Recently we have reached agreement for a client who was responsible for a personal guarantee to his business bankers, after his business failed. The PG was for around £45,000 and we reached a full and final agreement of £4,000. It has to be said that this particular account manager at the bank was one of the few we have come across in recent times who made a commercial decision and understood that if he did not accept the proposal, our client would have little option but to go into bankruptcy and the return to the bank would have been nil.
Talking of Bankers….
I am sure many readers will have seen the article in The Times some time ago, posing the question ‘Who is the odd one out – Lord Stevenson, former chairman of HBOS, Andy Hornby, former chief executive of HBOS, Sir Fred Goodwin, former chief executive of Royal Bank of Scotland, John McFall, MP, then chairman of Treasury Select Committee, Alistair Darling, former Chancellor of the Exchequor and Sir Terry Wogan.
The answer – Sir Terry Wogan – he is the only one with a banking qualification!!!!