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NatWest - loan consolidation of sole trader overdraft


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Hi,

 

I've got following situation. I have personal bank account with NatWest since 2001 and business bank account since 2002 (sole trader business account). Been sole trade since 2002 but in 2007 incorporated limited company and opened another business bank account for the ltd. The sole trader and ltd have been operating in parallel for 2-3 year and then all fixed assets and liabilities of sole trader have been transferred to the ltd. The sole trader got a substantial overdraft facilities which have been paid by the ltd since the merger. NatWest approached me by requesting a repayment of the overdraft in full. I replied that I can't afford but I'm happy to convert the overdraft into a business loan. They said OK but the consolidation loan has to be a personal loan, not business. As it is a business liability, I have provided all evidence like annual accounts for the sole trader, for the ltd and for the use of the overdraft NatWest is refusing to discuss conversion of the overdraft into business loan. The only option they offer me is a personal loan on the basis it was given to a sole trader.

 

Any thoughts and suggestions how to deal with NatWest in this case will be much appreciated.

 

Thank you

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