father owns, it just lists him as a guarantor. There is no actual security listed as per normal loan agreement.
Q.2 The document is not dated, the only date is written by my fathers solicitor when he signed it to say he had explained everything to my father. My father also signed and where he signs it says "(please ensure the date of signature is inserted at the head of the document)" this is not the case.
Q.3 Does a business overdraft not need to be reviewed on a annual basis with a new agreement drawn up each time?
We just have a feeling that there is something not right about the whole thing and we feel the bank may have made a mistake somewhere along the line as in September/October 2009 we had between 10-15 meetings with the bank manager and he was trying everything he could to get us to sign a new overdraft agreement, he would even call to our home with apple tart for a chat and put the new agreement in front of us!! When we didn't sign he was trying to get us to put it into a personal loan or mortgage for the overdraft amount, why do this if they had a watertight personal guarantee?
To make a long story short my father then became ill with cancer in October 2009 and has been receiving treatment on and off since but the bank are beginning to move again and are now beginning to put the pressure on him.
Thanks for taking the time to read this and any thoughts would be much appreciated.
I am writing on behalf of a case my father is involved in regarding a personal guarantee he gave the bank for a business overdraft, the company has now ceased trading.
I am totally inexperienced when it comes to this sort if thing so forgive me if i ask stupid questions!!
He signed the agreement in October 2008 to go as guarantor for the overdraft.
Q 1. Is there such a thing as an unsecured personal guarantee? i.e on the overdraft agreement it make no reference to any assets my father owns, it just lists him as a guarantor. There is no actual security listed as per normal loan agreement.
Q.2 The document is not dated, the only date is written by my fathers solicitor when he signed it to say he had explained everything to my father. My father also signed and where he signs it says "(please ensure the date of signature is inserted at the head of the document)" this is not the case.
Q.3 Does a business overdraft not need to be reviewed on a annual basis with a new agreement drawn up each time?
We just have a feeling that there is something not right about the whole thing and we feel the bank may have made a mistake somewhere along the line as in September/October 2009 we had between 10-15 meetings with the bank manager and he was trying everything he could to get us to sign a new overdraft agreement, he would even call to our home with apple tart for a chat and put the new agreement in front of us!! When we didn't sign he was trying to get us to put it into a personal loan or mortgage for the overdraft amount, why do this if they had a watertight personal guarantee?
To make a long story short my father then became ill with cancer in October 2009 and has been receiving treatment on and off since but the bank are beginning to move again and are now beginning to put the pressure on him.
Thanks for taking the time to read this and any thoughts would be much appreciated.
