You're in trouble right?
The bank are writing some very strong letters about your Personal Guarantee - so you have to pay, don't you? You're going to lose your house, aren't you?
Not necessarily - certainly no one should welch on a commitment they have made, but was your commitment to a PG legally made and if not, do you therefore really legally owe the money?
Understanding the financial implications of a Personal Guarantee issue is one thing, but what about the human cost? Click on the above video to watch the fourth part (of 4) on debt and how best to manage it; this clip looks at some caveats to consider. (Click here for the other videos in the series- or scroll down the page).
With Personal Guarantees, the banks can be notoriously bad at keeping their end of the bargain by not having their paperwork in order or being sloppy or otherwise inept at arranging the PG in the first place.
And you can guarantee that if the boot was on the other foot, they'd make sure you knew it and certainly they will leave you with the distinct impression that you do owe the money on the PG come what may.
This is where we come in - with our help, your PG problems can be tackled once and for all.
Please find below the other 3 videos in our "Human Cost" series covering "The 2 Hour Box", "The Partner Paradox" and "Caveats":
STOP PRESS: Barclays Collection Policy Change ...read more.
Why not sponsor one of our client managers, Wendy Guild on the Great North Run (September 15th) in support of St Mungo's
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If you have a personal guarantee problem/issue - please don't delay in contacting us - Experience tells us that best results come from early intervention.
So, please don't be an ostrich, take your head out of the sand and contact us now to see how we can help you with your Personal Guarantee.
A bit about ourselves, and why we might be able to help you.
Our experience has been forged through 25 years in turning businesses around. And in the last 9 years in particular, we have worked with company directors to settle their Personal Guarantee issues, with this website being the leading provider of this service.
*** LATEST NEWS UPDATE - October 2012***
We measure our success to ensure we are delivering the best possible results possible and to improve our service- the benefit of those we work with now and in the future accumulates from our ongoing experience of dealing with personal guarantees in the past.
We have always said that average percentage settlements will come under pressure as organisations making claims become better at putting them in place in the first place, become better at collecting and the court process (which can take some years in many cases) brings more matters to a close.
As of the 22nd October 2012, we have just over £42m worth of personal guarantees managed over the last 4 years, with specific experience in this field dating back to 2003.
Of that figure, £10.28 million has been settled for £2.95 million, an average settlement rate of 28.7%. This overall figure shows a reduction of over 3 percentage points in the amount being settled compared to December 2011, but there are some underlying statistics to understand within these figures before getting too excited:
Taking out some exceptionally well negotiated large personal guarantee claims; the general underlying trend is a settlement percentage to 38.8%. As we have always said, the average percentage settlements will increase steadily as banks in particular become better at putting personal guarantees in place in the first place and collecting on them.
Furthermore, the pre-2008 banking excesses are gradually working out of the system, leaving more recent valid claims being made by banks in particular.
Even so, an average settlement figure of below 40% reflects a good overall rate. Some of this we would give credit to the banks for some pragmatic decision making, some due to ongoing issues they have with their personal guarantee implementation and collection processes.
It is also important to note, that despite this overall success, there are some claims which settle for higher percentages or even the full amount plus costs.
Under our FAQs, there is some explanation as to why this may happen.
For Press/Media enquiries, please contact Phil Taylor