Michael Leuty wrote:
>
> So I am thinking of applying for a bank overdraft to cover us until
> HM Government deigns to pay us the money we are owed. But here I am
> much less knowledgeable.
>
> Our bank are proposing interest at 3% over base (this is an unsecured
> loan), with an arrangement fee of £220 for a £15,000 facility. Do
> these fees and interest rates sound reasonable to all you
> worldly-wise GPs out there?
>
> I have also been asked to provide completed Financial Profiles for
> all the partners, including details of all their income and
> outgoings, personal assets, any guarantees given, and employment and
> income of spouse. Personally I regard this as colossal cheek. Why
> they should need to know the date on which one of my partner's
> husbands was appointed as an ENT consultant, before they can grant us
> an overdraft of a measly £15k I do not know. Is this sort of thing
> regarded as normal, nowadays?
Definitely cheeky, point out that this is a sure fire no risk loan and
that you have always been in the black before.
Ask them for 2% over base and £20k or you will take your custom,
including the practice account, elsewhere.
Can you not loan yourself the money from any reserve you keep for tax
bills?
Trefor
|