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What is the guarantee for?
Sorry, has a loan been taken for £25, 000.00 for which you have provided a personal guarantee?
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?
Are you acting in your business capacity?
Where was the guarantee signed? Did you attend their offices?
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.
Was the solicitor acting on your behalf?
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.
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