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What To Do If A Creditor Affects Your Personal Credit Rating Because Of An Alleged Personal Guarantee Default

Further to our previous breaking news regarding personal credit file black marks for alleged personal guarantee debt, particularly by Capital on Tap (READ ARTICLE HERE ), please find below an update on how best to deal with these issues.

If you are being pursued under an alleged PG debt with Capital on Tap, or an alleged personal guarantee or “joint member” as a person with regard to an American Express Business Card, you ought to keep a regular eye on your personal credit file to ensure they have not registered a default on you personally with the credit reference agencies without first going to the court to get a judgement against you.


If you find yourself in a position where an organisation threatens to affect your personal credit rating and it is a personal guarantee of finance that is not regulated (for example, limited company business debt), to best protect your position you ought to immediately issue a complaint to the creditor setting out that no personal credit rating record should be updated for a limited company debt. They have 8 weeks to respond and if they do not, or they do find the complaint against you, then complain to the FCA.

If you find yourself in a position where an organisation has already affected your personal credit rating in this regard, you ought to immediately issue a complaint to the creditor, stating very clearly that the finance agreement is between [your limited company] and [the creditor company], and since you are not personally named on the finance agreement, they must remove it within 7 days.

To have the mark removed from your credit file, check the credit reference company’s website for how to challenge the credit mark.

The credit reference companies (e.g. Credit Expert) have credit repair teams in house to undertake credit repair work, which this issue would also fall under. They are licenced by the FCA for this type of work and are relatively cost-effective, although it can take some time to resolve this sort of issue in this way.

Finally, in either case, you may also wish to write to James Hurley of The Times who wrote an article about a similar issue with a company called Azzurro Associates (who ironically purchase debt from Capital on Tap), who forced them to remove numerous black credit marks relating to Funding Circle personal guarantee debt they purchased; his email address is .
You could also approach other newspapers, online or media programmes focussed on dealing with such issues (for example Radio 4’s Moneybox programme).

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