Business overdraft

[Buttersham]

Hi there, I'm looking for some help.

We bank with Barclays for our business.

I logged online yesterday to be told I can have an overdraft of 25k. It simply flagged up.

I received the facility and accepted.

However I was assuming a personal guarantee would be needed for the 25k.

I wanted to ask surely a personal guarantee form would of needed to be sent to my home address as Director and sole owner of company?

What is the procedure for a personal guarantee with Barclays. Please share your current experience with personal gurantees and protocol. As I'm slightly confused. It all seems too easy.

I have never received/ signed anything at home from Barclays regarding personal gurantee. I just clicked accept and received the facilty.

Everything normally comes to my home address as owner/ Director. Bank cards etc. So I can imagine something as important as a personal guarantee would be sent, or is it normally in branch with ID?

Does this seem normal?

Thank you in advance.

 

[Mark T Jones]

The answer will lie somewhere in the documentation you have received, but they can’t assume a PG, you have to agree to it

My guess is that you have applied for an overdraft, but it hasn’t yet been granted If I’m wrong, I would raise the question directly with Barclays

 

[Buttersham]

The answer will lie somewhere in the documentation you have received, but they can’t assume a PG, you have to agree to it

My guess is that you have applied for an overdraft, but it hasn’t yet been granted If I’m wrong, I would raise the question directly with Barclays

It has been granted and is a live facility. Would the personal gurantee normally come to director home address to sign? Not go to company address.

This is why I ask others what normally happens with PG. By clicking accept on overdraft I wouldn't have consented to PG as I can imagine it needs a signature etc. I can imagine it's a form that goes to Director home address to be signed then sent back and overdraft granted etc that's the way I would expect it to work anyway? otherwise surely someone could have gained unauthorized access to the account and then sent funds on etc.

 

[Mark T Jones]

It has been granted and is a live facility. Would the personal gurantee normally come to director home address to sign? Not go to company address.

This is why I ask others what normally happens with PG. By clicking accept on overdraft I wouldn't have consented to PG as I can imagine it needs a signature etc. I can imagine it's a form that goes to Director home address to be signed then sent back and overdraft granted etc that's the way I would expect it to work anyway?

Why not ask Barclays?

 

[Buttersham]

I will. I just joined fourm. I wanted to get others opinions and for them to share their experiences.

 

[Mr D]

The only personal guarantees I know I have had were signed specifically - not assumed.
No idea if Barclays require one for limited companies with business bank accounts.

Keeping your account secure is your job, not theirs. If you lose money by someone gaining access to the account from your end they will not be sympathetic.

 

[Buttersham]

Hi there,

That's what I'm asking.

Do normal personal guarntee come to Director home address to sign?

We safe guard our account I was just giving scenaro.

 

[Mark T Jones]

A PG doesn't need to come to a home address - but it does need to be signed as a clear and specific document.

 

[Buttersham]

Thanks.

 

[Annoying Donkey]

Have you checked the documents signed when opening the account? I seem to remember there is some sort of guarantee in there...

 

[Buttersham]

Surely,

Given the importance it would of been another document?

We I opened the account I asked for no borrowing?

 

[ethical PR]

There is no point speculating on here, the only entity who can answer your question with any authority is Barclays. Give them a call.

 

[Mark T Jones]

There is no point speculating on here, the only entity who can answer your question with any authority is Barclays. Give them a call.

The cynic in me suspects a sub-text to this question.

If I happen to be correct OP, it's bet to ask the real question.

If I'm wrong, see above

 

[Ashley_Price]

There is no point speculating on here, the only entity who can answer your question with any authority is Barclays. Give them a call.

It is intriguing how many people will post on here for answers, rather than contacting the one company or organisation that could answer their question in minutes.

 

[Gordon - Commercial Finance]

The cynic in me suspects a sub-text to this question.

If I happen to be correct OP, it's bet to ask the real question.

If I'm wrong, see above

That was the first thing I thought too. Too much emphasis on whether anything would be sent to a home address. Someone looking to hide borrowing from a spouse perhaps.

I hope I'm wrong of course. I hope we're just cynical.

 

[Mark T Jones]

That was the first thing I thought too. Too much emphasis on whether anything would be sent to a home address. Someone looking to hide borrowing from a spouse perhaps.

I hope I'm wrong of course. I hope we're just cynical.

It comes with the job)

 

[Mr D]

That was the first thing I thought too. Too much emphasis on whether anything would be sent to a home address. Someone looking to hide borrowing from a spouse perhaps.

I hope I'm wrong of course. I hope we're just cynical.

Hiding something from a spouse can be tricky.
Many of them besides having bags that are larger on the inside than the outside suggests also have powers of mind reading and remote viewing, seeing what you have done when not even in the building and knowing exactly what you are thinking.
Even a tinfoil hat doesn't work.