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Established 1992

 

Directors Personal Guarantee Request copy from Bank?

 

Do you have a copy of the personal guarantee the bank claims you signed? Is the bank claiming a Limited Company debt by claiming on the Director's Bank Personal Guarantee that you have signed? Has the bank requested proposals to pay on your director's personal guarantee whilst the company is in a CVA arrangement? When do you 'fight back' on a director's personal guarantee debt claim? Can you 'fight back' on a director's personal guarantee debt claim? A copy of the personal guarantee document should have been provided at the time you signed. If you signed in front of a solicitor and they witnessed your signature and also advised you on the signing - they should have provided you with a copy at that time. But, many personal guarantors do not have a copy of the PG document they signed or just cannot find it.

Should you now request a copy of the personal guarantee you signed from the bank?

Are you personally liable to pay the Limited Company debt which is now being claimed? 

 

A personal guarantee is an agreement made between an individual or individuals which means that if they act as a business director they then take a level of responsibility for their company's debts in the event that they cannot be paid back by the business or company itself. If a claim is made under the personal guarantee, the director will be liable to pay the company's or businesses debt and the partner, proprietor or company directors' personal assets may be at risk as they become liable for the relevant business debt that is covered by the guarantee.

 

IBAS website was launched in 1998 to help UK businesses with banking disputes.

 

(see BBC Testimonial for IBAS in 1999) at: Your Money Not a moving account  - BBC 22/07/99

 

IBAS has featured on BBC TV, BBC TV News, ITV, Meridian and Sky News and contributed to many editorials and articles including those for the Sunday Times, Times, Daily Mail, Daily Express, Telegraph and Daily Mirror.

Directors UK Bank Personal Guarantee Debt Claim Demands and the IBAS Christmas Warning Post

Christmas 2019 is fast approaching and Banks will use their normal 'holiday' strategy on legal claims.

  • That means they will be already preparing their Christmas legal claims.
  • Many are prepared deliberately to drop through your letterbox just before 'close of business' on Christmas Eve.
  • Getting 'advice' for a Director's Personal Guarantee Debt Claim around Christmas and New Year is extremely difficult.
  • Banks know that - whilst they have easy access to solicitors at all times their customers will not.
  • Between Christmas Eve 2019 and 2nd or 3rd January 2020 is a normal holiday period for most in the UK.
  • Therefore, good strategy (although extremely unfair) for banks to issue a claim ready for 'service' on Christmas Eve.
  • The 'service' on you will be deliberately timed for maximum effect for the bank's benefit.
  • The legal clock starts ticking once a claim is 'served' which puts the customer under extreme 'time' pressure.

Losing 10 days in the Christmas - New Year period doesn't help those with legal claims obtain help.

  • Banks know that customers will be forced to react - which means many customers will also attempt a DIY response.
  • Banks love DIY responses, as they know they will normally lead to the bank obtaining an 'easy judgement'.

OR

  • The customer just doesn't react at all and judgement is obtained by the bank by default.
  • DIY responses miss possible defences which are effective legal arguments to avoid 'strike out'.
  • We would suggest that anyone with a bank claim 'lurking' against them - obtains help.
  • Do not  get 'rushed' into answering a bank's legal claim without any help at Christmas.

Drop IBAS  an email and we will explain what can be done.

 

Banks and Bankers do not 'play fair'! IBAS protects you from the bank's often hostile intentions and actions.

Banks produce documents they will rely on for their legal claim on you - it's vital to know which documents they will hide.

 

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The Bank’s Final letter for your business banking dispute complaint & business complaints to the Financial Ombudsman Service (FOS)

It is a fact that all banks spend considerable time and effort 'drafting' their Final response letter to the customer on complaints because they know that their Final Response letter is designed to persuade the Financial Ombudsman Service (FOS) to their position. By that time the bank’s customer services/complaints department will have already extracted all your information from you for their benefit by questioning you and then they will have dismissed your complaint/s.

Bank Final response letters are drafted and written by legally trained bank staff who are communicating with the FOS daily and are therefore completely aware of FOS decision making.

The Financial Ombudsman Service staff are aware that bank Final response letters are prepared by legally trained bank staff and the bank’s Final response letter will influence the FOS ‘investigator’.

Bank customers may believe their business banking dispute complaint/s will get a fair hearing by the FOS and from reading the FOS website may also be misled into believing that it is ‘easy’ to make a business banking complaint through the FOS.

However, banks possess very distinct advantages, which include legal knowledge, long experience of ‘complaint casework’ and know what is effective (for the bank). Banks also know how the FOS 'thinks' as they communicate regularly with the FOS by telephone.

The Financial Ombudsman Service do not calculate bank accounts to provide an independent calculation where they are required. The Financial Ombudsman Service will rely on bank methodology and bank calculations when dealing with a business banking account dispute.

The bank's Final letter allows you 6 months to make a complaint to the FOS.

see very poor 2019 - Trust Pilot Reviews for Financial Ombudsman Service


What will the Independent Banking Advisory Service (IBAS) provide you for your business banking dispute complaint which the Financial Ombudsman Service (FOS) will not?

