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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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I have a debt of£27000 of which have paid £18000 and never

Customer Question

I have a debt of£27000 of which have paid £18000 and never missed a payment my company went into voulintary liquidation which limited company i now owe £9000 aprox and i have a personal gaurantee now the company want there asset back how do i stand as i made a commitment to pay it back in full as if they sell the asset at a lower price i will be liabile for the difference how do i get around this.
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.

Alex Watts :

Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Who would be selling the asset, the Company or Bank please?

JACUSTOMER-i27z3siv- :

the bank if they take it back

Alex Watts :

They should sell it and apply any proceeds to the balance outstanding.

Alex Watts :

You would then be liable for the debt that remains.

Alex Watts :

It is like a car you get on finance, if you default then the finance company take it back and sell it at auction

Alex Watts :

It may not be market value but that does not matter.

Alex Watts :

This is the same here - they can sell it, it does not have to be a full market value.

Alex Watts :

But whatever they sell it for should be applied to what is owed

Alex Watts :

But sadly you as guarantor will owe the balance

JACUSTOMER-i27z3siv- :

but why can i not keep paying the asset as i am not bankrupt and i have not defaulted on the debt

Alex Watts :

Because it is the Company that has ended the agreement by going into liquidation - this ends the agreement.

Alex Watts :

There will be a clause saying this.

Alex Watts :

I am sorry as I know that is not the answer you want and certainly not what I want to tell you, but I have a duty to be honest.

JACUSTOMER-i27z3siv- :

what happened to possesion is 9 tenths of the law

Alex Watts :

That is a myth. It does not belong to you - I assume the asset is on finance. If so the Company does not own the asset until paid in full

JACUSTOMER-i27z3siv- :

what if a friend raises the outstanding balance on finance for his company can they still demand the asset back if its going to be paid of

Alex Watts :

No - but it needs to be paid off first.

Alex Watts :

You can't say it will be paid, you need to pay it within 28 days

JACUSTOMER-i27z3siv- :

so i can can ask them for 28 days to get the asset paid of?

Alex Watts :

Yes.

JACUSTOMER-i27z3siv- :

and do they have to give me that

Alex Watts :

You have rated poor but want to know more information - I am happy to continue if this was a mistake as I have done it myself by accident.

JACUSTOMER-i27z3siv- :

i take it you are not going to asnwer my last question i find the service very poor

Alex Watts :

Forgive me, just popped to get a drink

Alex Watts :

If you have a PG then before they call it in they have to serve notice

Alex Watts :

This is normally 28 days but will be detailed in the guarantee.

Alex Watts :

They can not take steps to enforce or else until the time has elapsed.

Alex Watts :

Does that answer your question?

Alex Watts :

Can I clarify anything about this for you today please?

Alex Watts :

It is my goal today to make sure that you are totally satisfied and I want to work with you to achieve a positive rating.

Alex Watts :

How else can I help you?

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