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  • #1

    Right to offset - Bank Account & Paypal (Limited Company)

    Hi,

    I've recently setup a limited company. I'm the sole director. All the banks credit check for a business account

    Firstly - If I was to get a business account with Barclays, would they/barclaycard be able to offset (set off?) the money from the business account to go towards my personal default?

    Secondly - same question with Paypal. Dispute with them means I owe money. If they let me open a business account, could they later pinch funds from it and say it's towards the personal debts, since I'm the only director so they'll have my details?

    Thanks
    Tags: account, accounts, action, bank, bank account, banks, barclaycard, barclays, business, cash, credit, debt, debts, default, details, director, fos, funds, life, loan, money, owed, pay, paypal, personal, personal debts, salary, santander, set off, state, thank you, winding, withdrawal
  • #2
    Re: Right to offset - Bank Account & Paypal (Limited Company)

    Originally posted by OneNightInIbiza View Post
    Hi,

    I've recently setup a limited company. I'm the sole director. All the banks credit check for a business account

    Firstly - If I was to get a business account with Barclays, would they/barclaycard be able to offset (set off?) the money from the business account to go towards my personal default?

    Secondly - same question with Paypal. Dispute with them means I owe money. If they let me open a business account, could they later pinch funds from it and say it's towards the personal debts, since I'm the only director so they'll have my details?

    Thanks
    No to both, however both might state within their terms that they can offset against any person known to have alternative products/accounts with the group, but as it's personal v business you will be ok. If they did offset then you'd just complain to the FOS
    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: Right to offset - Bank Account & Paypal (Limited Company)

      Ok, thank you

      One further question - do you know if that would possibly spark them into life in trying to get money out of me/the business (at the moment they're just going down the personal, debt collector route). Or to try any tricks like winding up the business - since they'd know the business was making (well, at least receiving) money?

      Like the new design by the way, very nice!!

      Comment

      • #4
        Re: Right to offset - Bank Account & Paypal (Limited Company)

        Am watching this as I am in the same 'boat'...... TY for asking this question... I didn't even think of PP!!!

        Comment

        • #5
          Re: Right to offset - Bank Account & Paypal (Limited Company)

          No, as far as i know, they HAVE to treat the business seperate from personal liabilities.
          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

          If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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          • #6
            Re: Right to offset - Bank Account & Paypal (Limited Company)

            Thanks, guess the problem is them stepping up on personal action because of business takings - but it won't be lot, most of my payments are BACS (and if Santander underwriters get a move on and hopefully accept me, I won't need Barclays!).

            I guess regarding paypal they may reserve the right to close accounts etc, but still would imagine they'd have to return money. I've submitted my ID so they can lift my withdrawal limit from 0... will see how that goes!

            Comment

            • #7
              Re: Right to offset - Bank Account & Paypal (Limited Company)

              You're talking about this business making a lot of money, so surely you don't owe PP that much unless you deliberately sold non tangible products

              In which case just pay PP off when you start to make all this cash
              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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              • #8
                Re: Right to offset - Bank Account & Paypal (Limited Company)

                they can not argue that the business account is receiving alot of money so you must be able to pay your personal debt, it doesnt work that way.

                You do not own ANY of the money going in to the business, it belongs to the ltd company. You, take money from the company either as, a salary, dividend, or loan. Its not yours to do with as you wish any other way. You are administering the money on behalf of the company.

                Therefore they wont try and say this, and if they do, you can explain to them the basics of a ltd company.
                I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                Comment

                • #9
                  Re: Right to offset - Bank Account & Paypal (Limited Company)

                  Originally posted by SXGuy View Post
                  they can not argue that the business account is receiving alot of money so you must be able to pay your personal debt, it doesnt work that way.

                  You do not own ANY of the money going in to the business, it belongs to the ltd company. You, take money from the company either as, a salary, dividend, or loan. Its not yours to do with as you wish any other way. You are administering the money on behalf of the company.

                  Therefore they wont try and say this, and if they do, you can explain to them the basics of a ltd company.
                  Agreed.

                  But back to what I asked, how much exactly are we talking about being owed here?
                  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

                  Comment

                  • #10
                    Re: Right to offset - Bank Account & Paypal (Limited Company)

                    Well I don't know what they've done to it now. Sold it on I think (already!). Bank bounced/reclaimed some payments, so now they and Paypal want money, rather than just the bank.

                    Originally posted by SXGuy View Post
                    they can not argue that the business account is receiving alot of money so you must be able to pay your personal debt, it doesnt work that way.

                    You do not own ANY of the money going in to the business, it belongs to the ltd company. You, take money from the company either as, a salary, dividend, or loan. Its not yours to do with as you wish any other way. You are administering the money on behalf of the company.

                    Therefore they wont try and say this, and if they do, you can explain to them the basics of a ltd company.
                    Ahh yep that's true!

                    Comment

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