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Learn what the Personal Guarantee and your credit agreement mean for you and your business.
Overview
When you apply for a Capital on Tap Business Credit Card, you agree to specific terms and conditions. These include a Personal Guarantee and a Revolving Credit Facility Agreement. Together, they make you, the main account holder, personally responsible for repaying the outstanding balance.
What is a Personal Guarantee (PG)?
A Personal Guarantee means that you, as the main account holder, are personally liable to repay the account's outstanding balance. If the business is unable to pay its debts, you'll need to pay them.
Important: You are responsible for the debt even if your business closes or your circumstances change. It is critical that you understand the Personal Guarantee associated with your account.
What is a Revolving Credit Facility Agreement?
This agreement contains the full terms and conditions for your Capital on Tap account. You agree to this contract during your application when you check the box and click the 'Agree and Continue' button.
Where can I find my Revolving Credit Facility Agreement?
You can view or download this agreement at any time through the Capital on Tap portal:
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Log in and navigate to the 'Your account' section.
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Go to 'Account details'.
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Select 'Credit details'.
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Download your Revolving Credit Facility Agreement.
My business has closed and I cannot pay the balance. What should I do?
Under the Personal Guarantee, you are still responsible for the debt. Contact our Customer Service on 020 8962 7401 as soon as possible. We can talk through repayment support options and help you find the right way forward, based on your circumstances.
I am no longer a director of the business. Am I still responsible for the debt?
Yes. As the main account holder who agreed to the Personal Guarantee, you remain personally liable for the debt on the account.
Can I transfer the main account holder role and Personal Guarantee to someone else?
No. If you need to change the main account holder for the business, the account must be paid off and closed. The new person can then apply for a new account.
Can I get support in a language other than English?
We currently only provide support in English. If you'd like a translator or legal representative to communicate with us on your behalf, they'll need to be authorised first. This works the same way as for any other third party managing your account, with a Letter of Authority or Power of Attorney.
Can I get a letter that confirms my credit limit?
No, we currently cannot provide you with an account confirmation letter or a customised statement that shows your credit limit. If you require this, you can download a statement directly from the 'Transactions' tab in your portal.