Company directors receiving a demand on a director's personal guarantee bank debt claim should seek specialist independent guidance immediately - an email to IBAS will allow you to obtain specialist guidance.
A 'joint and several' demand on a director's guarantee debt claim does not mean sharing the amount claimed!
Are you prepared to defend the bank's claim? Can you afford a solicitor - costing many thousands? We have assisted many LIP's to obtain a better result after IBAS investigations.
A personal guarantee is an agreement made between an individual or individuals which means that if they act as a business director they then take a level of responsibility for their company's debts in the event that they cannot be paid back by the business or company itself. If a claim is made under the personal guarantee, the director will be liable to pay the company's or businesses debt and the partner, proprietor or company directors' personal assets may be at risk as they become liable for the relevant business debt that is covered by the guarantee.
Personal Guarantees on Bank Business Debts or business banking debts or disputes for Limited Companies allow the bank to claim a debt is owed personally by the personal guarantor if the business fails or the Limited company cannot pay the debts claimed on the bank's demand. It is not enough for a personal guarantor to resign from the company and even if a company director resigns that may not protect them from a bank claim on their personal guarantee for debts owed by the business whilst they were directors or partners. If you need to have a release/discharge/end/finalize or 'determine' a personal guarantee you will require specific advice to make sure the Personal Guarantee is no longer 'relied upon' by the bank.
IBAS experience has proved to be the deciding factor in effective and sometimes almost miraculous settlements for business banking customers.
The ﬁrst question when you receive a demand for your director's personal guarantee will be is this personal guarantee valid? or can this director's personal guarantee be contested in any way - if so how?
Who best can help you? IBAS prepare business banking 'cases' and investigate business banking issues - so that a defence can be properly assessed.
Drop us an email and we will explain what can be done.
IBAS website was launched in 1998 to help UK businesses with banking disputes.
BBC Testimonial for IBAS at: Your Money Not a moving account - BBC 22/07/99
IBAS has featured on BBC TV, BBC TV News, ITV, Meridian and Sky News and contributed to many editorials and articles including those for the Sunday Times, Times, Daily Mail, Daily Express, Telegraph and Daily Mirror.
The Bank’s Final letter for your business banking dispute complaint & business complaints to the Financial Ombudsman Service (FOS)
It is a fact that all banks spend considerable time and effort 'drafting' their Final response letter to the customer on complaints because they know that their Final Response letter is designed to persuade the Financial Ombudsman Service (FOS) to their position. By that time the bank’s customer services/complaints department will have already extracted all your information from you for their benefit by questioning you and then they will have dismissed your complaint/s. Bank Final response letters are drafted and written by legally trained bank staff who are communicating with the FOS daily and are therefore completely aware of FOS decision making. The Financial Ombudsman Service staff are aware that bank Final response letters are prepared by legally trained bank staff and the bank’s Final response letter will influence the FOS ‘investigator’. Bank customers may believe their business banking dispute complaint/s will get a fair hearing by the FOS and from reading the FOS website may also be misled into believing that it is ‘easy’ to make a business banking complaint through the FOS. However, banks possess very distinct advantages, which include legal knowledge, long experience of ‘complaint casework’ and know what is effective (for the bank). Banks also know how the FOS 'thinks' as they communicate regularly with the FOS by telephone.
The Financial Ombudsman Service do not calculate bank accounts to provide an independent calculation where they are required. The Financial Ombudsman Service will rely on bank methodology and bank calculations when dealing with a business banking account dispute.
The bank's Final letter allows you 6 months to make a complaint to the FOS.
see very poor 2019 - Trust Pilot Reviews for Financial Ombudsman Service
What will the Independent Banking Advisory Service (IBAS) provide you for your business banking dispute complaint which the Financial Ombudsman Service (FOS) will not? IBAS will carry out fully independent investigations of business bank accounts based on the customers complaint and will provide fully independent calculations with a report which can then be relied upon to evidence incorrect charging, bank errors and overcharging. Historical banking account errors/bank charging mistakes and bank overcharging claims evidenced by IBAS account investigations and calculations enable effective business banking account complaint progression. IBAS has been calculating business bank account and overcharging complaints since the mid 1990's IBAS account investigations enhance the customer's complaint with substance to evidence bank charging errors to the customers advantage. IBAS will investigate business banking disputes which IBAS 'take on' and progress for the customer. IBAS reports can then be relied upon for any business banking dispute which IBAS has accepted. IBAS investigate Director’s Bank Personal Guarantee dispute complaints and assess all other security documents held by the bank for lending purposes to establish the facts and historical positions. Specific advice on business banking account/s disputes and further actions required are provided by IBAS once our investigations conclude. Information from those we have assisted since 1992 show that other ‘advisors’, solicitors & also the FOS carried out very limited or basic ‘checks’ on business banking complaints. Basic ‘checks’ cannot identify customer defences, allow debt reduction or eliminate a debt being claimed. It’s clear that ‘other advisors’ provide advice and ‘outcomes’ without necessary facts. That disadvantages or destroys the customer’s ‘case’.
IBAS has a long established standard practice for investigating bank customer’s business banking account disputes in depth – we know that other ‘advisors’ do not.
If your business was forced into Lloyds Bank Business Support Unit, Royal Bank of Scotland/NatWest bank/RBS Global Restructuring Group (GRG) unit or HSBC Specialized Lending Unit - we know how they operate and how false defaults are engineered - lawyers do not have that specific experience or IBAS knowledge from such cases. It is also now documented that Mandatory referrals and transfers to such units were required by those banks and that any 'breakdown' of the customer relationship (whether engineered by the bank or not) was used to refer businesses to such units and that even the questioning of bank charging by the business was enough to 'trigger' the bank moving that business to what are effectively 'debt recovery units' and building up penalty fees and charging rates to drive up the debt then being claimed - so contact IBAS with your case details and let us know whether your company is still trading - or been forced into insolvency by the bank.
Business Support Units, Specialized Lending or Specialist Relationship Managers are all terms used by the banks for those individuals specifically employed by the bank to 'rip off' businesses by forcing or 'triggering defaults' - which forced businesses into insolvency situations, where the bank could then plunder the cash flow and assets and then having brought the business to it's knees 'follow on' to demands and then enforce on Director's Personal Guarantees to take their homes.
We have been investigating business banking cases since 1992 and we know what can be achieved using IBAS strategies. Can you afford to take the risk of using anyone else to help you?
If you are being asked to sign an indemnity with a directors personal guarantee now - check with IBAS first before you sign it.
If you have already signed into a Director's Personal Guarantee with an indemnity make sure you understand what that means for you if your company cannot pay the bank later if a demand is made.
IBAS provides experienced specialist, practical advice on how best to deal with and control the bank’s ‘collection’ activities after demand of the debt has been made on a Director’s Personal Guarantee. What can you do and how best to do it? Can you 'get out of the personal guarantee' - is it possible to do so? Can you dilute your director’s personal liability under a bank’s director personal guarantee debt demand? Those questions are always being asked where IBAS investigate bankers and the bank actions.