Bicycle shop loan default 11303

6670 - 28 Jan 2016
We contacted the loan guarantors' independent advisor in mid January and have been advised that, as the loan guarantors' have been extremely busy attending international trade fairs to promote their business and that their ability to provide repayment proposals depends on the success of these fairs. They requested an extension for the provision of proposals until 15 February 2016. We have advised that we cannot accept any further extensions to the deadlines provided for the provision of repayment proposals and advised that we will commence county court proceedings if we do not receive a plausible proposal by 15 February. This course of action will see CCJs registered against the guarantors and allow us to seek charges over their properties.

6521 - 26 Jan 2016
We can confirm that we have now obtained Judgement against both guarantors on 16 January. Furthermore, we are pleased to advise investors that we have now also received a satisfactory offer direct from the guarantors. Additionally, the guarantors have advised that they have disinstructed their advisers due to what they claim is as a result of the poor quality of advice they have received in this matter. The repayment offer will see the guarantors make a small lump sum payment, ongoing monthly repayments and a Voluntary Legal Charge over the legal title of their property. We have therefore sent the guarantors the necessary paperwork, and our lawyers have been instructed to prepare the necessary charge documents. Once the signed paperwork and first payment are received, we will revert to investors immediately thereafter to advise you this matter has been finalised.