Forbes Burton → Frequently Asked Questions → What are Personal debts & guarantees?

Frequently Asked Questions

What are Personal debts & guarantees?

Personal debts and guarantees

When your business is in trouble, sometimes it is common to use your personal credit to finance your business. This means that if the company is struggling you could be left with debts that you have to deal with personally.

Guarantees

It is not uncommon for banks and credit providers to provide loans on a personal guarantee. It is a guarantee for banks granting the loan. Any shortfall on the loan will then fall on you personally. This type of loan would then be treated the same way you would deal with any personal debts.

Dealing with personal debt

If you are self-employed in a Partnership or a part of a Limited Company and you have separate personal debt to the company, there are debt solutions available to help you. This can be a very stressful situation for you, never mind having to run a company. You and your business should not have to suffer because of all the financial difficulties that may come your way.

Forbes Burton offer advice and assistance for people and businesses which are suffering from debt. We do not see it as our place to tell you what to do, but to explain your options and how everything works and let you decide what is best for you and your business.