We have had good success over the years in removing charges on personal properties that were put in place to support personal guarantees or limited company debt directly while the company was trading. This has been particularly successful where the demand on the personal/ guarantee charge, or the company debt itself defaulted more than 12 years ago and no payments have been made by the guarantors during that time; and in some circumstances even when payments have been made.
This is an issue not just for property charges with respect to company debt in place with banks such as HSBC, RBS/Natwest, Lloyds/TSB/BOS, Barclays, Santander, but also by any other finance company or trade supplier.
It does depend on the individual circumstances, as noted above whether payments have been made during that time, and if the charge was a voluntary one, or by way of a charge applied via a court judgement.
However, no matter the situation, there is an opportunity negotiate a preferential settlement, or remove the charge entirely if the charge and liability crystallised more than 12 years ago.
If you have a charge on a personal property supporting a personal guarantee on a limited company debt that was demanded some time ago, please contact us HERE
