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I SIGNED A PERSONAL GUARANTEE 6 DAYS AGO. CAN I CANCEL

Resolved Question:

I SIGNED A PERSONAL GUARANTEE 6 DAYS AGO. CAN I CANCEL?
Submitted: 3 years ago.
Category: UK Law
Expert:  Thomas replied 3 years ago.

Hi,


What is the guarantee for?


Tom

Customer: replied 3 years ago.
A PROPERTY COMPANY WHO HAVE GIVEN ME 20 SHARES AT £1 EACH. BANK GUARANTEE OF £25,000 AGAINST A SHOP I OWN
Expert:  Thomas replied 3 years ago.

Sorry, has a loan been taken for £25, 000.00 for which you have provided a personal guarantee?


Tom

Customer: replied 3 years ago.

Nothing has happened so far but I signed to put a legal charge on the property and a limited guarantee on 11th June. Is there a 'cooling off' period?

Expert:  Thomas replied 3 years ago.

Hi,

 

Are you acting in your business capacity?

 

Where was the guarantee signed? Did you attend their offices?


Kind regards,


Tom

Customer: replied 3 years ago.

It's a personal guarantee. I attended a solicitors, I was under the impression that it was just going to be a legal charge on my shop to invest in properties to develop with a friend.

Expert:  Thomas replied 3 years ago.

Hi,

 

Was the solicitor acting on your behalf?


Tom

Customer: replied 3 years ago.
yes, but I've only just realised the full implications of signing for a company of which I have no control. It was 6 days ago so won't have been processed yet.
Expert:  Thomas replied 3 years ago.

Hi,

 

Thanks for your reply.

 

Cooling off periods are implied in to contracts under the Distance Selling Regulations for the benefit of consumers in consumer contracts, I can't see that they are going to be relevant here because I don't think you are a consumer and it does not sound as if it is a consumer contract.

 

Your ability to terminate or not will be governed by the guarantee document you signed.


You really need to speak to your solicitor straight away, they can provide you with specific advice rather than the general advise I can give you on this forum. Get in touch with them straight away.


If the effects of signing the guarantee were not clearly explained to you by your solicitor then you may have a claim against them.

 

 

If this has been useful please kindly click accept so that I may be rewarded for my time. If you do not click accept your money stays with the site and I do not receive any credit for the time I have taken to answer your question.

 

I will answer your follow up questions you may have.


Kind regards,


Tom

Thomas, Lawyer
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Experience: BA (Hons), PgDip, Practising Solicitor
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