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PG or property charge
Swifty_oh_no
Posts: 4 Newbie
As regards a bank overdraft what is the difference between giving a guarantee and the bank taking a charge on your property,
I guess what I would really like to know is if a bank does not have a charge on your property to what lengths might a bank be able to go in order to get back money from an overdraft facility that they (the bank) decided to call in?
What is the position if a guarantee for the overdraft has expired and the bank have not issued any new paperwork for signature but the overdraft remains available and used?
I guess what I would really like to know is if a bank does not have a charge on your property to what lengths might a bank be able to go in order to get back money from an overdraft facility that they (the bank) decided to call in?
What is the position if a guarantee for the overdraft has expired and the bank have not issued any new paperwork for signature but the overdraft remains available and used?
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Comments
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In my experience it's not usual for a guarantee to expire before the term of the facility and never if the facility is an overdraft.- was there an end date on it?0
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The facility is reviewed and renewed on an annual basis.0
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