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r10
Junior Member
170 Posts |
 Posted - 08 April 2008 : 00:50:48
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Good evening
May I ask that if a person has guaranteed a company loan, the company goes down, the bank look for the guarantee to pay and they cant, the bank then trys to come after the guarantee. I presume they do, so they then find out that thers no money, the guarantee is not working and doesnt own anything, except he is married and there is a house , but it was the wifes before they met, she pays the mortgage etc,,,. The question is can the banks legally come after the house, thanks for the time to answer this.
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melanie_giles
Senior Member
1191 Posts |
Posted - 08 April 2008 : 01:21:09
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Hi r10
You post a lot of questions in a fairly large area of the law, but just to confirm that the bank can pursue the debt personally against the guarantor and that does extend to taking action against any assets. If the property is not in the name of the guarantor, the creditor would have to prove that he had developed a beneficial interest in the property by contributing towards the runnings costs etc. These claims can be tricky to prove without hard, bare facts such as bank statements.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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can the banks legally come after the house
