Closed Barclays Business account overdraft- fees and interest

[kittydrum]

Hi, I'm not sure whether I should start a new thread or whether I'm in the right place on the site but here goes.... I would really appreciate some advice regarding a now closed business account with Baclays. The overdraft limit was 47K. They subsequently closed the business account and all other accounts we held with Barclays. Fortunately we'd already sensed difficulty on the horizan and had set up a new account elsewhere. At the time of Barclays closing the business account there was an outstanding overdraft of 32K and two bank loans attached to it. The debt has now been passed onto a debt collection agency who have said we owe 68K. I signed a personal guarantee on the overdraft and the loans although genuinely wasn't aware at the time that this was the case. I was directed to a solicitor by my bank manager who could set it all up quickly and when I went to see him I was literally told just sign here. Yes very niave but when told by my bank manager that it would be quicker than using my own solicitor I trusted them! I guess my main queries are..

 

a) Is there any possible claim for being mis-sold the overdraft facility?

b) If the account is closed and they are pursuing us via the personal guarantee how does this change things legally? I have read on one of the forums here that the debt is now personal so I have additional rights as a consumer.

c) Although I am willing to accept that I need to repay money that I have had via the overdraft and the loan what are the rules regarding fees and charges applied to the figure owed on a business account?

d) Is there any argument that could be made for disruption of business as they suddenly closed our accounts? The business very shortly after closed and I have since started a new business.

 

Basically I just want to get the final figure reduced as much as possible. We haven't the funds to pay back one lump sum...Who has!!... and the debt agency currently want to know what our payment plans are.

 

Thank you so much to whoever is reading this

[Blossomandebony]

Hi, Kitty,

 

Can you give more details regarding the 'personal guarantee' you signed?

 

BAE

[kittydrum]

Thanks for your reply...I have requested the details of the personal guarantee from Barclays and am currently waiting. All I know is that although the company has folded, and it was a limited company, they are still able to pursue us for the debt which they have put at 68k....