Pre-insolvency advice Personal Guarantee Issues

The team at Bell & Company help business owners across the United Kingdom and Ireland, who find themselves in financial difficulty as a result of personal guarantees.

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Personal Guarantee Issues

It can be frightening to find that if you have signed a personal guarantee, your personal assets, including your home, may be at risk. If you are in this situation, don’t worry, there are options.

We specialise in helping clients who have one or more personal guarantees. We negotiate with creditors on your behalf and look to resolve the situation.

Will my Lender Enforce my Personal Guarantee?

If you cannot repay your loan or your business enters insolvency, any previous repayment agreements become void. This means that you are liable for the full value of the loan, not monthly repayments.

Everyone who signed is liable and creditors can request repayment at any time. This means that if you and another person signed the personal guarantee, you are both jointly responsible. If the other party does not pay, the lender could force you to repay the full value.

What Happens if I am Asked to pay?

Ultimately you are personally responsible for repaying the loan. Unless you have the cash to pay, the creditor can issue a statutory demand and make you bankrupt, putting personal assets at risk.

Some lenders may agree to payment plans. However, these are rare and often involve large monthly sums. The lender is under no obligation to agree to a payment plan.

Additionally, your lender will add additional costs and interest, so the longer you take to pay back the loan, the more you will ultimately repay.

How we can Help

We have over 25 years’ experience in negotiations around personal guarantees we have helped hundreds of business owners and directors in similar situations. We will guide you every step of the way, handle the legal documentation and enquiries and keep you informed throughout.

Our aim is to protect your financial status and/or your business as well as your emotional wellbeing.

If that letter of statutory demand arrives, don’t panic. Contact our team.

If your enquiry is urgent, you can use our live chat function or alternatively fill in the contact us form and we will back to you quickly.

Tick iconYou Can Trust Bell & Company

1. We will devise the best strategy for you
2. We will see every case through until the end
3. We are experienced in negotiating with Creditors
4. We have helped hundreds of clients

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Free Initial Case Review

From the outset, we establish clear bottom lines with our clients, so we understand what their priorities are and what must be protected. We then create a strategy to navigate the way out of corporate and personal debt with impartial advice and rigorous action.

Specialist, Impartial Advice

The team at Bell & Company combine technical expertise with over a decade’s experience, to find the strategies and solutions to resolve our clients’ debt dilemmas. This means that when you’re with us, you can be assured that we’re working for your best possible outcome.

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