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Thread: Legal entities and sureties under the NCA

  1. #11
    Site Caretaker Dave A's Avatar
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    They'll be members of the bank staff.

    The question will be asked so let's ask it now - are you disputing you signed the document and it's not your signature?

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    joscal, I fear that you are trying to find a loophole in a document and a process that has been fine tuned by banking and legal experts over many years. I don't fancy your chances unless your situation is an exctremely unusual one.

    If you did sign the document, then they've got you.

    Although maybe I'm just a pessimist.

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    Diamond Member AndyD's Avatar
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    Quote Originally Posted by joscal View Post
    Hi Duncan

    Was wondering if you could possibily answer a question regarding surety. I was involved as a Guarantor in this Asset Management Specialist Scheme and now the bank is calling on the suretyship. I do not even remember signing the document as I posed a question of suretyship and liability if anything happened to the company and they said that I would never be liable.
    I understand you feel like a victim but I'm finding it hard to believe you signed a surety agreement when you took a business loan and you have recollection what you were signing. Didn't the bank furnish you with copies of all the paperwork???
    At the risk of sounding harsh you (or the company you were involved with) borrowed money knowing full well the repayment terms. You (or the company) defaulted on the payments and the bank is now trying to recover their money through the legal avenues that are available to them. You are trying to wiggle out of it on a technicality. Maybe your efforts would be more productive if you engage the bank in repayment negotiations that are acceptable to both them and yourself rather than looking for what are probably non-existent loopholes in the agreements.
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  4. #14
    Site Caretaker Dave A's Avatar
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    When someone is about to hit you with a sledgehammer, don't you try to duck out of the way?
    I've been there - I know how it feels. It hurts like hell.

    Maybe sledgehammer is the wrong analogy. It's more like this massive vice...

    Anyway, it's bad news and you have to work through the five stages to acceptance - Denial, Anger, Bargaining, Depression, Acceptance.

    Joscal, the only consolation I can offer at this stage is the end experience can be strangely liberating, and many people go on to achieve much greater things as a result.

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