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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11135
Experience:  30 years as a practising solicitor.
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I gave a personal guarantee against a company debt to a

Resolved Question:

Hi I gave a personal guarantee against a company debt to a supplier. They did try and take me bankrupt but I managed my way out of that by requesting them to put a payment plan in place. I have now been making payments since the past 3 years, and I am
aware that it would take me another 8-10 years to pay of the whole amount. I do keep getting approached by their debt collector asking to up the payments. But I cant afford to do so. Is there no way of getting out of this arrangement or ending it, apart from
the option of me going bankrupt, which I dont wish to. Can you kindly advice. Thanks
Submitted: 1 year ago.
Category: Law
Expert:  JGM replied 1 year ago.
If you've signed a personal guarantee the only option to get out of it now is pay all sums due either in full or by way of a negotiated settlement figure or to cease making payments and run the risk of insolvency.
I'm not quite sure what you have in mind when you talk of getting out of the arrangement or ending it. If the creditor voluntarily decides to let you off then that would work, but that is very unlikely of course.
Happy to discuss further.
I hope this helps. Please leave a positive rating so that I am credited for my time.
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