andrew1 v Co-op Business Account Success

[andrew1]

I haven't run a thread on this for various reasons but have been working at the bank for a few weeks. Sent Prelim letter from Templates. Never got to LBA because I didn't want the account closed. Just talked and waited. Played the gently gently role and used all the material learned from reading through the threads. It shows you can negotiate if you try, although it doesn't seem to be going that way with personal and credit card DCA accounts. BUT....

 

 

hey presto IT WORKED ! Success, all charges over 2 years being refunded !!!

 

 

Thank you everyone BF Dave, Seminole, VAMP et al .. without this wonderful site it would never have been....... another donation on the way..

 

Now onto the Credit cards... !

[energylevel]

Hi Andrew ... I'm about to pursue the Cooperative Bank regarding my business account, does the process differ from that of a personal account, I need to request account records first as i don't have most of my statements ....

[charlie.l]

Andrew - Are you the only co-op business success so far..? Been looking- must be a niche market..

 

C

[andrew1]

Hi Charlie, I'm not sure actually, I managed to talk my way through it without too much hassle. If you are having trouble let me know and I'll tell you how I did mine.. I have a very busy week this week as I have a high court case on Friday to prepare for so won't be posting much on the forum..just reading, but after that I'll be back in my usual talkative way! I'll do what I can to help.

[charlie.l]

Andrew - Good luck for friday !

 

I think I am OK: standard prelim template in, business LBA prepared for wednesday, will adjust POC omitting phrase Unfair Terms in Consumer Contracts Regulations (1999). 8 % calculated (at £325) in case things go further..

 

Ta

 

C

[andrew1]

Is this a business account charlie Ltd or sole trader?

[charlie.l]

sole trader

[andrew1]

Charlie, why don't you just ring them up and speak to a business advisor, if the account is still operating tell them that you want to keep the goodwill going and you really don't want to cause unnecessary friction between you as you are very happy with coop bank etc. Don't speak to just any ole customer services person. Ask to speak to your/a business manager. I know for a fact they are settling rather than going the legal route and I really suggest you try just talking to them first. Know the figures before you call and don't forget to mention you are following the Consumer Action Group campaign and know all the procedures but would rather give them the opportunity to put it right, without admitting any liability blah blah. I believe you'll get success.

[charlie.l]

Sorry Andrew - know you are busy.. Thing is I borrowed money to close this account down a year ago cause i was hemorrhaging money. I'm sure they are half decent -but after whacking me when I was down I'm not feeling very sympathetic.. Thanx C

[andrew1]

All I can say is that in any negotiation you have to take the emotion out of the equation and deal with fact only. Fact is, these charges are unlawful and they know it. They do not want the publicity and to be honest what have you got to lose by calling them - if they say no you'll sue them anyway if they say yes you're saving them and you alot of time and money. I'd still suggest asking them. Also, if these are made up of a lot of charges and you have had to borrow to clear the debt, it wouldn't go amiss to tell them you'll be seeking compensation against the cost of borrowing the money to pay them back. Now, you might like to do that anyway - but will you?

[charlie.l]

My approach to this has been quite business-like, no axe to grind, just want the money back. I will give them a call- see what happens. I like the idea of charging interest on money borrowed to close the account. I borrowed £1,240 in December 05 to close the account which is less than my £1,345 claim, so this seems reasonable. Problem is I borrowed the money personally so don't have an official interest rate to quote. Obviously I would need to sort this before my phone conversation/ LBA

 

Thanx a lot for your help- sorry for the bad timing re your prep. I might just hold off for a bit..

[andrew1]

Don't worry, post away, this site is infectious for me I doubt I'd be away for long !

[charlie.l]

know what you mean, my wife is a self-declared CAG widow .. So.. what interest rate could I possibly (& justifiably) ask ? re: interest on borrowing money personally to close the account a year ago - (i.e. @ 8% it wld be £98.45/ 15.9% ..around £....dunno bout double that) Seems a bit arbitrary.

 

They did ask for more time to get back to me (beyond 14 day pre-lim deadline) so I might grant them that & have a chat saying I would prefer not go ahead with my LBA & would really like them to cover the XX[?]% interest on funds borrowed to close the a/c. etc

??

[andrew1]

If you haven't got the money from a bank and just borrowed from a.n.other, then 8% is as reasonable as you can be. You can't claim compensation for something you haven't lost - Remember, thats what CAG are fighting against the banks for doing in their excess charges so I think if I recommended you going for more then a mod or two might be after me ! But, if you haven't had to pay interest you can hardly say it's a loss can you? No doubt it'll be costing you something over the loaned amount even if it's a few beers so see what you can get. I'd thinkup a reasonable arbitary amount then double it and ask for that - then settle for half!

[charlie.l]

so I might ask for around 15.9% - (or whatever they normally charge -will check their figures) & settle for 8%, if anything. will speak to them thur/fri - see how it goes.. thanks - I like this..

 

C

[charlie.l]

Good Luck Tomorrow