Hi, I was joint owner of a business between 1999 and 2003 with 1 business partner. During that time we banked with HSBC and in 2001 we signed personal guarantees of £15,000 (joint and several) to cover a £10,000 overdraft. I left the business in 2003 in acrimonious circumstances and failed to get the PG renegotiated (I was young, dumb and clearly not business minded). Anyway, in June this year, HSBC got in touch wanting repayment of the £10,000 overdraft as the account had laid dormant since the start of the year. I got in touch with my ex-business partner and he assured me he would deal with it. As no longer connected with the business in question, it was difficult obtaining information but before the debt was passed on to MCS, my ex-business partner has sent a letter to HSBC telling them that he took sole responsibility for the debt as well as saying this in voice conversations. I also have numerous emails saying the same thing. I received a letter from MCS on Thursday and talked to them the same day, explaining that I had been assured that my ex-business partner would deal with the debt so I was leaving it to them. The account has been put on hold for 7 days and I have contacted my ex-business partner to send me a signed letter absolving me of any liability as well as call them to confirm that. MCS suggested this course of action on the phone so that the debt could be assumed by my ex-business partner. Anyway, I am hoping this will all be done this week but as my ex-business partner is not very reliable (hence my departure in 2003), what do I do if he doesn't come through. He's assured me he will but the proof will be in the pudding I guess. I have numerous emails from him that say that he takes responsibility for the debt and I know from talking to HSBC before the account was passed on to MCS that he told them and wrote this to them so they have this on account already. Should I enlist external help, solicitors, PG specialists or anybody else? Any suggestions would be greatly appreciated. I know the guarantees are binding but I have had no involvement for over 7 years and my ex-business partner has been on record has willing to assume the debt so I wonder how I might be able to put this behind me. I am in full-time employment but do not own my own home (earning circa £16,000/year) and the debt stands at £10,000. He has paid £200 before the debt was passed on and he was willing to pay that amount every month but HSBC wanted 10% of the debt paid before considering it, which he doesn't have. Please, help or advice anyone?

Hi, I hope this isn't the wrong place to post such an issue but here goes...any advice gratefully received. I used to be a part owner (50%) and director of a business between 2000 and 2004. In 2000, my business partner and I signed personal guarantees with my bank manager when we asked for a 10000 overdraft facility. When I severed my ties with the business in 2004, I failed to renegotiate the guarantee and in June this year, HSBC got in touch regarding the £10000 overdraft and its repayment. It also appears that I was never taken off the mandate of the account despite having signed the necessary forms. This could be due to my former business partner's negligence. Anyway, I got in touch with my former business partner, who gave me and the bank written assurances that the liability was his responsibility but as he has failed to deal with it up until now, the bank are now pursuing me for the money. I was told to complete an affordability survey on the phone. I was reluctant but I was told that this had to be done by both guarantors in order for a repayment plan to be accepted, which is what my former business partner is proposing to do paying £200/month. All communications have been sent to the business address and despite going into a branch to try to add my personal address to the account, I was told this wasn't possible so I am kept out of the loop with regards to to correspondence. I have requested a copy of the guarantee when i was in and contacted solicitors with a view to having them review all the documentation I have. My ex-business partner agrees that it is responsibility and is proposing a repayment plan. However, I understand that as the PG is joint and several, the bank isn't likely to just stop with him. First of all, is there anything I should be doing? I am contemplating sending a SAR for the guarantee and any related document, but I am looking for the right template. I have other debts that I could wipe off by borrowing from family but I am loathe to do that as it might look like I have more money to pay HSBC. As I said, any help would be gratefully received, particularly any letter template that anybody might have. Thanks