Claiming on a Business account? Lets join forces?

[photoman]

Just thought it might be important for anyone claiming against a business account to be aware that there are some subtle but VERY important differences in regards how to go about this.
I hope this thread can be a valuable source for those doing so, to exchange information, ideas and methods.
Any takers?
PLEASE, Business account claimants or those that know about business claims ONLY !

[photoman]

Just testing out the link to here, so ignore this.

http://www.consumeractiongroup.co.uk...tml#post586623

[GuidoT]

This is a good start:
http://www.consumeractiongroup.co.uk...sic-guide.html

[bobandsuzzi]

excellent ideaphotoman
this thread will be invaluable when it gets up and running, providing it is used solely as intended--so many threads go of track after a while, and you end up spending all night reading through pages of somebodys personal problems, when all you want is that special bit of info that you cant find anywhere
i have one Ltd business claim -charges and CI -- awaiting court date, i would like to discuss this at a later date in some detail
a second claim as a sole trader with CI, i could do with some advice with over the weekend, just need to see whats in the post today, and will then post here later
off towork now
back later

Bobandsue

[tiaposy]

Hi everyone.
I am having a nightmare with our business account and need some advice.
Over the past 2 years we have been charged £2,500k in fees. (we are a limited company). We also have a joint a/c with this bank, so I was holding off claiming as I heard that banks were closing accounts down and with our current credit history, we cannot get another business account. Anyway we have a new bank manager & last week he rang me to say the overdraft (of 3k) was due to expire this week, and he wanted us to 'chip' away at the overdraft so that eventually we didn't have one. I explained that we had a new accountant and I would get him copies of the books in the next few weeks. At no point did he say that he would be withdrawing the overdraft facility. Then yesterday we received a letter stating our overdraft had now been withdrawn. To top if off, we got a loan with very high interest to put a cash injection of £4k into the account. I transfered this on Tuesday, but now we have no overdraft, the has been swallowed up and now we are no better off than we were before - I feel physically sick. If he had told me last week he was withdrawing the 3k then I wouldn't have paid the loan money into the account.

So, my point is, do I try to claim for the charges as I now feel that even if he closed our account, we would be no worse off. Also, how do I work out how much interest we have been charged.

Any help would be much appreciated.

Thanks

[photoman]

Originally Posted by tiaposy

Hi everyone.
I am having a nightmare with our business account and need some advice.
Over the past 2 years we have been charged £2,500k in fees. (we are a limited company). We also have a joint a/c with this bank, so I was holding off claiming as I heard that banks were closing accounts down and with our current credit history, we cannot get another business account. Anyway we have a new bank manager & last week he rang me to say the overdraft (of 3k) was due to expire this week, and he wanted us to 'chip' away at the overdraft so that eventually we didn't have one. I explained that we had a new accountant and I would get him copies of the books in the next few weeks. At no point did he say that he would be withdrawing the overdraft facility. Then yesterday we received a letter stating our overdraft had now been withdrawn. To top if off, we got a loan with very high interest to put a cash injection of £4k into the account. I transfered this on Tuesday, but now we have no overdraft, the has been swallowed up and now we are no better off than we were before - I feel physically sick. If he had told me last week he was withdrawing the 3k then I wouldn't have paid the loan money into the account.

So, my point is, do I try to claim for the charges as I now feel that even if he closed our account, we would be no worse off. Also, how do I work out how much interest we have been charged.

Any help would be much appreciated.

Thanks

Same old story that many of us have been force d to deal with. I too ended up borrowing elsewhere in order to try to input money into the business,and it just ended up clearing an overdraft (the cause of which I now know was based upon unlawful charges).
I would certainly claim your charges if I was you.
Sounds like as your overdraft facility has been withdrawn you have no benefit in remaing with your current bank at present.
Firstly open a "paracute account". Even the most basic of accounts will do. Transfer all your Business bankings there. Then start your claim.
Regards working out how much interst you have been charged, there are some excellent spreadsheets available here that will do that for you.
Having tried a couple I would reccomend Mindzai & Lucids.

http://www.zen122856.zen.co.uk/CompoundSheet_v1.9.xls

It's very user friendly, and there are lots of bits of advice on how to use on their thread ifyou get stuck (they are also very helpful if you REALLY get stuck and PM them for advice).

