Hi Recently without any explanation my bank has sent a letter requesting my overdraft be repaid within 90 days or they will default me on my Business Loan .This wouldnt be so bad but they allowed me to use it knowingly for the purchhase of a car and also in the middle of property renovations.They claimed I couldnt meet the payments for the new criteria which was in their calculations using a 5% base rate to recalculate my yearly repayments ( not actual but for thier purposes ) and then claiming I need 3 x profits to be able to repay them ( according to criteria ) my current loan is 2.25% above base Anyway I have sent them emails requesting my contarcts so I can see them . I know for a fact that I havents signed a recent overdraft contract for a couple of years . Also in the past I have had significant financial proplems due to a fire at one of my shops and then a tennat who refused to pay rent , through which they have been undestanding . Enough to charge me over £16,000 in charges over the last 8 years which I seem to have missed out on .I am concerned that since the letter I have had no proper communication with them whatsoever despite my requests for contracts .I can repay the money but am very angry with their decison . Do i have any legal rights to stop them . Do they have any rights over the ovedraft as they have no contarct and it has been unsued for a very long time maybe 3 - 4 years until a recent withdrawl for the car and building . I had with my relationship managers advice been paying £ 300 per month to reduce it over the last year . It is around £13k howver my freehold proerty is 500k business loan about 73k so ther is loads of equity Any advice pleaase ?

Hi Welcome to CAG,

Is this a branch level decision??

I'll see if anyone has any ideas.

Hi chip

Have a read of no.14 in my signature.

http://www.fsa.gov.uk/doing/regulated/banking/bcobs

Hi Thanks for the replyYes this is a Branch Decison . I am fortunate that we have an ISA that we can cash in and some emergency money put by , otherwise I would be up S%*t creek without a paddle . I have sent letters to my local Mp and another MP whhere my business is . ( its a chip shop by the way ) One said he could n't help but thanks fo letting him know . The other said change banks !! Thes guys are great you know !!!My main gripe is the fact that they have knowingly lwt me spebnd the money . Over the past 3 years on our road to recovery from our non paying tenant , they have congratulated us on how well we were doing . Recntly ( March ) we sat down with our relationship manaer who was going to consolidate the overdraft and give us some money towards the purchase of the car . We filled out a life insurance policy for the main busines loan and sickness benefit as well .Then they declined the loan . This is when my relationship manager explainde that my ovedraft was miy facility and I could use it for whatever purpose I wanted .I am also aggrieved that I missed out on the Bank charge refund . They offered me £2k at the time but i declined and waited for the resluts of the enquiry which sort of backfired .I am wanting revenge against these people . I mean at one stage after we had one shop burn down and no insurance money , the bank arranged a leaseing company to help us as they wouldnt lend us any more money to help , my ovedraft went up to 45k !!! this was wround 7 years ago so its been wittling down over the years . They seem to have just turned against us for no reason at all .Is there a possibility that the Business loan has PPI , Do you think the fact that they have not sen the contracts to me means they may be hiding something or are afraid of something or are they just being rubbush.Anyway what would be my starting point here . Any more help .PS i have only 70 days left . I will be apying the money off . Will that affect my ability to take actionThanks Everyone

Emm to a superannuated school boy at branch level

is trying to be a financier!!!

A formal complaint to the Business Banking CEO

or equivalent is called for I think,given the equity

available and current income where is the problem.