Communication with banks and debt collectors 2:

Dealing with the pressure from banks and debt collectors can take its toll. Daily worries about the post arriving, the dread of opening it and the hours of worrying about it whether you have opened it or not have an enormous effect. One way of dealing with the stress is by not opening them as soon as they arrive. Put it in a box and allocate two hours a week of which you dedicate to opening the letters. Don’t change that time, (a bit like the time of a church service or a train you must catch) and don’t allocate weekend time for it. Most documents can wait 7 days before having to be dealt with. For more information, have a look at our website at www.personal-guarantee.co.uk

Barclays –how they operate calling in personal guarantees 2.

As noted previously, Barclay’s tends to go legal a bit quicker than perhaps necessary, so good communication with them is essential.

 

As bank solicitors are known to be working under some sort of ‘fixed fee contract’, it is highly advantageous for those on the receiving end to employ a solicitor who knows exactly what they are doing. This quick off the mark attitude to appointing solicitors is almost always to Barclay’s detriment, as bank lawyers tend to treat the process as a bit more as if it were a numbers game. Inexperienced, junior solicitors are often used to do much of the work; and hence, often get it wrong.

 

The key is ensuring that your solicitor knows exactly what they are doing, but unfortunately most solicitors are known not to do well in defending personal guarantee cases. In fairness to them, they don’t understand the nuances because they do not have the experience.

 

However, as with all banks, a deal is always on the table; the question is, is the personal guarantee enforceable anyway, and so is the deal is worth doing?

 

For more information, have a look at our website at www.personal-guarantee.co.uk

Leasing companies- how they chase personal guarantees.

Leasing companies do tend to have a more aggressive nature when it comes to chasing and may often refer to solicitors as they tend not to have the internal resources to dedicate. Yet, their personal guarantee documentation seems to be, for the most part, very badly constructed.

 

These are often combined with the finance agreements themselves, leaving such documentation as inexplicit and signed without an element of care; the signing of which is often enforced by agents on their behalf.

 

However, this doesn’t stop them and their solicitors from being aggressive because they are as well aware as we are that few solicitors know how to defend personal guarantee claims effectively; and that is where we come in.

 

For more information, have a look at our website at www.personal-guarantee.co.uk

HSBC- personal guarantees, how they enforce 2.

Generally, HSBC do struggle with the enforcement of personal guarantees. It could be said that many of their managers have approached the signing of personal guarantees in a dismissive manner, putting it down to a mere formality.

 

It has been noted that HSBC does not enforce (or rarely confirms) legal advice obtained. It is interesting to note that their presentations of standard documents are as deeds, which according to their own internally dictated systems have to be witnessed by a representative of the bank, which begs the question of the validity of the deed.

 

For more information, have a look at our website at www.personal-guarantee.co.uk

HBOS- how they operate when enforcing personal guarantees.

Their centre for dealing with most personal guarantee issues is in Edinburgh. It is well known that HBOS has gotten itself into a predicament by entering the England and Wales market aggressively. Consequently, a great deal of corporate lending was provided accordingly, without the performance of the necessary or appropriate checks and balances.

 

Having said that, their systems are known to be generally better devised through ensuring personal guarantee documentation and keeping the originals; however, they are by no means perfect.

 

For more information, have a look at our website at www.personal-guarantee.co.uk

Communicating with banks re Personal Guarantees 1:

Ensure to communicate with banks through letters and faxes. In doing this, delivery is traceable and it reduces room for confusion.

Avoid phone calls and email communications at all cost. To assist in persuading the bank not to attempt to contact you through any methods other than by letter, ensure not to include email addresses and phone numbers in letterheads and only include a fax number if you want their letters to be faxed to you. Should you choose, accepting correspondence by fax does have the benefit of ensuring delivery to you and helps prevent any lapses in communication.

If the bank does contact you by phone or email, make it clear to them that you would appreciate it if they only communicated to you in writing so as to avoid any misunderstandings. If necessary, outline to them that you are not willing to accept communications by email as it is not a secure and reliable format of communication.

For more information, have a look at our website at www.personal-guarantee.co.uk

RBS/Natwest- how they operate 1.

Commonly, but not always, easier personal guarantees to contest than other banks due to the rarity of positively ensuring their customers to get legal advice. They also tend to scan and/or microfiche documents rather than keeping originals.

 

They, like most banks argue vehemently that they are not required to keep originals so this matter has to be handled sensitively if you are not going to end up with having the expense and trauma of dealing with solicitors acting on their behalf.

 

They have a customer service centre based in Telford that deals with personal guarantee and overdue debt issues, which is often haphazard in their communications.

 

For more information, have a look at our website at www.personal-guarantee.co.uk