Regards the letters you send, there are some excellent templates around that you can use.

This brings me to the core reason for this thread:

IT IS VERY IMPORTANT TO MAKE SURE THAT YOU USE TEMPLATES THAT ARE DESIGNED FOR BUSINESS USE.

On that note, this is some of the rudimentary diffrences I am aware of, and would appreciate input from others.

1/ We cannot make references to UTCCR (Unfair Terms in Consumer Contracts Regulations).
2/ We can still refer to SOG (Sale of Goods act)
3/ We can still rely on Common and Statute law.
4/ We need to check what the applicable interest rates are regards our accounts, as often they are diffrent to the rates on Pesonal accounts.

[photoman]

Incidentally, I just wanted to point out to all here.
Even though I started this thread, it does not necessarily mean that I am any more knowledgable than others here.
I am not a Moderator or Site Helper, and any knowldege or opinions I may post are based upon my own experiences and research.
I would advise, that along with anything else you read around here that you do your own research before acting upon it.
Also regards PM's.
I would suggest that unless something really is private, we try to post any questions we may have of each other rather thanusing Pm's.

[bobandsuzzi]

hi tiopsy,

Having tried a couple I would reccomend Mindzai & Lucids.

i completely agree, these spredys are excellent, with lots of idiot proof instructions [ even i could understand them]

some time ago, we were really strapped for cash, so we applied for a short term business development loan for a new computer system ,which we suprisingly got, the beauty of that was that the repayments were pre-determined, and it put the account in the black, so stopping the penalties, which were dragging us down, and therefore the money we were saving went to pay the loan off
Bobandsue

[BADMOTHER]

Just subscribing to this thread, I will shortly be starting a claim for a friends business account which was closed last year by RBS. I'm at the point where I have added up the charges alone to over £14k. I haven't done a business claim before so will be looking here for all the help I can get.

[tiaposy]

Thanks photoman
Latest update is my husband has spoken to the bank manager and he has agreed to re-instate the overdraft - for a charge of £100.00! Another dirty trick from the bank. I am going to make sure the account stays in credit for 3 months, then I'm off... I will then be claiming every penny that they owe us, then some...

Good luck to everyone else

[ataction]

I will monitor this thread, I have successfully claimed 4.5K from NatWest on a business account, and I am now claiming from Lloyds. I may be able to offer some advice. A parachute account is advisable.

[bobandsuzzi]

ataction,
that sounds really good, us business chaps needd some dedicated help, especially with CI and 6+ year claims in my case, anyway

tiaposy, which bank are you with?

got my court date today on one claim, and on another one their 14 days are up

be back later looking for some help

Bobandsue

[unclespencer]

Just seen the program on TV tonight - have been miffed with banks for a long time. Can't wait to get the letter off about my personal accounts - and it's even better knowing that i can also poss. claim back charges for business account.

I've not had many charges for my business account - but regularly paid for overdraft facility ... can i get this charge back?

[photoman]

Originally Posted by unclespencer

Just seen the program on TV tonight - have been miffed with banks for a long time. Can't wait to get the letter off about my personal accounts - and it's even better knowing that i can also poss. claim back charges for business account.

I've not had many charges for my business account - but regularly paid for overdraft facility ... can i get this charge back?

Afraid it looks like you can't reclaim arrangement fees or such for an overdraft facility (even though they are themselves excessive, and nobody really believes it really took very much of a managers time or consideration to arrange such) .
These are charges for the provision of a service, as oposed to a punitive charge for the refusal of a service, which is the whole basis in law for the actions we take.
However, if you were charged fess for "overdraft excess" or "unauthourised overdraft" or such (ie basically going over your limit without prior arrangement) then this can be claimed.
You can also claim any interest you were charged on the portion of any overdraft that was incurred as a result of such charges.

[GuidoT]

..

[tiaposy]

Hi
My business account is with Lloyds