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Hi there,
I was offered a business overdraft by Barclays in 2017 I took it out to help grow our business.
The company lost major customer late last year, We told Barclays we would not be able to trade and not able to pay overdraft back thinking it was a debt of the company Barclays informed me that a personal guarantee on the overdraft however I have never signed anything to this affect Barclays then informed me it was buried in terms and conditions on the overdraft terms, called a short personal gurantee. It's not classed as a proper guarantee according to Barclays. I'm really confused.
The overdraft is for £20,000 and we intend to pay back £1,000 a month minimum (more like £2,000) with a £4,000 down payment from end of this month.
I'm worried for my house will they try and do anything.
As it's mortgage free.
The funds are coming from another company I own. We intend to clear by end of this year if not before.
I'm worried as I've not been in debt for years and feel cheated by Barclays but understand it needs repaying.
I was offered a business overdraft by Barclays in 2017 I took it out to help grow our business.
The company lost major customer late last year, We told Barclays we would not be able to trade and not able to pay overdraft back thinking it was a debt of the company Barclays informed me that a personal guarantee on the overdraft however I have never signed anything to this affect Barclays then informed me it was buried in terms and conditions on the overdraft terms, called a short personal gurantee. It's not classed as a proper guarantee according to Barclays. I'm really confused.
The overdraft is for £20,000 and we intend to pay back £1,000 a month minimum (more like £2,000) with a £4,000 down payment from end of this month.
I'm worried for my house will they try and do anything.
As it's mortgage free.
The funds are coming from another company I own. We intend to clear by end of this year if not before.
I'm worried as I've not been in debt for years and feel cheated by Barclays but understand it needs repaying.
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