Hi all, this is my first posting.
I was one of four directors of a limited company that went into liquidation around 2001. All four directors signed a Directors Guarantee (it was my first directorship and I was just happy to sign anything as I trusted the others).
After the company went down the bank (Barclays) came after their money, I agreed to a repayment agreement of £40 per month, I have been paying this without issue ever since (over 10 years now).
Today I received a letter from Barclays stating that they are now reviewing my case and want a financial statement from me.
I am in a worse financial state than 10 years ago now trying to keep my head above water with a small business I run with my wife, we both can only afford part time wages and have other debts with credit cards etc which we have had to make payment plans with.
I am worried that the debt guarantee with Barclays was substantial I think it was around £70k and each director was responsible for any/all of it.
We are just making our mortgage payments and I am worried about Barclays taking a charge over the house, I also have a secured guarantee with my current business bank for our overdraft and sorry that if they see a charge over the house they might cancel the overdraft or I lose my house.
It is over 10 years now since the monthly payments started what can I do?
What can Barclays do?
Thanks sleepless worried me.
I was one of four directors of a limited company that went into liquidation around 2001. All four directors signed a Directors Guarantee (it was my first directorship and I was just happy to sign anything as I trusted the others).
After the company went down the bank (Barclays) came after their money, I agreed to a repayment agreement of £40 per month, I have been paying this without issue ever since (over 10 years now).
Today I received a letter from Barclays stating that they are now reviewing my case and want a financial statement from me.
I am in a worse financial state than 10 years ago now trying to keep my head above water with a small business I run with my wife, we both can only afford part time wages and have other debts with credit cards etc which we have had to make payment plans with.
I am worried that the debt guarantee with Barclays was substantial I think it was around £70k and each director was responsible for any/all of it.
We are just making our mortgage payments and I am worried about Barclays taking a charge over the house, I also have a secured guarantee with my current business bank for our overdraft and sorry that if they see a charge over the house they might cancel the overdraft or I lose my house.
It is over 10 years now since the monthly payments started what can I do?
What can Barclays do?
Thanks sleepless worried me.
