Don’t expect an early resolution to a PG claim against you.

The only route to an early resolution is to repay it in full.

So if you want to minimise the amount paid, you have to be prepared to sweat it out.

The best way to illustrate this is by way of example- two people owed the same organisation, one £25k, one £60k. The organisation went into administration, the banker to the organisation appointed their own solicitors to collect. The solicitors went heavy handed, issuing statutory demands and winding up orders.

The judge kicked both winding up orders out. Due to the time elapsed, the bank and solicitors decided only to go for the larger debts. The guy who owed £25k got away without paying anything, the £60k guy got it settled for £25k payable over a period of time.

So elapsed time can be a great healer, best to use it to your advantage.

For more information, take a look at our website personal-guarantee.co.uk, or give us a call on 0845 055 8457 0845 055