IBAS will carry out fully independent investigations of business bank accounts based on the customers complaint and will provide fully independent calculations with a report which can then be relied upon to evidence incorrect charging, bank errors and overcharging.

Historical banking account errors/bank charging mistakes and bank overcharging claims evidenced by IBAS account investigations and calculations enable effective business banking account complaint progression. IBAS has been calculating business bank account and overcharging complaints since the mid 1990's

IBAS account investigations enhance the customer's complaint with substance to evidence bank charging errors to the customers advantage.

IBAS will investigate business banking disputes which IBAS 'take on' and progress for the customer.

IBAS reports can then be relied upon for any business banking dispute which IBAS has accepted.

IBAS investigate Director’s Bank Personal Guarantee dispute complaints and assess all other security documents held by the bank for lending purposes to establish the facts and historical positions. Specific advice on business banking account/s disputes and further actions required are provided by IBAS once our investigations conclude.

Information from those we have assisted since 1992 show that other ‘advisors’, solicitors & also the FOS carried out very limited or basic ‘checks’ on business banking complaints. Basic ‘checks’ cannot identify customer defences, allow debt reduction or eliminate a debt being claimed.

It’s clear that ‘other advisors’ provide advice and ‘outcomes’ without necessary facts. That disadvantages or destroys the customer’s ‘case’. IBAS has a long established standard practice for investigating bank customer’s business banking account disputes in depthother ‘advisors’ do not do so.

 


Email IBAS

 

IBAS has specialist knowledge (from IBAS investigations into UK business banking account disputes since 1992), which provides us with 'extra' knowledge to produce the best results for you in contesting a bank debt claim or Director's personal guarantee debt claim demand.

Personal Guarantees on Bank Business Debts or business banking debts or disputes for Limited Companies allow the bank to claim a debt is owed personally by the personal guarantor if the business fails or the Limited company cannot pay the debts claimed on the bank's demand. It is not enough for a personal guarantor to resign from the company. Even if a company director resigns that may not protect them from a bank claim on their personal guarantee for debts owed by the business whilst they were directors or partners.

Do you require a release/discharge/end/finalize or 'determination' of a personal guarantee?

If you do need to be certain of your position, you will require specific specialist advice to make sure the Personal Guarantee is no longer 'relied upon' by the bank.

 

If your business was forced into Lloyds Bank Business Support Unit, Royal Bank of Scotland/NatWest bank/RBS Global Restructuring Group (GRG) unit or HSBC Specialized Lending Unit - we know how they operate and how false defaults are engineered - lawyers don't have that specific experience or IBAS knowledge from such cases. It is also now documented that Mandatory referrals and transfers to such units were required by those banks and that any 'breakdown' of the customer relationship (whether engineered by the bank or not) was used to refer businesses to such units and that even the questioning of bank charging by the business was enough to 'trigger' the bank moving that business to what are effectively 'debt recovery units' and building up penalty fees and charging rates to drive up the debt then being claimed - so contact IBAS with your case details and let us know whether your company is still trading - or been forced into insolvency by the bank.

Business Support Units, Specialized Lending or Specialist Relationship Managers are all terms used by the banks for those individuals specifically employed by the bank to 'rip off' businesses by forcing or 'triggering defaults' - which forced businesses into insolvency situations, where the bank could then plunder the cash flow and assets and then having brought the business to it's knees 'follow on' to demands and then enforce on Director's Personal Guarantees to take their homes.

 

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'I found IBAS to be Impressive & professional with no nonsense. I followed IBAS strategy totally and the result was spectacular. Thanks for putting my life back on track and saving me a bucket load of money - I cannot thank you enough. I would now start with IBAS and ignore all the others who are 'selling' an imitation of these guys but without IBAS knowledge! - AT November 2016

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Banks seek security for lending in many ways but the PG is the easiest and the simplest for a banker to take (and the least resisted by the customer) particularly when bankers have not been truthful and stated: ʻitʼs only a piece of paperʼ or ʻthe bank will never rely on itʻ or when security on the home is being taken - the well used phrase of: ʻdonʼt worry we will never take your home, even if the business failsʼ.

Those are areas in which IBAS has been ʻworkingʼ since 1992. We have found over time through our investigations that what was said before the personal guarantee signing or before other security for borrowings was taken is probably the most contested ʻbanking relationshipʻ dialogue. We do not think there is any mystery to that. Whilst bankers are very well aware of the legality of the signed Personal Guarantee (their banking exams specifically cover all aspects of taking valid security for the bankʼs benefit) and also how the bank will enforce on it later when required - it is often the ʻsellingʼ of the signing of a personal guarantee for a business which has been ʻmiss statedʼ by bankers in their quest to obtain the maximum security for their lending and in meeting loan/account/security targets.

IBAS investigation on such matters focus on obtaining all information and evidence to properly investigate not only the circumstances of the lending but also the circumstances around the taking of all security by the bank.

