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Established in 1992

 

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 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 from the bank, you ask? Are you 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.

We believe IBAS is the most economical, professional, confidential guidance and direct assistance organisation available for UK Business banking problems and disputes. IBAS experience has proved to be the deciding factor in effective and sometimes almost miraculous settlements for business banking customers.

IBAS has specialist knowledge (from IBAS investigations into UK business banking account disputes since 1992) - no other business 'help' organization has IBAS experience or IBAS knowledge, which provides us with 'extra' width of knowledge to produce the best results - that provides you with extra 'options' for contesting a bank 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 and 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. If you need to have a release/discharge/end/finalize or 'determine' a personal guarantee you will require specific advice to make sure the Personal Guarantee is no longer 'relied upon' by the bank.

 

contact IBAS for help

 

Or telephone (during office hours only) on 01487 843444 to arrange a confidential conversation

 

 

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 us exactly how banks operate and where personal guarantee debt claims can be fought. IBAS specialist knowledge and experience is unique only to IBAS. That's because it has been gathered from IBAS investigations into business banking account disputes and bank mistakes and 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 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 aim to 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 or banking claims by first preserving any defences which then 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. - See information below on case with IBAS member - where the bank is seeking payment from his personal guarantees:

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 organization has either our 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.

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

Independent Banking Advisory Service (IBAS) - IBAS launched in 1992 as a specialist unincorporated business banking membership organization assisting bank customers with UK business banking account loan disputes and business banking debt disputes with their bank. Our analysis and investigation of business bank loans, business bank accounts, business banking contracts, business banking account facilities and business banking debt recovery information has been instrumental in our member's success.

Last modified: 13th December 2018