Natwest business overdraft - advice needed please,

[jaffaboy]

I have a natwest overdraft at moment that currently with their collections since jan 2012. Have guarantee of 10000 , balance is around 15000.

I'm still being charged interest for unauth overdraft which is adding to it more and more.

Spoke to them this month a they advised will going to recovery agent soon , as no longer trading and ltd company wound up some time ago.

Tbh back in 2008 I was naive enough to listen to bank manager to set up ltd company and they were more than happy to give overdraft , I had no business plan and said will just be selling on eBay. I feel I was missled and misadvised in some ways , the guarantee was never explained to me properly.

My personal debt is unsecured and currently on token payment proud per month option , did try to offer this to natwest but they rejected.

Sorry for the essay but am so stressed about it. I feel ive done well to manage personal debt at present and stop interest.

But business debt seems to be going out of control.

Any advice or help would be very much appreciated .....

 

[jaffaboy]

Anyone , surely of 30 odd members that viewed someone must have correct knowledge . Please.

 

[tony84]

Have you spoke to the CCCS?
Give them a call, theyre apparantly really helpful.

I dont think you can argue it being miss sold as its a business agreement, you would have to get solicitors involved - you dont have the same rights as a "consumer".

 

[OldWelshGuy]

Can they legally continue to add interest to a defaulted debt with a Ltd company?
As you have only guaranteed £10k, that is the maximum they can persue you for as the Ltd co owe the rest and if it is dead and buried then tell them to go whistle.

 

[solutionsgroup]

Jaffaboy,

It seems that you have tried to get your affairs in order and although you do not have the same rights as a Guarantor that you would have as a Consumer for a credit agreement Natwest should take any offer, even a token payment offer, seriously.

Have you sent them an income and expenditure assessment?

I would also suggest you speak to CCCS or National Debtline. They can really help in your circumstances.

Tony84 is quite correct but if you genuinely feel you we're mis-sold then you are within your rights to complain and I believe you would be entitled to take your complaint, if rejected by Natwest, to the Financial Ombudsman which is the free impartial service that resolves complaints between financial companies and customers.

Oldwelshguy's point is a little wrong in that a guarantee is usually for a sum, say £10,0000, plus interest and costs.

Although I am qualified in this area this post does not constitute advice and merely my initial thoughts based on the information provided. If I can help further please post further questions.

Good luck!

Steve