Enforcing a Bank Guarantee - how long

[Henrik99]

All

How long does it typically take for a case to be brought in court for a bank to try and enforce a personal guarantee on a company bank loan?

Thanks

Henrik

 

[businessfunding]

As long as it takes - possibly moths, possibly years.

They will typically try to negotiate first.

 

[MarkJervis]

Make an offer that you can realistically afford and they will normally have to accept.

 

[MarkJervis]

All,

I received 7 days to make a late payment or action would be taken.

The solicitors issued proceedings on the 7th day so even if the outstanding debt was paid late on the 7th day, judgement would still have been made.

Is this legal?

 

[Charlie B ACS]

Whilst the proceedings may have been issued, you get 7-14 days to reply to the court paperwork. Before judgement would be made.

If you have paid, ask the solicitors to confirm in writing that they have withdrawn the claim.

 

[Henrik99]

The original question related to the time it typically takes from the point of the bank threatening to bring an action to when it gets to court - albeit obviously very few cases ever get that far.