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  • #1

    personal guarantee and will they agree to give me OD?

    am with HSBC with my business account and bank at least 9k a month and have been trading for coming up for 3years in a ltd company that has been trading for about 7 years

    I wanted a 25k overdraft facility for emergencies and the said i'd have to give personal guarantees - they are ringing back tommorow

    all well and good but the guy said it would involve credit checks and when i checked up on my personal one it doesn't seem to look that good - I got refused a personal loan by HSBC in the last year as I had gone over my overdraft limit inadvertently and had been overdrawn for a long period of time

    I opened a TSB personal account in a sort of huff and the personal HBC account remains largely dormant

    Is my chance of getting this business overdraft doomed?
    Last edited by phil_d1111; 20 February 2012, 20:37. Reason: typo
    Tags: account, bank, banks, business, checks, comi, credit, credit checks, credit rating, home, hsbc, loan, money, overdraft, pay, personal, personal loan, rating, tsb, work
  • #2
    Re: personal guarantee and will they agree to give me OD?

    Originally posted by phil_d1111 View Post
    Is my chance of getting this business overdraft doomed?
    It's not looking good mate, not based on what you have said but just be careful - PG's are not such a good thing you know - we've had a few horror stories here

    Best of luck, see what they say tmw and please let us know
    I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

    If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

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    • #3
      Re: personal guarantee and will they agree to give me OD?

      Originally posted by Never-In-Doubt View Post
      It's not looking good mate, not based on what you have said but just be careful - PG's are not such a good thing you know - we've had a few horror stories here

      Best of luck, see what they say tmw and please let us know

      what I was trying to work out is if its worth going through with the application tomorrow at all as any refusal will make my credit rating worse?
      Last edited by phil_d1111; 20 February 2012, 20:56. Reason: typo

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      • #4
        Re: personal guarantee and will they agree to give me OD?

        Originally posted by phil_d1111 View Post
        what I was trying to work out is if its worth going through with the application tomorrow at all as any refusal will make my credit rating worse?
        It won't make it any worse, no. Why not, see what they say - they may agree it but just be careful before you rush into signing anything
        I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

        If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

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        • #5
          Re: personal guarantee and will they agree to give me OD?

          These days how much money going though your account is not a indicator to much with HSBC, your in effect asking for a OD of about 20% of gross turnover.

          They will only be interested in profit and the ability to pay it back, I hope you get it but banks really dont want to lend at the moment unless you dont need it!!!!

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          • #6
            Re: personal guarantee and will they agree to give me OD?

            Rock and hard place really.

            Personal guarantees are a nightmare but if the alternative is losing your business, which could then mean losing your home, what choice are you left with ?

            I don't know if you can limit the extent of the guarantee but if possible, that is where to draw the line.

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