HSBC Account closure + Overdraft

[Jdawson]

Hi,

I've had a HSBC Business account for the past 4-5 years now.

They did safe guarding check on my business account around 3 months ago which they then had me to state some certain transactions. All were regular customer payments and payments to accountant for the accounts. Everythinf was all ok after I had spoken to the lady.

Prior to safe guarding check, I had taken a business loan to pay an higher expected tax bill and for advertising costs. I also then applied for an overdraft for extra stock purchases. HSBC have now given me 60 days notice that my account will be closed, I enquired with them regarding the loan which will be fine to pay from a different account but my main problem is the overdraft. They want this cleared prior to account closure but I am unable to do this. I have spoken to finance support at HSBC but they are not willing to help. Any help or advice would be appreciated.

I have the stock currently which wil sell in approx 6-8 months but they are not understanding this

Thanks

 

[Lisa Thomas]

Unfortunately that's the bank's prerogative. Have you given a personal guarantee against the overdraft?

 

[Jdawson]

Unfortunately that's the bank's prerogative. Have you given a personal guarantee against the overdraft?

Not sure if I have, how can I find out on this? Sorry new to all this

 

[Lisa Thomas]

Check the paperwork you signed to see if there is mention of a personal guarantee.