It is important to understand the difference between…
- a formal demand, which is a letter from the bank calling in the guarantee; and…
- a statutory demand, which is a formal legal document leading to bankruptcy proceedings if not dealt with.
If you are unsure whether you have received a statutory demand rather than a demand for payment you need to read this page first.
Demand for Payment
A demand for payment is the first stage of the bank claiming your personal guarantee. Some banks and financial institutions are more aggressive than others, and their debt collection methods determine the extent the process may be accelerated.
The ability for an organisation to enforce the personal guarantee will be critically determined by the circumstances under which it was signed, and any verbal assurances provided by representatives of the bank before, during and after that time.
Our vast experience over many hundreds of personal guarantee cases gives us a unique, specialist knowledge in this area. So, if you have received a formal demand for payment the time to act is NOW – don’t be an ostrich, contact us today.
If you have received a formal demand for payment the time to act is NOW.
If you have a court deadline within the next 14 days (i.e. filing of papers such as, say, a defence or attendance at a hearing) please click here.
If there is more than 14 days, there is still not much time so for us to be able to help you in a timely manner, please get the papers to us (NOT by post) by either of the following methods: email email@example.com or fax: 0207 681 3958.
If you decide not to contact us, we can’t recommend strongly enough the need to get proper legal advice.
It is important to understand the difference between formal demand, which is a letter from the bank and a statutory demand, which is a formal legal document leading to bankruptcy proceedings if not dealt with.