Personal Guarantees has achieved a stunning success with a personal guarantee being reduced by 99%, from £935k down to £5k.The guarantor had taken out the loan but business plans went badly wrong as the recession struck. After much struggling with the business, and losing everything, the guarantor effectively had nothing left. He had no assets and very little income, and had ended up living in his parents’ house. Using their tried and tested processes, Personal Guarantees produced a full assessment of the situation and managed to negotiate with the bank and their representatives; they agreed to reduce the guarantee by over 99%.
A significant part of the success was a realistic assessment by all parties of the dire situation.
Whilst this is an extreme case, it is one of many success stories that Personal Guarantees have in reducing or mitigating guarantees that have been imposed by banks, sometimes incorrectly.
Mel Loades, Director of Personal Guarantees, said, "Much of the credit has to go to the bank involved and the debt collection agents acting on their behalf. It is a shame that not all banks, and solicitors and agents acting on behalf of them, take the same rational approach."