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Business Loan to personal loanThis is a discussion on Business Loan to personal loan within the Mortgage Problems and Solutions forums, part of the Mortgage and Loans Forum category; We have just started initial discussions with our bank about converting a business loan into a personal loan (after having ... |
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01-20-2011, 10:48 AM
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Business Loan to personal loan
We have just started initial discussions with our bank about converting a business loan into a personal loan (after having unsuccessfully run a business of our own). We closed the business down but still owe £17k (£12k loan and o/d £5k).
The bank (high st name) have laughingly come back with a frightener by saying because we don't have a personal account open with them we could end up paying upto 24%!! I've even worked for these crooks but that doesn't seem to count for anything. We also signed a personal guarantee to a maximum of £15k and it clearly states in the small print that we are not liable for anything above this figure otherwise what was it's intention?!! If anyone has any experience of negotiating a conversion from a business loan to personal loan we'd be really glad to hear from them. 
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| business, loan, personal |
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