Business Debt Personal Debt

Further questions answered below

The best way to find out what we can do for you is to get in touch and tell us about your situation. Your initial meeting with Bell & Company is obligation free and absolutely confidential.

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  • I work 9-5, is there availability to call after 5 pm? Chevron down
    • We understand that it can be difficult to speak about such sensitive matters during working hours. We can accommodate out of hours calls and/or meetings every Tuesday and Thursday until 8 pm.
  • What documents are required to assist your review of my case? Chevron down
    • Should your case fall within our corporate department, the following documentation would greatly assist our review:
      • Copy of original letter of offer from Lender
      • A most recent letter of offer from Lender
      • Most recent correspondences received from Lender confirming the current balance owing
      • Please confirm your primary point of contact at the Bank
      • With regards the security, please provide original planning permission to build up the land – if applicable
      • Please forward all correspondence pertaining to any ongoing issues regarding the issues with security
      • Please provide contact details as to the Bank’s instructed Agent/solicitor
      • Please forward all correspondence to and from the Bank’s instructed Agent/solicitor
      • Please advise if any Receivers have been instructed and provide all correspondence to and from same
      • Please provide any written valuations obtained
      • Please complete and return statement of affairs which are in fact Bank, pro forma templates
      • Provide a copy of any previous proposals submitted to Lender
      • Please provide a copy of any previous sworn financials submitted to Lender
      If you fall within our Resolution department all we require is, you to complete our standard Statement of affairs to gain an insight into your situation
  • I cannot attend an interface meeting for my consultation, what other methods are available? Chevron down
    • We understand that due to logistics and busy work schedules it can be difficult to pin down a time to attend our offices for your consultation. We do offer Skype and conference call as alternative methods for your consultation. We can also attend your offices should you require same.
  • When can I have my consultation? Chevron down
    • In most cases, a consultation will be offered only when we feel we have all-sufficient information & documentation requested and conducted our review on the same. This is for the sole purpose that we prefer to know the background of your situation before we can provide you with options and advice. We conduct a thorough case review beforehand completely of charge.
  • How can I get in contact with you? Chevron down
    • We offer several methods of contact:
      Office number +44330 159 5820,
      Office email [email protected],
      Via our website contact us page,
      Via live chat,
      Facebook or
      Twitter
  • How do you assess my case? Chevron down
    • Each and every case is wholly unique therefore every case is assessed individually. A full comprehensive fact-finding exercise shall be completed on the initial call and further assessment to be conducted through a review of your documentation.
  • What happens after my consultation? Chevron down
    • Each case is followed up with an email (or alternative contact method at your request) detailing our advice provided in the meeting and further detailing fees required
  • How do your fees work? Chevron down
    • Our fees work on a 2-fold basis:
      The initial fee, which is payable upon appointment
      Success fee, which is payable on the date upon which agreed objectives have been met
  • What exactly is a Personal Guarantee? Chevron down
    • In the majority of instances, where a Banking Institution agreed to lend money to a Limited Company, the Directors and/or others would have been required to sign a Personal Guarantee for the Limited Company loans before drawn down.

      This essentially meant that in the event that the primary Borrower, i.e. the Company, defaulted or became insolvent, the Banking Institution could call in the Personal Guarantee and pursue the Directors directly with a view to recovering what would otherwise be lost.

      A Personal Guarantee is often for a specified amount which would have been based upon the Guarantor’s overall personal circumstances and net worth at the time of signing.

      This signing of a Personal Guarantee does not assign automatic security to the Bank over the Guarantor(s)’ assets but rather gives the Bank the right to pursue same individual(s) by whatever means required, up to and including Bankruptcy.

      On occasion, some Guarantor(s) would have offered specific properties as collateral in which case the Bank would have security and could seek to recover their debts via the sale of the subject properties.

