debt recovery unit at barclays

sheila07 | 22:06 Thu 19th Jun 2008 | Business

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How does the debt recovery unit work at Barclays. Are they allowed to just take money out of one limited company account that is in credit and pay an overdraft off another limited company account that is overdrawn. A few of my companies are struggling due to the credit crunch, but some are ok. I would be very grateful of any assistance given before tomorrow morning...I have just had an email from my business manager asking me to ring him so he can explain the procedure as my group accounts and associated personal accounts are being managed by debt recovery..
Many thanks
Sheila

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chas2008

from my understanding i wouldnt of thought so, they would all be seperate companies in there own right...unless some guarantees had been set up with the other companies.
I assume the bank has some form of charge to guarantee the overdrafts ?/book stock/debts/ personal property etc
When i got into bother a few years back and got the dreaded call from the bank all they wanted was a repayment plan put in place, i ended up taking out a loan

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