In message <[log in to unmask]>, Michael
Leuty <[log in to unmask]> writes
>I know a little about accounting, enough to keep our practice's books in
>order and predict profits and drawings to a reasonable degree of
>accuracy. Until now cash flow has not been a problem, particularly with
>the Leave payment early in the year. But, as I have mentioned before on
>this list, under nGMS our NHS income will go down until after the end of
>the financial year, and there will be no leave advance.
>
>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?
>
Not sure of the rates but we have never had to do anything other than
ring Barclays and ask for an overdraft - surely the money you have had
in and out of your account in the past would suggest you are a good
risk.
Tell them you are changing to another bank! It is not an unsecured loan
it is an overdraft. I think they are quoting for an unsecured loan. If
that's what you want might be cheaper for one of you to do it on your
own but at practice expense....
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Pork
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