RBS Business Overdraft, Personal Guarantee and Banking Ethics

George1958 · 2nd July 2009, 22:40

I'm looking for a wee bit of guidance, well really it's a huge bit of guidance with a large chunk of advice thrown in.

Around 2002 I started a business which was very suceesful very quickly, so much so that I merged operations with another company to form a new and rebranded company.

For the initial business I had a £15K overdraft autolinker.com autolinking image

facility which was occasionally dipped into for payroll, tax/NIC etc.

However, the bank allowed that overdraft to remain in place and extended it by £10K even when that business was no longer trading. I made it painfully clear to the RBS business adviser that the overdraft was being spent on the new company.

I complained at the time, and stated that I would like the overdraft in the name of the new company (which still trades), but I was verbally advised that the overdraft would not be allowed to be transferred as the new company is less than a year old.

The total overdraft is for £25K, but with charges it's now at £31K, I am paying it back under a debt management paln but I been arguing that the charges are unfair, and that the business adviser at the band issued bad advice. But RBS keep hiding behind the small print.

Is there any small print or other actions that I can use/deploy to help get these charges reduced?

Regards

G

Enron · 3rd July 2009, 13:36

You might want to look at this:

(deleted)

yourbank · 3rd July 2009, 14:36

won't allow access enron

Enron · 3rd July 2009, 16:46

I'll get someone to contact the original poster, must be a problem with the forum.

George1958 · 3rd July 2009, 17:29

Good Afternoon Enron and Yourbank

I'm new to this forum and not sure if I'm reading things right.

Have I posted something incorrectly?

Regards

G

Enron · 3rd July 2009, 19:05

Nope, I posted a link that didnt work.

I've sent a PM to someone with business claims knowledge and asked them to get in touch with you.

George1958 · 4th July 2009, 19:27

Thanks Enron

Regards

G

George1958 · 8th July 2009, 22:35

Hi Enron

Any further news on the link that wasn't.

Regards

G

johnnymitch · 13th July 2009, 18:37

Hi george

Quote:

I complained at the time, and stated that I would like the overdraft autolinker.com autolinking image

in the name of the new company (which still trades), but I was verbally advised that the overdraft would not be allowed to be transferred as the new company is less than a year old.

If the new company is now over a year old and still trading profitably , what's to stop the O/D now being transferred .......... ?
Or , what's to stop them from defraying your overdraft from their funds ?

George1958 · 20th July 2009, 21:12

Good Evening Johnnymitch

Thanks for your post.

Sorry I haven't replied earlier, but I've been in the very wet and windswept north of Scotland.

My original "business adviser" at the RBS said it wouldn't be a problem to transfer the o/d to the new company. He ended up being kicked out of RBS and joined HBoS. I suppose that says it all really.

A new young whipper-snapper came in, I think he was aged about 22, and said that the o/d could not be transferred. That statement lead to an awful lot conversations and in the end RBS said I would need to take a secured loan to clear the o/d.

My answer to that was something like "as long as my extremely fat posterior points down the way I will not be taking out a secured loan".

At the end of the day I know I spent money that belonged to the bank, and I have every intention of paying it back, however there is over £7K interest autolinker.com autolinking image

charges applied, and it's these charges I'm not very happy about.

JM could you explain "defraying", I'm a very good engineer and hit things with hammers (maybe that would have worked on the business adviser) but your statement has lost me bit, well more than a bit.

Thanks again for taking the time to reply

Regards

G

2nd July 2009, 22:40	#1 (permalink)
George1958 Basic Account Holder Worried about companies stealing your signature? Use our new digital signature service Cagger since : Jun 2009 I am in: Scotland. The land of the chosen few. Posts: 139	RBS Business Overdraft, Personal Guarantee and Banking Ethics I'm looking for a wee bit of guidance, well really it's a huge bit of guidance with a large chunk of advice thrown in. Around 2002 I started a business which was very suceesful very quickly, so much so that I merged operations with another company to form a new and rebranded company. For the initial business I had a £15K overdraft facility which was occasionally dipped into for payroll, tax/NIC etc. However, the bank allowed that overdraft to remain in place and extended it by £10K even when that business was no longer trading. I made it painfully clear to the RBS business adviser that the overdraft was being spent on the new company. I complained at the time, and stated that I would like the overdraft in the name of the new company (which still trades), but I was verbally advised that the overdraft would not be allowed to be transferred as the new company is less than a year old. The total overdraft is for £25K, but with charges it's now at £31K, I am paying it back under a debt management paln but I been arguing that the charges are unfair, and that the business adviser at the band issued bad advice. But RBS keep hiding behind the small print. Is there any small print or other actions that I can use/deploy to help get these charges reduced? Regards G

