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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32177
Experience:  Over 5 years in practice
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My Company put into liquidation Jan 2013.Outstanding Loan

Customer Question

My Company put into liquidation Jan 2013.Outstanding Loan A.£58k had a Charge over my property. Loan B £8k was EFG loan guaranteed by Company and Directors only.
Same Bank put each loan with a separate Collection Agency A. and B. Dividends £12k and £8k paid over to Bank in mid 2014.
I spent over two years trying to get an accurate figure from Collection Agency Loan A.£58k. to try to negotiate a settlement.Collection Agency B made only one contact and disappeared.
Until this day Agency A. have not had confirmation of £8k dividend payment paid to Bank, although this was cashed by bank in 2014.They confirm O/S debt as £46k.
In Jun 2016 because no repayment record could be traced a CCJ was registered against me for £46k.
Following a direct complaint to the Bank they confirm this week Oct 2016 that they received the money and allocated £2k to O/S EFG loan in settlement and that £6k is for credit of Collection Agency A. reducing the O/S debt to £40k, but they were never advised of this.
Where do I stand?
2013 Debt A. 58k Loan - Charge over my Property
Debt B. 8k EFG Loan - Directors Guarantees
2013 Agency A.- Debt A.
Agency B.- Debt B.
2014 Bank Dividend £12k - £8k
2016 Bank Registered CCJ £46k June
2016 Bank Acknowledged actual facts and £40k due Oct
Submitted: 1 year ago.
Category: Law
Expert:  Jamie-Law replied 1 year ago.

Hello my name is ***** ***** I will help you with his.

What is it you want to achieve please?

Customer: replied 1 year ago.
1.If I settle the £40k in full I would Request (i) Accept as Full and Final settlement (ii) release of charge over a property (iii) withdrawal of CCJ registered in my name.
This on basis that I was advised that the CCJ was suspended by Collection Agency pending Bank response - and on receipt of Bank response the amount was less than first registered - and that the unprofessional behaviour of the Bank caused them wrongly to register the CCJ - also that my PG was limited to Debt A. and not the EFG loan. What is likely response?
2. Alternatively I make an offer of less than £40k but insist on all other conditions as above. What is likely response?
I have an unblemished business and personal financial record and will be 75 yrs old next month.Regards
Expert:  Jamie-Law replied 1 year ago.

If they have a ccj why would they agree to set it aside? They could just enforce it as the full value and costs?