Welcome Guest ( Login | Register )Home   Search   Today's Posts   Mark All Threads Read

Business Loan to personal loan

Jan 21 2011 12:28am#1 (permalink)

dennisjackson123

Anonymous Visitor
Avatar for dennisjackson123
We have just started initial discussions with our bank about converting a business loan into a personal loan (after having unsuccessfully run a business of our own). We closed the business down but still owe £17k (£12k loan and o/d £5k).

The bank (high st name) have laughingly come back with a frightener by saying because we don't have a personal account open with them we could end up paying upto 24%!! I've even worked for these crooks but that doesn't seem to count for anything.

We also signed a personal guarantee to a maximum of £15k and it clearly states in the small print that we are not liable for anything above this figure otherwise what was it's intention?!!

If anyone has any experience of negotiating a conversion from a business loan to personal loan we'd be really glad to hear from them.


payday loan

All times are in GMT+10:00

 

 

 

 

Warning: The views and opinions expressed on this web site do not necessarily represent the views and opinions of Colt Hudson Pty Ltd or those of its employees and associates. Views and opinions have been provided by members of the general public for entertainment purposes only. The information provided on this web site is general advice in nature and does not constitute financial advice . As such it has been prepared without taking into account personal circumstances, lifestyle, financial situation or needs. You should not act on any information on this site without first speaking to an authorised finance services provider.