Guarantee – independent advice to a prospective Guarantor
You have been asked to sign a Guarantee and the Lender has asked
you to get independent legal advice.
You want us to consider giving that advice
Our duty in
such matters is to:
- Check out you are who you say you are - for this purpose we
need to see and copy your passport / driving licence and say,
a utility bill showing your home address ('MLR papers'. MLR
= money laundering regulations)
-
Understand your relationship with the Borrower and why you
are being asked to sign a guarantee of the Borrowers debt
- including the financial pressures leading to the guarantee
proposal
-
Ascertain your understanding of the Borrower's financial
circumstances and the chances of the money being called in
- note: not necessarily to evaluate the chance of success
of whatever is being proposed
-
Understand the level of control or influence you have
over the Borrower, if any
-
Advise you on the potential consequences of your signing the
Guarantee
-
Advise you on how you might limit your exposure under the
Guarantee
-
Certify to the Lender that we have explained everything to
you and that, as far as we can tell, you understood
it
-
Forward the papers safely to the Lender
-
File copies of all paperwork for the potential lifetime of
the Guarantee plus 7 years for later retrieval and in due
course, destruction
-
Ensure that we are in a position to face a claim by the Lender
at any time within such period that you are alleging
that you did not understand what you signed
In order
to be able to do this, we need to meet. Please allow an hour for
the meeting. In certain circumstances, we can come to you. We
charge £250 plus VAT. You need to bring with you
- The MLR papers
- Any accounts for the Borrower
-
Any other information concerning the Borrower's projects /
problems.
-
The Guarantee document itself
-
The Lender's requirements
-
Chequebook or charge / debit / credit card to pay our fee
Call Michael Breeze on 07900 195 195 or call 0845 270 2511 to
set up an appointment
