Personal Guarantee advice in respect of New Wave Capital

[T C B]

Good morning

 

I wonder if some one could offer some advice in respect of a PG i provided as a director 5 years ago in relation to a company credit card.

 

The initial credit limit was £2500 but has grown to nearly £35k

No issues with it currently i'm just being prepared as stupidly it never occurred to me.

 

If someone can help i'll upload the document

 

many thanks...T

[BankFodder]

Outside my area of experience but I would certainly want to start discovering how I could withdraw from the guarantee.

How much credit is on the card at the moment?

How come the limit is increased so much? Was this as a result of your company's request or is this the bank pushing up the limit from time to time of their own initiative?

[T C B]

Thanks for you rapid response. i'm not sure what you mean when you say "I would certainly want to stop discovering how I could withdraw from the guarantee."

 

The balance is nearly £35k

Yes they have increased the limit without requests from us

 

Thanks..T

[dx100uk]

3rd thread here on arrows and these doggy PG's they bought.

 

a credit card that was a bolt on of other lending??

and most say they did not sign a PG, they were given the card free or something?

 

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[MOSS 41]

When did you take the card out - 

as they changed the product/card few times from 2018 to now - with new docs superseding the others ? (At least twice I know of ) 

 

did you agree to change in card when they emailed you about it ?

[Ethel Street]

Are you still a Director of the company?

 

Have there been any actual default on repayments to the credit card issuer?  Have you any reason to think there might be a default in coming months?

 

Do you have a copy of the PG form/wording that you gave originally?

 

------- Does ir specify £2,500 or make it open ended?

------- Does it say how you can cancel your PG or limit its amount?

 

I imagine that cancelling your PG could result in the CC issuer cancelling the CC and demanding the  immediate full repayment of the outstanding balance, which might not be a satisfactory outcome for you if you are still a director of the com pany.

[dx100uk]

can we confirm this is now arrows group (drydens etc) that own the debt and are chasing you please ?

[T C B]

Hi thanks for the replies

 

yes I'm still a director

no default on the account

first document was sent by email when the account was opened

second document just appeared on the portal

emails have been sent for some of the increases

 

there's no actual signature on the documents just a printed name but i don't remember going online to sign an e-sign thing 

first document.pdf second document.pdf

[MOSS 41]

Ok -

so you have the original agreement form 2017 and This was replaced by new one in 2019

which is a bit more onerous as an indemnity as well -

 

as you haven’t defaulted yet - what are you currently hoping to achieve ? Are you about to default, and worried about the consequences ?

 

If so , do you have the ability to restructure your borrowing , to a simple unsecured business loan (their rates are terrible anyways) 

pay this off and the issue of a personal guarantee goes away