Barry called, practically hysterical.
He used to have a thriving business but then experienced a number of calamities, not helped by his wife finding him in a compromising position with another lady.
His business and marriage collapsed.
The house was sold.
The call was because he had received a letter asking for £20,000 in 7 days from a firm that he didn’t know. He hoped it was a scam – but it wasn’t.
When the firm closed it owed a finance company £30,000.
He paid £10,000 off this when he sold his house.
This was the £20,000 balance left which the finance company has passed elsewhere for collection – a year later !!
He had signed a Personal Guarantee, so owed this personally.
We calmed him down
We explained what it meant.
We contacted the company that had written to him.
We bought him time.
They agreed a reduced amount.
We saved him a lot of money.
He survived the trauma.
If you have PG’s please check you know what they mean. Hopefully, you won’t be a Barry.
Do you have a PG?
If you have a PG and are concerned about being liable for company debt then call us for advice and we can make your problem a lot more manageable.