      The opportunity is very much there to seek to reach a settlement in respect of a Personal Guarantee if your position is such that you cannot address the same in full.
  • Can I contest a Personal Guarantee signed without legal advice? Chevron down
    • One of the first things that we request from any potential Client, being pursued on the back of having signed a Personal Guarantee, is sight of the signed document.
      This is imperative in order to ensure that matters were handled in the correct way
      We seek to identify then whether or not legal advice has been obtained or, at the very least, offered by the lending institution.
      Very often, individuals will have signed Legal Waivers meaning that they were essentially waiving their right to legal advice. This causes difficulty somewhat in disputing a Personal Guarantee on the basis of no advice.
      In the event however that there is a challenge in terms of the environment/way in which the Personal Guarantee was signed and, indeed, if there was no legal advice obtained or offered, we will challenge this head-on. One example of this would be where a wife allegedly signed a Personal Guarantee under duress from her spouse and without separate, independent legal advice.
  • What happens if I signed a Personal Guarantee without consideration? Chevron down
    • It is not a defense to pursuit for a Personal Guarantee to claim that you had not given it consideration.
      Very often, those signing Personal Guarantees will be businessmen/women and so will be expected in a sense to have an understanding of the commitment being made.
      If it is the case that you had no/incorrect advice however, this can be very different.
  • Could I lose my home? Chevron down
    • One thing we understand entirely is that home is sacrosanct to most people thus it is imperative that the situation at home is investigated first and foremost.

      In many instances, a Borrower/Guarantor’s home will be mortgaged with another lending institution and, as a result of the property crash, there will very rarely be equity in the home thus there is nothing there for lending institutions to pursue/Official Receiver to vest an interest in.

      Each case is different however and centers around mortgage balance, current market value and whether there is any equity within the property.

      A lending institution only has the ability to initiate repossession proceedings in respect of your home if it has been directly offered as security.

      That being said, if you have signed a Personal Guarantee, your personal assets are exposed somewhat and any Creditor can seek to realise the equity in any assets pertaining to you by either seeking Judgment and enforcing same thereafter or, alternatively, petitioning for Bankruptcy, even if they have no security.
      If there is equity in your home, this will have to be considered in any settlement proposal to ensure that the same is protected.

      This will often avoid aggressive action then by a Creditor however rights are reserved at all times.
  • Can I be made Bankrupt? Chevron down
    • As referred to briefly above, a Lender reserves their rights to initial proceedings, up to and including Bankruptcy, if your debts are not acknowledged.

      They typically only take such action where there are no communication/efforts made to address debts to the best of the Borrowers’ ability.
      Even if these cannot be paid in full, there is the option to negotiate with a view to settling and avoiding Bankruptcy.

      Those who are pro-active achieve results however where matters are simply ignored, the threat of Bankruptcy very much looms.
      On occasion, Bankruptcy may, in fact, be the best option for an individual in terms of protection.
      Should this be the case, then we have specialised members of staff available to advise, guide and assist through this entire proceedings.
  • What if I have a Personal Guarantee but no assets? Chevron down
    • When considering your ability to address a Personal Guarantee, any lending institution shall request detailed, substantiated and supported proposals along with sworn statements demonstrating your overall, financial position.

      They will consider any assets you do or do not have and shall request reporting on any property transactions that have occurred up to 5 years previous.
      During their due diligence process, they may conduct property searches which will highlight any transactions in terms of sales, transfers, etc. that have occurred.
      If a person genuinely has no assets, then they may wish to seek to settle their Personal Guarantee to the best of their ability with funds provided by a third party in order to avoid litigation or Bankruptcy. Again, this is a process in which we specialise, and the availability of funds is paramount in order to engage.
      Where there are no monies available to settle, an individual may be minded to seek advice in respect of Bankruptcy, But this is a worst-case scenario.
  • Will seeking to reach a settlement with my lender impact on my credit rating? Chevron down
    • In most instances, Commercial Loans/Facilities will not appear on an individual’s credit rating. For personal loans/borrowings this is very much assessed on a case-by-case basis.
      One of the first things we will ask any Client to do is to download an up-to-date credit report which shall provide confirmation as to what is registered. This means that reaching settlement with a Banking Institution in respect of commercial liabilities will not necessarily impact on your ability to start a fresh and engage with lending institutions in the future, so long as everything else is positive

Your initial meeting with Bell & Company is obligation free and absolutely confidential.

Our team has a real depth of legal and financial experience in dealing with personal guarantees, so we can mediate effectively with your creditors with the aim to reach the best possible outcome for you.

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