Showing results for tags 'hsbc took money from'.
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Hi All, I would like to see if anyone could give me some advice on a situation that caused me great hardship. I had been a sole trader for several years banking with HSBC. I finally decided to open a LTD company with family members as my work load had increased causing my turnover to go up massively, which in turn kept me up at night worrying. So along comes the business manager for HSBC and advises me that the way forward is invoice factoring for the Ltd company as I had referred a major portion of the work to it. The factoring had been set up and no sooner had we changed everything then HSBC decide that there is a problem and £200,000 worth of invoices are trapped in the system! A very obvious cash flow problem occurred and HSBC decided that the best solution would be to remove funds from my sole trader account and divert it to the Ltd company account. Now I was not employed by the Ltd company and my personal pay came from my sole trader account. I had given a loan to the Ltd company to start it off and this is the association HSBC used. Could someone please advise me whether HSBC has acted illegally as I have never signed any form of agreement to fund/ support the Ltd Company as an individual. Thanks in advance
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