3rd July 2009, 13:36	#2 (permalink)
Enron Site Team Give yourself a better chance with our claims guides and litigation kits Cagger since : Jun 2006 Posts: 2,384	Re: RBS Business Overdraft, Personal Guarantee and Banking Ethics You might want to look at this: (deleted) __________________ Advice offered by ENRON is without prejudice and is for your judgement as to whether to take it. You should seek the assistance or hire of a solicitor or other paid professional if in doubt. Last edited by Enron; 3rd July 2009 at 16:46.

3rd July 2009, 14:36	#3 (permalink)
yourbank Gold Account Holder Protect your signature with SignGuard Cagger since : Jun 2008 Posts: 4,491	Re: RBS Business Overdraft, Personal Guarantee and Banking Ethics won't allow access enron

3rd July 2009, 16:46	#4 (permalink)
Enron Site Team Try our new digital signature service Cagger since : Jun 2006 Posts: 2,384	Re: RBS Business Overdraft, Personal Guarantee and Banking Ethics I'll get someone to contact the original poster, must be a problem with the forum. __________________ Advice offered by ENRON is without prejudice and is for your judgement as to whether to take it. You should seek the assistance or hire of a solicitor or other paid professional if in doubt.

3rd July 2009, 17:29	#5 (permalink)
George1958 Basic Account Holder Is your bank avoiding its debts Data disclosure poll Cagger since : Jun 2009 I am in: Scotland. The land of the chosen few. Posts: 139	Re: RBS Business Overdraft, Personal Guarantee and Banking Ethics Good Afternoon Enron and Yourbank I'm new to this forum and not sure if I'm reading things right. Have I posted something incorrectly? Regards G

3rd July 2009, 19:05	#6 (permalink)
Enron Site Team Protect your signature with SignGuard Cagger since : Jun 2006 Posts: 2,384	Re: RBS Business Overdraft, Personal Guarantee and Banking Ethics Nope, I posted a link that didnt work. I've sent a PM to someone with business claims knowledge and asked them to get in touch with you. __________________ Advice offered by ENRON is without prejudice and is for your judgement as to whether to take it. You should seek the assistance or hire of a solicitor or other paid professional if in doubt.

4th July 2009, 19:27	#7 (permalink)
George1958 Basic Account Holder Have we helped you? Please help us by making a donation Cagger since : Jun 2009 I am in: Scotland. The land of the chosen few. Posts: 139	Re: RBS Business Overdraft, Personal Guarantee and Banking Ethics Thanks Enron Regards G

8th July 2009, 22:35	#8 (permalink)
George1958 Basic Account Holder Protect your signature with SignGuard Cagger since : Jun 2009 I am in: Scotland. The land of the chosen few. Posts: 139	Re: RBS Business Overdraft, Personal Guarantee and Banking Ethics Hi Enron Any further news on the link that wasn't. Regards G

20th July 2009, 21:12	#10 (permalink)
George1958 Basic Account Holder Worried about your signature being copied onto CCAs etc? Use SignGuard Cagger since : Jun 2009 I am in: Scotland. The land of the chosen few. Posts: 139	Re: RBS Business Overdraft, Personal Guarantee and Banking Ethics Good Evening Johnnymitch Thanks for your post. Sorry I haven't replied earlier, but I've been in the very wet and windswept north of Scotland. My original "business adviser" at the RBS said it wouldn't be a problem to transfer the o/d to the new company. He ended up being kicked out of RBS and joined HBoS. I suppose that says it all really. A new young whipper-snapper came in, I think he was aged about 22, and said that the o/d could not be transferred. That statement lead to an awful lot conversations and in the end RBS said I would need to take a secured loan to clear the o/d. My answer to that was something like "as long as my extremely fat posterior points down the way I will not be taking out a secured loan". At the end of the day I know I spent money that belonged to the bank, and I have every intention of paying it back, however there is over £7K interest charges applied, and it's these charges I'm not very happy about. JM could you explain "defraying", I'm a very good engineer and hit things with hammers (maybe that would have worked on the business adviser) but your statement has lost me bit, well more than a bit. Thanks again for taking the time to reply Regards G