Personal guarantee on company overdraft

[Denis1245]

Hi
Me and me wife had a company untill september 2016,in 2015 we made an overdraft of 12k on the business acc were we sign a personal guarantee,we paid about 2.5k of that and the company stop trading as we owed money to revenue.now we recived a letter that we are liable for 11.3k as interest ocured.We have 4 kids and only one working,we do not own any house or land,car is on finance.any suggestions how can i treat this,is this going to affect us if i can pay???

 

[vandriver]

If you can't or won't pay the 11k,your credit ratings will be affected.
How much do you owe revenue,and is this still unpaid?

 

[Steven Barrett]

Hi
Me and me wife had a company untill september 2016,in 2015 we made an overdraft of 12k on the business acc were we sign a personal guarantee,we paid about 2.5k of that and the company stop trading as we owed money to revenue.now we recived a letter that we are liable for 11.3k as interest ocured.We have 4 kids and only one working,we do not own any house or land,car is on finance.any suggestions how can i treat this,is this going to affect us if i can pay???

Your business availed of a loan. As the company likely had limited liability, you and your wife said you would cover the loan if the company failed. The bank are calling in on that guarantee that you gave.

The bank won't be able to get blood from a stone and you are better engaging with them rather than ignoring them. It won't go away all by itself. If you talk to your bank, you will be able to agree to some terms of repayment/ write off


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

 

[Brendan Burgess]

Guys, please don't answer question with vague meaningless titles.

Denis - please edit the title of your thread.

Brendan