Once a bank has made a claim on the personal guarantee or issued a demand for payment they will be happy to oblige and provide you with a copy of it. That's because your signed personal guarantee will be an essential part of the bank's claim against you. But, requesting a copy of the signed Personal Guarantee document itself does not help very much. But, this will just waste time, without any real benefit to you. There are other important documents and important questions. If IBAS is dealing with a director's personal guarantee debt claim, we first establish what you are questioning and why you have any doubt regarding the origin of the bank's claim or the personal guarantee debt claim itself.

Assumptions and theory do not work when a bank debt is claimed from a director's personal guarantee, debt claim/company liquidation or company administration. CVA and Liquidation of Limited companies can present their own difficulties and Company Directors need to be aware of how asset sales and failure to collect business debts can alter their Director's Personal guarantee debt to the bank. It should be noted that an IVA arrangements will immediately force the bank to remove any overdrafts or loans previously agreed - so advise other than from the IVA or CVA provider themselves is necessary. There is no mystery for IBAS in such matters and we are not 'learning' on your case.

IBAS 'case work' experience has shown how banks operate and where personal guarantee debt claims can be fought. IBAS specialist knowledge and experience is unique. That's because it has been gathered from IBAS investigations into business banking account disputes and bank mistakes - we use all our knowledge and experience in every 'case'. A fully prepared defence can be drafted with the correct arguments. IBAS know how best to obtain all information necessary for defence purposes to prevent escalation quickly to a legal debt claim and to avoid costly legal fees.

If you are seeking to 'control' your future but have just received a claim for a banking debt liability from a limited company guarantee or a debt claim demand from a director's personal guarantee - IBAS can help. IBAS provide good specialist advice and resolution before litigation if possible but if IBAS is involved immediately after demand for payment by a bank, our aim is to gain all information which we know is necessary to assess legal arguments - against existing case law.

IBAS lay the 'groundwork' for successful defences by first preserving defences which exist and yes, we have assisted in many cases which have been won by our members after litigation in the County Court, High Court and the Court of Appeal.

Our experience and knowledge will be extremely important in supporting any business banking customer in dispute with their bank.

As one of our members stated: " I discovered IBAS via a Google search for “personal guarantee advice”. Until this point I didn’t know that such an organization existed. At the same time I had also started talking to a number of solicitors about my position. The reason that I put my faith in IBAS was that it was clear they had extensive knowledge about PG’s. It seems to be a very specific area of law and whilst the solicitors were very gung ho it was clear they did not have as much specific expertise as IBAS. Since taking on my case IBAS have provided detailed, accurate and realistic advice. They are comfortable handling the various tactics deployed by the banks and provide strength and support during what can become a very stressful situation. I would probably have caved in or lost had IBAS not been handling my case." - MJ

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The following statement has been posted online by one of our members: "The fact that IBAS have the knowledge and provide assistance in formulating the strategy, which was provided to me under membership and which provided the necessary case law ammunition and support (letters continually making the correct points) to prevent the bank gaining the upper hand (preventing me making offers which I wanted to make, just to get this case against me closed, and which would have destroyed any defence) - that strength of position then also enabled me to 'face off' the bank's threat (although the bank/solicitors knew their claim was flawed) and this strength of resistance then forced them to discontinue their action - this is all a matter of fact and something which IBAS should be very pleased about." & "I understand that so many cases are lost before they start because under threats from the bank the customer provides an offer of payment - without understanding there may be a defence to the bank's claim. Having been induced to make that offer, the bank then goes for the jugular. Apparently I am one of a very small band of successful litigants, which I wouldn’t have been without IBAS behind me."  Source

This case illustrates how cautious a guarantor needs to be and just how dangerous Director's Personal Guarantees are for those who have signed them, whether for themselves as a sole proprietor or with others as directors or partners providing guarantees for either company or limited company debts.

IBAS 'case work' experience since 1992 has shown us how banks operate. IBAS has specialist knowledge, gathered from IBAS investigations of business banking account disputes over time and all IBAS knowledge and experience is used on your 'case' - no other business banking customer assistance organization has either IBAS experience or IBAS knowledge.

Bank debt recovery officers are highly trained to control conversations with customers - once they have them on the phone. Bank debt recovery officer's training and their legal knowledge at debt recovery provides banks with a legal and psychological advantage. Particularly, when the customer is attempting to 'negotiate' themselves using the telephone. It is not an ordinary conversation and the customer is immediately placed under pressure and at disadvantage as the bank's debt recovery officer takes control of the conversation to obtain what they want - which is information to use against you. They are not employed to 'advise' you - they are employed by the bank specifically to protect the bank and get your money from you. Customers have little knowledge of a bank's debt recovery strategy or how it operates but Bank debt recovery units are very skilled in defending the bank's position and are trained to use their legal position and knowledge to prevent defences from arising at an early stage in the bank's claim. That is why the bank seek your asset/income information - as a first priority. Immediately, the bank are provided with that information the customer is under pressure for payment regardless of any disputes or complaints which may have been previously raised.

 

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We know that communicating with someone who fully understands what you are going through is your first step to getting a good night's sleep. But, communicating with someone who has dealt with a great many cases like yours is even better so don't waste time putting off dealing with it - act now - email IBAS from the link above.

 

Last modified: 16th November 2019