Jane Farmer shares her devastating story with Professor Nigel Harper, an independent Retail Banking Specialist. She is seeking answers to understand how the Bank managed to get hold of her family home.
Prof. Nigel Harper:
“The acceptable method for dealing with a Formal Demand is to give 7 days for the Personal Guarantor to come up with a viable plan to repay debt.
Since the Lampert-case Insolvency Practitioners have acted outside established banking practices.
The Borrower has the primary responsibility to repay the bank.
Clauses within the Personal Guarantee and Borrower`s Guarantee allow for time to pay.
Every loan is a demand loan, I.e. repayable on demand.
A Personal Guarantor is secondary security after the assets of the Borrower are liquidated.
Once the Borrower’s debt has crystallised then the amount payable under a Personal Guarantee is the liability of the Guarantor.
The Lampert-case changed everything in favour of the banks. They ran amok.
Insolvency Practitioners were out of control asset stripping everything in sight.
Jeff Lampert claims his case was lost on a perjured Affidavit by Lloyds Bank.
This was not banking, it was highway robbery.
The Personal Guarantor is a victim of crime.”
Jane Farmer is a statistic.
She is just one of the - according to our best estimate - hundreds of thousands who have been evicted due to a Personal Guarantee (PG).
The first Jane was aware of this Personal Guarantee was when her husband, Godfrey, told her about it in the ambulance on his way to the hospital after his suicide attempt.
PGs still operate in the same way today.
People are still committing suicide.
We are not able to provide the statistics for PG suicides
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