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Work At Home Free Classifieds => Post Your Business Opportunities Here => Topic started by: smithmiller6 on January 20, 2011, 08:43:22 AM
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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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I don't think if it can convert business loan to personal loan. Although business loan really help you finance venture capital to start up a business.
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I also agree with the fact that business loan can't be converted to personal loan. Business loans are the loans which you are taking for running your business and not for your personal needs.
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All of us know very well that there are many financial companies or banks in the market which provides different types of loan like business loan,personal loan,mortgage loan,pay day loan,etc.
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Credit Card loans or cash advances from credit cards are another form of personal loans. These quick loans are more readily available to the general public and does not require a credit check. To obtain the initial card more than likely required a credit check or at least the process of identification for secured credit cards.
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Why in the world would you want to convert a business loan to a personal loan? First of all do you really want to risk your own assets instead of business assets?
And you don't have to convert the loan actually. If you can get a personal payday loan then just put the money on the company's account and pay off the debt.
Also I would suggest to speak with a corporate lawyer, they can find a way to increase the company's assets and pay out the rest of the loan with assets if no money is available.
Just stay our of all sorts of unsecured personal loans, be it a quick payday loan (http://paydayloans24.org) or a cash advance of other type.
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