Thread: Ibsys business problems due to bank

Originally Posted by caro

If you put the date of each charge in your spreadsheet (the advanced one) it calculates the interest from that date. http://www.consumerforums.com/resour...n-spreadsheets

It updates everyday, so you can simply print off an updated copy any time you need it. Make sure you keep hard copies of the ones you use for your letters and court claim though.

Thank you, I saw that. I have a particular problem. Whilst I read that in Bankfodder's thread that he says any consolidation loan with interest should be claimed back (Interest) , I have a situation where the removal of £6500 in excess charges and running the OD up, this has had a cause and consequence situation due to shortage of cashflow. Poeple paid late, work and job orders lost, workshop production lost all due to cashflow. Does the Compensation Act 2006 have anything in this situation under which excess costs and loss of work can be reclaimed? We also have an insurance claim denied, the premium of which was added to loan and paid 10% interest on. Premium- £1212 plus interest and Statutory Interest now it owes £1645.

Was this a payment protection insurance Ibsys? I suggest that you start a thread of your own so your individual issues can be addressed. We have tended to steer clear of claims for damages and compensation on CAG because they are so difficult to quantify and prove, and should claims be for over £5k people leave themselves in danger of having to pay the banks costs should they lose.

If you want to go down that route, I would suggest professional legal advice.

Originally Posted by caro

Was this a payment protection insurance Ibsys? I suggest that you start a thread of your own so your individual issues can be addressed. We have tended to steer clear of claims for damages and compensation on CAG because they are so difficult to quantify and prove, and should claims be for over £5k people leave themselves in danger of having to pay the banks costs should they lose.

If you want to go down that route, I would suggest professional legal advice.

There is time taken over the last 18 months, lost work and a PPI, a loan agreement where money has been transfered out but we don't know where, the loan where £3000 was paid in the early period but no reduction in payment or no time rebate off the end (13 monthly payments to come off) We have a tally, including declined insurance claim, charges, and removal of OD without warning--say £50,000

Originally Posted by Ibsys

There is time taken over the last 18 months, lost work and a PPI, a loan agreement where money has been transfered out but we don't know where, the loan where £3000 was paid in the early period but no reduction in payment or no time rebate off the end (13 monthly payments to come off) We have a tally, including declined insurance claim, charges, and removal of OD without warning--say £50,000

This affects jobs and the business as a whole. basically, they have stopped us from working out of this. If they hadn't have done this we would not have had an OD during this year at all. They say the OD coming down and so wanted us to take out a loan to tie us up in debt for the next ten years.

There are obviously a lot of issues here which are specific to you. If you start a thread I will endeavour to get assistance for you, but I would re-iterate that you should seek legal advice, especially for a claim of this size. If you lose, the financial implications could be significant.

Thank you firstly. First we have unauthorised borrowing fees and penalty interest. I used to speak to the Bank Manager every week so we could discuss what needed paying and for him to authorise the wages (which he did by fax to the local branch) For this I was charges "unauthorised borrowing" plus 26.4% int. £6500 in excess charges and he passed every penny.

I used to have to ring the Manager, leave a message for return call, ring the business center, ring customer care, ring "the customer services dept of excellence", text him, e-mail him and he would only return the call on Friday-wages day, so I lost production in workshop completely on Friday intill sometimes about 2pm- 4-6 man hours for 40 weeks

I was off sick for 4 1/2 months due to an operation. The insurance claim was declined. I paid £1212 up front for this added to loan (10%) Loss of claims-£1194. This now owes me £1645

Paid in £8500 (Oct 17) only allowed £1200 out(14.5%) .£11000 under OD peak. Told not to pay any bills. Had text message "sort your own wages out" I paid 3 x £100 arrangement fees to put OD in place. In the next 5 weeks I received another £12000. It took 3 weeks to negociate £4000 withdrawal which lost us December's production (but the workshop was clean!) and so had to pay supplier late so could not order materials so lost first job in January (£8000)

I have incurred late fees, penalties elsewhere, incurred charges and lost credibility due to the OD going up and down without notice and had things returned when he has agreed to pay a cheque then had the day off. They would not allow me to pay a solicitor in a court case when the OD was £11000 under its peak so lost the case by default (temporarily) so still battling it out, (£6500 default judgement)

The level of OD on the letters is different to the statements (£6-7 thousand apart) OD removed without warning and replaced.

Default on loan but this loan has had £3000 paid in bulk sum but payments have not come down and neither has the finish date altered. Money transfered out of loan but we don't know where. £600 plus interest adjustments not made as promised.

I have had to use personal account to get by. They have shattered my credit rating. FSB say it is attrocious, accountant says the same!

I've moved the posts that I think are needed for your own thread Ibsys.

I assume that you were refused the insurance claim as you are self employed. The bank obviously knew this, so it's a clear case of mis-selling.

I hope to get more input for you from more knowledgable people.

Hi Caro,

No, the reason for decline was "pre existing condition" but it was stressed that this disease could not re-occur as the area was removed where I received specialist treatment in Addenbrookes Hospital. The consultants in this hospital are experts in this rare condition. I also went 17 years without a day off work with it due to their success.