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Post by GSV3MIaC on Jan 30, 2015 20:21:03 GMT
Amazing how not one of us had outrightly voted 'yes'! Amazing? Why, did you think there was a mass stupidity epidemic among forum members? 8>.
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Feb 7, 2015 12:57:25 GMT
There is one platform that describes its stance absolutely clearly. .... will request a personal guarantee from the directors .... if a loan has a guarantee this means the guarantor has agreed to pay ... if the business fails to make the repayments due for any reason .... As with all guarantees or security Fastidious Carrots cannot guarantee blah blah blah.
What the f*** does this industry think the word guarantee means? Directors give a guarantee and Fractal Clarity guarantees that the guarantee is not guaranteed  (In fairness there are some guarantors that do take their responsibilities honourably ... but it's not guaranteed  ) |
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jo
Member of DD Central
dead
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Post by jo on Feb 7, 2015 14:40:25 GMT
Interesting article from Chartered Banker Magazine on personal guarantors - particularly married ones.  Reviewer.pdf (239.1 KB) (Note to Mods: I have contacted (some time ago) both the author and the publisher for permission to post this. I take their lack of objection as tacit permission). |
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Grezza
Member of DD Central
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Post by Grezza on Feb 7, 2015 15:16:31 GMT
Presumably this means that if all the guidelines are followed, the guarantee is enforceable, and the security can be sold? So surely everyone will be changing their vote to yes? ? |
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Post by tybalt on Feb 7, 2015 15:29:42 GMT
No still a 'No' . If all the guide lines are followed. If the guarantor's net assets are sufficient to cover the liability. If the guarantor does not suffer a horrendous reversal of fortune and the property turns out to securing some other loan,If for instance a judge will grant possession of the martial home. Potentially better than nothing but not a secured loan.
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Post by bracknellboy on Feb 7, 2015 21:43:20 GMT
There is one platform that describes its stance absolutely clearly. .... will request a personal guarantee from the directors .... if a loan has a guarantee this means the guarantor has agreed to pay ... if the business fails to make the repayments due for any reason .... As with all guarantees or security Fastidious Carrots cannot guarantee blah blah blah.
What the f*** does this industry think the word guarantee means? Directors give a guarantee and Fractal Clarity guarantees that the guarantee is not guaranteed (In fairness there are some guarantors that do take their responsibilities honourably ... but it's not guaranteed ) Well there are PGs and then there are PGs; there is security and then there is security. I might surmise that based on recoveries against PGs that Flaky Collateral's statements are perhaps acknowledging that the PGs they write fall into the former category rather than the latter. Regardless: the answer to the original question is still No.
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