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Senior Partner
Senior Partner, Solicitor
Category: UK Law
Satisfied Customers: 13325
Experience:  30 years experience in business law and related topics such as employment law
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Ben, I've just picked up a phone message from a company

Customer Question

Hi Ben, my name is Tim.
I've just picked up a phone message from a company called Baker Tilly. Having Googled them, I've deduced that they are contacting me in relation to a matter with NatWest.
I signed a personal guarantee for a business O/D about 8 years ago. Since then, I have been bullied out of my directorship of the company and the present director refuses to communicate with me. He has mismanaged the company and pretty much run it into the ground.
As a separate issue, the director told be about a year ago that the NW account had been suspended over security issues (something to do with an error that NW has admitted to).
On 3rd of Aug, I wrote to NatWest saying that a. I would like to request that my exposure for the O/D be reduced from the initial agreed £24k to what the O/D is currently (about £14k) I thought this reasonable. b). I asked that, as neither NW or the director will communicate with me, I be removed as Guarantor to be replaced by the director, who I k
Submitted: 1 year ago.
Category: UK Law
Expert:  Ben Jones replied 1 year ago.

Hello, hanks for requesting me but unfortunately this is not my area. I will open it up to all other experts on here and hopefully someone will contact you to assist. Please do not reply in the meantime as it will just assign the question back to me, thanks

Customer: replied 1 year ago.
Hi. I asked a question a couple of days ago, a matter to me of some urgency and importance, and paid my £33. All that I have received back is a message saying "...fortunately it's not my area. I will open it up to the experts." Is that it? Thanks for nothing!
Customer: replied 1 year ago.
Oh, and by the way, when I started my chat I was not informed that I could've had a free trail.
Expert:  Senior Partner replied 1 year ago.

Hi sorry you had to wait for a answer. I am afraid the answer is fairly straight forward and probably not the one you want. Once you have signed up to a guarantee you remain liable unless and until the bank release you. Depending on the precise wording of the guarantee the best you can hope for is that you can freeze the position. You need to check the wording of the guarantee and see if there is any termination clause. If not you can try and argue it is unfair that you can terminate it. So I would write again to Nat west saying you no longer have any association with the company and you are not prepared to accept liability for any debts incurred after a date specified in your letter which I suggest is days after your letter. Tell them if they do not agree you will take the issue to Financial ombudsman Service.