Natwest, Take money from my LTD account for personal arrears

cheesetoast

I would put a written complaint to NatWest, ask for their response in writing, and ask for either confirmation that it was an error that will be resolved, or an explanation on under what terms of your agreement they have done it.

diamonds

agrinnall wrote: »

Just because one person agrees with you that it's theft doesn't mean that it is. I would complain and wait for NatWest to investigate before taking any action.

Offsetting from a LTD company bank account to a personal account of any kind is theft. The company then possible left with liabilities esp a HMRC one is dodgy as! That may end up with a Director jailed for fraud even if the bank took it when they had no right.


As I said to OP get legal help.

diamonds

jonesMUFCforever wrote: »

I am also wondering if the OP had given a guarantee to the bank backed by a charge over OP's property (in addition to mortgage)for any lending?
Obviously if the mortgage went into arrears (badly) their security is weakened - so there may be a term/condition in the guarantee document allowing them to do what they did.

As well as private account closed, HMRC dissolving the company, and OP being out of the country I too think we have only got a small snippet of the true story.

May have but the fact it was returned to LTD account speaks volumes of the bank illegal activity, had they had a internal discharge to do so it would not be returned to the company account.


Obviously with both situations the financial situation was not good, taking LTD company funds where entitlement was not valid and it was returned TWICE. Talk about stress!

diamonds

pathtofreedom wrote: »

Just to check, the account for the ltd was it a "proper" business account? Rather than just a different retail current account in your name?

OP states LTD

Return of monies twice would clarify such.

diamonds

Thrugelmir wrote: »

And you were out of the country? Would that have something to do with the course of action they took. I assume that you were in incommunicado when abroad. Sounds as if there is far more to this tale.

Money can be taken out of your business account to pay for personal debts if you have a business account and personal account with the same bank. This is called the right of set off.

Not a LTD company with no charge on the property/mortgage, which returning monies twice obviously there was no secured charge on the mortgage/property, the bank were acting inappropriately TWICE or they would have kept the money for arrears with legal entitlement the first time.

PeacefulWaters

Thrugelmir wrote: »

Money can be taken out of your business account to pay for personal debts if you have a business account and personal account with the same bank. This is called the right of set off.

If the business account is a limited company account then I have to disagree.

SuperHan

PeacefulWaters wrote: »

If the business account is a limited company account then I have to disagree.

Absolutely right. How can the possibly offset a company asset and personal liability? The company is a totally separate entity, so how would they decide whose liability it could be offset against? The shareholders? But they have no right to the money without dividends being declared. The directors? The employees' mortgages?

Although I disagree with the theft accusation, it is absolutely an error on part of the bank, and worth pursuing as a) it shouldn't have happened and b) they are likely to make a goodwill payment as an apology.

diamonds

SuperHan wrote: »

Absolutely right. How can the possibly offset a company asset and personal liability? The company is a totally separate entity, so how would they decide whose liability it could be offset against? The shareholders? But they have no right to the money without dividends being declared. The directors? The employees' mortgages?

Although I disagree with the theft accusation, it is absolutely an error on part of the bank, and worth pursuing as a) it shouldn't have happened and b) they are likely to make a goodwill payment as an apology.

If a suicide threat was recorded due to illegal activity by the bank (twice!) I think more than a goodwill payment will be coming with a lawyer involved. There is liability towards a LTD director and shareholders and a personal customer (regardless of debts due), obviously thats a double whammy and a double whammy of taking the money and returning twice.

Heads are going to roll somewhere in whatever dept done this twice.

andyrich666

Sorry to all due to my current circumstances the internet had been cut off, now I have it paid and restored.

Just to confirm a couple of things the winding up of my LTD Company and Natwest taking money from the LTD Company account are in no way connected.

The Business account was frozen a long time after, in fact this is normal procedure when a company is in the London Gazette for winding up, it is normal the bank freeze the account.

I just do not know how to make this complaint.

With regards to the phone call I made it did go quite high up, the ma was at a meal in a restaurant when Natwest called him to discuss the second time, they told me if they take the money again they would never return it.

As for my personal accounts I am going to call Natwest now and ask them why they froze these, I have no idea and these were froze a long time before the LTD company one was.

andyrich666

The simple reason they froze and closed my Personal account was because of Mortgage arrears. They have confirmed this with my call to them just now, so there is no tip of the iceburg.

So now I need to make the complaint to the bank, I will maybe email CAB first. It is a shame I can not access the accounts and show you guys what they did and the amounts.