I
Incapriest
Guest
Hi all
New to this, but I was hoping for some advice.
A few years back, myself and my business partner needed to increase out overdraft with our bank. We met with the bank and all was well. We signed the guarantees as directors of the limited company.
As things go, we still owe them the money, only now they are claiming that we signed as private citizens (and so the guarantees became personal guarantees).
We were told (only told!!) during the meeting that we were signing as directors of the company.
Now:
1. We did not sign a disclaimer (which they sent to us two weeks after the meeting)
2. It took five months for a copy of the agreement to be sent to us ( and only after numerous calls and faxes).
3. We were not advised by the bank to get advice of a solicitor and now…
They are saying that we are personally responsible for the remainder of the OD.
Anybody else ever in this situation, or anybody out there with some advice on this. We’re thinking about taking this to court, but that’s going to be very costly and hey, if we had the sort of money to take on a bank in a legal battle, we’d have repaid the sodding overdraft.
New to this, but I was hoping for some advice.
A few years back, myself and my business partner needed to increase out overdraft with our bank. We met with the bank and all was well. We signed the guarantees as directors of the limited company.
As things go, we still owe them the money, only now they are claiming that we signed as private citizens (and so the guarantees became personal guarantees).
We were told (only told!!) during the meeting that we were signing as directors of the company.
Now:
1. We did not sign a disclaimer (which they sent to us two weeks after the meeting)
2. It took five months for a copy of the agreement to be sent to us ( and only after numerous calls and faxes).
3. We were not advised by the bank to get advice of a solicitor and now…
They are saying that we are personally responsible for the remainder of the OD.
Anybody else ever in this situation, or anybody out there with some advice on this. We’re thinking about taking this to court, but that’s going to be very costly and hey, if we had the sort of money to take on a bank in a legal battle, we’d have repaid the sodding overdraft.