Letter from bank chasing unsecured debts

Discussion in 'Insolvency' started by benjy365, Apr 17, 2019 at 3:13 PM.

  1. benjy365

    benjy365 UKBF Newcomer Free Member

    6 0
    My company was very recently made insolvent, all done through an IP. One of the main creditors was a high st bank who we owed a loan, credit card and overdraft to.

    None of these debts were secured to anything or by Directors personal guarantee but today we have received a letter from them demanding payment.

    The letter is addressed to the Directors of Business x (not by name) and it says ‘The bank reserves the right to pursue you in the future or sell your liability in accordance with the terms applicable to your account.’

    It then goes on a bit about if we have a default on our credit file then it will affect us for 6 years etc etc. Then it invites us to get in touch and discuss repaying our liability.

    Am I right in thinking that this is just an attempt to scare us into agreeing to repay something? Our IP is on leave at the moment so can’t get any feedback from him.
     
    Posted: Apr 17, 2019 at 3:13 PM By: benjy365 Member since: Dec 31, 2018
    #1
  2. Newchodge

    Newchodge UKBF Big Shot Free Member

    11,524 2,967
    I would suggest it is a bog-standard, computer-generated letter. If it does not have your personal name on it, ignore it.
     
    Posted: Apr 17, 2019 at 3:19 PM By: Newchodge Member since: Nov 8, 2012
    #2
  3. kulture

    kulture UKBF Legend Staff Member

    7,802 2,121
    Sounds like it. Pass the letter on to your IP
     
    Posted: Apr 17, 2019 at 3:24 PM By: kulture Member since: Aug 11, 2007
    #3
  4. benjy365

    benjy365 UKBF Newcomer Free Member

    6 0
    Thanks guys.

    I figured that without our names on it then it was a typical attempt to get us to offer something. We had a couple of things with Directors Guarantees on and they were instantly onto us personally with copies of our signed forms.
     
    Posted: Apr 17, 2019 at 3:26 PM By: benjy365 Member since: Dec 31, 2018
    #4
  5. Lisa Thomas

    Lisa Thomas UKBF Enthusiast Free Member

    2,819 332
    Sounds like a standard leter the Bank have had to send following the insolvency of the Company.
     
    Posted: Apr 17, 2019 at 3:45 PM By: Lisa Thomas Member since: Apr 20, 2015
    #5
  6. Chris Ashdown

    Chris Ashdown UKBF Legend Free Member

    10,109 2,048
    Double check all records it may be in the small print when you opened the account, just talk and ask for any proof, better you know than a few years down the line when you think everything is settled
     
    Posted: Apr 17, 2019 at 4:21 PM By: Chris Ashdown Member since: Dec 7, 2003
    #6
  7. Gavin Bates

    Gavin Bates UKBF Enthusiast Free Member

    537 108
    Hi

    As mentioned above it does sound like the standard demand that would be issued to the Company because the Company is insolvent. However, as mentioned above I would write back and say that you have passed the letter on to your IP. If the bank thinks it has other forms of security then you will need to see a copy of the security document.

    Kind regards

    Gavin
     
    Posted: Apr 17, 2019 at 4:30 PM By: Gavin Bates Member since: May 9, 2016
    #7
  8. MBE2017

    MBE2017 UKBF Enthusiast Free Member

    649 146
    If you ever discuss the debt, always refer to it as the alleged debt, but better to simply refer them to your IP. Also do not ever confirm your name and address, since due to data protection without doing so they will not discuss anything with you anyway.
     
    Posted: Apr 19, 2019 at 6:04 PM By: MBE2017 Member since: Feb 16, 2017
    #8