Lloyds TSB Guarantee - A Long Story

[MarkThomas123]

In 2004 I company of which I was a director went bankrupt. At the time the liquidator asked if there were any personal guarantee's and I said I had never signed them

 

Around 18months later I had a letter demanding payment £15,000. I asked for a copy and they had a signed guarantee. I can't ever recall signing but it's my signature.

 

I checked my documentation and I hadn't signed the overdraft agreements or the application for the overdraft.

 

I have the original overdraft agreement unsigned which states that the overdraft is covered by the guarantee. There is a stamp on this which states 'This letter must be signed and returned before a limit can be put in place'.

 

I also have a copy of the application for the overdraft unsigned.

 

There are a number of issues, first the liquidator is yet to close the file as I offered to go after the debtors of the company and secondly they've told me that as they have the guarantee they are threatening a charging order regardless of the documentation that I hold.

 

I haven't yet told them that I have this documentation (only hinted) but have requested it many times over the last three years. Every time I request it they go quiet for a few months.

 

Please help.

[MarkThomas123]

More news on this, have now got them threatening legal action.

 

Have stated verbally to them that I never agreed that the overdraft would be covered by the guarantee and they argued it was implied.

 

I then informed them the original agreement had a stamp on it as I mentioned earlier. Can they forward a signed unaltered version of it?

 

I suppose legal advice is what I need now will update thread when I know more.

[MarkThomas123]

Took advice, seems I have a solid case, have written a letter back.

[fergal71]

are business overdrafts secured or unsecured borrowing????

[MarkThomas123]

Unsecured. Have had a letter from Lloyds saying they are taking the file off the DCA for further investigation.

 

I do recall the liquidator asking me about Guarantee's and I said to him I never agreed to them.

 

This has been going on for nearly three years now and the agreement or lack thereof goes back to 2002.

 

My memory is fuzzy I either photocopied the agreement amended the terms of Overdraft Agreement so guarantee was not valid against the overdraft or spoke the the business rep and said I'm not having this and never signed them.

 

It's quite annoying as I don't ever recall signing a guarantee and had I known they were going to claim when the company went through I could have chased the debtors to have secured the funds.

 

I was naive didn't realise at the time that companies generally rub there hands in glee when a company goes through it's so easy to baffle the liquidator.

 

Overall it's really frustrating as the company was owed £30k+ when it went through and being so naive I did it by the book and lost £50k of borrowed cash.

 

Phew, long post sorry.