Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
JUST CHECKED MY ACCONT THE MORNING ITS A BUSINESS ACCT AND IT HAS A 200 QUID overdraft FEE APPLIED TO IT ON THE 2ND OF MAY, HAVE HAD THIS APPLIED WITH NEITHER A VISIT OR phone call TO DISCUSS MY YEARLY REVIEW.
SO YOU CAN IMAGINE I PHONED THEM AND WELL AFTER A FEW CHOICE WORDS SPOKE TO A BUSINESS MANAGER ADVISER WHO TELLS ME THERE ARE LOOKING AFTER THE ACCOUNT NOW AND WHAT TYPE OF BUSINESS WAS I IN, AT THAT POINT I ALMOST LOST IT, THE FEMALE IN QUESTION SAID SHE WOULD PHONE ME BACK AFTER SHE LOOKED INTO MY DETAILS, TO WHICH SHE DID, BUT WITH NO OFFER OF APPOLIGY JUST AN ARRANGED MEETING IN THE NEXT WEEK.
DO ANY OF YOU FOLKS KNOW WHAT RIGHTS IVE GOT, I KNOW THEY SHOULD HAVE MADE AN APPOINTMENT PRIOR TO CHARGING MY ACCOUNT AND ALSO SENT OUT A OFFER OF FACILITY SO I CAN ACCEPT OR NOT THEN THE CHARGE APPLIED TO MY ACCOUNT WITH A NOTICE OF CHARGE SENT TO ME TELLING ME IN ADVANCE OF THE CHARGE, IAM I BEING HARD ON THE BANK THIS IS THE 2ND YEAR IN A ROW THEY HAVE DONE THIS, YOUR SUGGESTION OF HOW I CORRECTLY GO ABOUT MY DISSAPPROVAL WOULD BE MORE THAN HELPFULL.
The annual overdraft fee for business accounts is quite standard, I think its normally 1% of the overdraft minimum charge is £100. Pretty shocking they could just apply it without telling you. Assuming your overdraft limit is £20K I'd imagine they're already making a fair whack in interest off you.
Check the terms and conditions of any agreement you originally signed, there may be something in the small print saying that you give them authority to do this by signing the original agreement.
Also when you go into speak to your business manager (make sure it is your actual "business manager", not just the business advisor (a mere minion!). If you don't know his/her name then just ask in your branch they can find out.
When/if you go into see them it could be worth asking about a reduction in interest rates. I don't know what rate you're on but when i asked a business manager in the past he thought "base rate + 7%" (ie 11.5%) was about as good as he could offer normally.
For example if you're paying 14.5% and you're near your overdraft limit then getting this better rate could save you around £600 per year.
Also if you still struggle goto "customer relations", the phone number and contact details are listed as a sticky in this RBS forum.
Good luck let us know how everything goes.
And please don't shout (turn caps lock off) we're all friends here! Thanks
(Yes I work for a bank but am here to help! Please be nice to me! )
Sorry about caps, bad habit ive got.
Yes most of what you say correct regarding fees and such, need to ask for original terms but it was 20 odd year ago do you think they still have as I dont.
My facility is 20k and fee off 200 quid applies when offered and accepted not just taken for granted.
My interest rate around base plus 3.75 I think.
I am not complaining about the fee just in the manner it was applied after all what if that took me over my od limit
Rbos Money taking
FEE APPLIED TO IT ON THE 2ND OF MAY, HAVE HAD THIS APPLIED WITH NEITHER A VISIT OR phone call
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