Legal Advice Needed regarding Personal Guarantee

Hello,

I was a director who gave a personal guarantee on some equipment my company purchased 3 years ago. There are only 3 more instalments to be paid (just under £6k), but the business cannot pay them, and even after discussing the option of a further 6 months to pay the balance the leasing company have issued a default and now want to exercise the personal guarantees.

I need some advise. My father was also guarantor, and he is a retired 75 year old man with a cash house. They are saying they will issue a demand on him. He would have to sell his property (which could take far longer than the 6 months that my company has asked them for).

They want payment within 7 days, and I'm interested in talking to someone who can help with the situation. At what point can they send bailiffs out or tarnish me or my father's credit rating? I need some advise on how to handle the situation.

Happy to provide you with the original lease, the guarantor documents, and the email from the leasing company saying they will now proceed with enforcement once I have accepted a bid.

Thanks,
Leanne