£300k Personal Guarantee settled for £6k
The PG was called on in 2011 but there were issues surrounding the mis-selling of an interest rate hedging property, which the bank admitted and compensated the company for.
In addition, the bank manager who managed the account was known to us on other cases as someone who had already abused his position for his personal benefit, making the provision of funding conditional on him receiving personal benefits and using the threat of withdrawing facilities unless he received an additional benefit or for obtaining further security to improve his standing within the bank and he had to some extent acted in this way with this client.
Such situations could lead to counterclaims of all sorts but, for most people, using the court process as a means for vengeance is a negative life and financially draining process and will not necessary deliver the justice that they believe is due.
Accordingly, such a token settlement allows for all parties to move on at a relatively minimal cost.