Hi, I am new to this so please bear with me. I was a director of a ltd company which failed, the company was not made bankrupt but we stopped trading and closed the company. The company had a car on finance with Lombard asset finance with myself as personal guarantor. I could not afford the car anymore so called lombard to return the car to them. They came and collected the car and now i have recieved a demand for payment of approx 15K. It states they sold the car for £19,200 and and repossesion cost and disposal cost approx 3500 the debt balance is now approx 15k (i offered to return the car, they did not repo the car) A letter has come from Shoosmiths which includes a copy of the agreement signed by me, a copy of the guarantor signed by me and a print out of payments made to the account from the start. The agreement was for 52k and a deposit of 7k was paid so a total of 45k was the agreement. Date of agreement started in 6/2/08. I simply do not know what to do now, i am unemployed and can not afford it. what options do i have. I read somewhere that if 50% of the balance was paid them i was free to hand the car back. at the time of handing it back i had a balance of approx 30k, with the sale of the car this falls well below the 50% does this count or must it be 50% when i give the car back. I am really worried and any advice would be a great help. Is my only option to go bankrupt as they have all the signed agreements by me ? Thanks in advance