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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3696
Experience:  Solicitors 2 years plus PQE
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We are a Limited Company and have no overdraft, or loans. We

Resolved Question:

We are a Limited Company and have no overdraft, or loans. We have been asked, as directors, by our Bank to produce details of our personal situations. Under the headings of Assets, Liabilities, Income & Outgoings. As we are not looking for a loan, or an overdraft facility, why do we need to do this?
Submitted: 3 years ago.
Category: Law
Expert:  Alex J. replied 3 years ago.

Alex J. :

Hi Thank you for your question and welcome. There is no reason for them to ask for this unless they are seeking a personal guarantee or to continue an overdraft. What do you have with the bank? an account? I look forward to hearing from you.

Customer:

WSe have 2 trading accounts, both for Limited Liability companies. No overdraft. No loans.

Alex J. :

Hi, Thank you. There is no reason to provide information about your personal affairs. Obviously though bare in mind it is the bank and they could say if you dont go and get an account elsewhere.

Alex J. :

Generally banks would only ask for this information if they were trying to determine the value of a personal guarantee. Kind regards

Alex J. :

AJ

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