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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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In 1999 and 2000 I signed a personal guarantee for my business

Customer Question

In 1999 and 2000 I signed a personal guarantee for my business with the Royal Bank of Scotland.
The company was liquidated in 2004.
I heard nothing from the RBS until June this year when they made claim against my guarantee. I wrote telling them that I consider this statute barred.
Today I received a letter from a firm of solicitors. They told me that the guarantee was not claimed on until June 2014 (ten years after liquidation) and as a consequence the debt is not statute barred.
They actually told me that it takes some time for liquidation information to reach a bank, as if this justified 10 years without contact.
I have lived at the same address throughout!
I would value your opinion
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts : Hello my name is ***** ***** I will help you with this.
Alex Watts : The time starts running from when the Company defaulted
Alex Watts : Therefore the 6 years should run from 2004 so would be statue barred in 2010
Alex Watts : The time runs from when the breach occured, in this case 2004 so they are timed barred.
Alex Watts : Can I clairfy anything for you about this today please?
JACUSTOMER-rfu453w3- :

Is it really that simple?... I have already written twice telling them (June 2014 and Oct 2014) but they are still chasing me. I believe that the FCA forbids chasing a state barred debt?

JACUSTOMER-rfu453w3- :

sorry statute barred not state!

Alex Watts : Yes they have 6 years from when the breach occured.
Alex Watts : The fact they delayed is their own fault, they should have called it in earlier.
Alex Watts : Does that help?
JACUSTOMER-rfu453w3- :

So should i just reply yet again or just ignore then

Alex Watts : Yes. As long as you Dont admit the debt you are fine. If you admit it the 6 years starts again
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
Ash and 2 other Law Specialists are ready to help you
Expert:  Alex J. replied 2 years ago.
If the Personal Guarantee was executed as a deed then the limitation period is 12 years from the date the cause of action arose.

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