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George1958

RBS Business Overdraft, Personal Guarantee and Banking Ethics

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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

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You might want to look at this:

 

(deleted)

Edited by Enron

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.

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won't allow access enron


.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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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.

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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

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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.

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Thanks Enron

 

Regards

 

G

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Hi Enron

 

Any further news on the link that wasn't.

 

Regards

 

G

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Hi george :)

 

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.

 

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 ?


Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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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

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