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Lloyds Business Account


tiaposy
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After having successfully claiming back charges on personal accounts/credit cards I am finally feeling confident enough to pursue our Business account with Lloyds.

1 question though. Our overdraft is £2500 and I estimate they owe us £3500 in charges. I want to move my account (before they close it anyway) but cannot afford to clear the overdraft. If i move all direct debits, leaving only the overdraft, can I place the account in dispute regarding these charges?

Thanks

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tiaposy

 

To answer your question the answer is yes - it's your money get it all back

 

Best of luck -;)

If you think this post has been of help, please click on my SCALES on the left - thanks :-) :-x

 

Peter Anderson

Me Vs Morgan Stanley - WON £490

Me V's LTSB - Private & Bus Acc - £18.8k (since Oct1997)

inc: S.69 Interest (and growing daily) -;)

Please remember to DONATE when you have WON

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Thanks - I have a meeting with Barclays on Thursday to open a new business account. I have told them that our bank statements aren't pretty! I have calculated the charges and they 'only' come to £2450. however that will clear the overdraft.

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  • 5 weeks later...

Hi

I have a major problem now. we have an overdraft and the charges they have added total the same amount as the o/d.

I am in the middle of getting another business account - should know on Wednesday. I was going to leave the account in debit (to the tune of the charges/o/d) start to claim the charges and put the account in dispute. Today however, had a lovely letter from our 20yr old bank manager stating our overdraft runs out on 19/8/07 and we need to pay back the overdraft! As if I have that sort of money just sitting there! So my question is, can I carry on as I was going to - i.e claiming the charges and putting the account in dispute.

Further to this, we are a ltd co., and we as directors are suppose to sign a form stating we will be responsible for the overdraft otherwise they can make us bankrupt. Now our original o/d was removed and the new one set up about 6 months ago and I know for a fact we didn't sign any forms for it.. although they kindly charged us £50.00 for setting it up!

Any advise much appreciated.. I know I need to get the money out of there quickly. I really hate Lloyds :evil:

Thanks

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Further to this, we are a ltd co., and we as directors are suppose to sign a form stating we will be responsible for the overdraft otherwise they can make us bankrupt. Now our original o/d was removed and the new one set up about 6 months ago and I know for a fact we didn't sign any forms for it.. although they kindly charged us £50.00 for setting it up!

 

Unfortunately the directors guarantee that you originaly agreed to will still be a condition of the current overdraft facility

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I still need to know if I can put the account in dispute - we need the money and it is all made up of 'unlawful' charges. Is there a link anywhere for an a/c in dispute letter?

How can the original signed form stand? This was a new arrangement - they charged us £50 for the privilage so how can they have it both ways??

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  • 3 months later...

God I hate Lloyds.

I didn't think I'd be back here after sucessfully claiming charges back from them.

I am no longer using them, having moved my account in August, but I do still have an o/draft with them.

I had a letter today saying that as I asked them to make a payment on 23/11 they are charging me a fee of £15.00 then £20.00 per day until I put money in to cover this. The amount taken? £7.50, taking me £7.46 over my o/draft - all due to a rolling membership with friends reunited.

 

I am so angry I can hardly type!!!

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  • 2 months later...

We have an ongoing problem with Lloyds and our business account. We have a business loan, which we have never missed payments and also an o/drawn account which is made up of charges. We have since switched banks and I wrote to claim the charges back, but didn't get a reply. In December we had a letter saying the whole debt (inc loan) is being handled by the recovery dept. To be honest I haven't done anything since the letter and it has now come back to bite me on the bum.

This morning, I got a letter from Westcot demanding payment of £5642.86 by 13/2/08! This includes loan (which we are still paying monthly) and the bank charges which are about £3,5k.

I really need help now. How can I get this transfered back to Lloyds? This is in my husbands name (as a director) and we cannot afford a CCJ. I want to claim the charges back and we were paying the loan back, monthly, as agreed so not sure why they are being such A-holes about it.

Any help much appreciated as I told my husband I could sort this out and now it might ruin everything

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Joe, don't worry, we'll sort it... Can you tell me what the letter says from Wescot, does it say they have bought the debt or are they just acting as an agent?

 

Next thing I would do is write and send in a letter stating that the account is in dispute and you do not acknowledge any debt to Wescot. Then quote the OFT Guidlines http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft664.pdf

 

 

Take a read through these and you can find a few examples to quote to them about unfair practices in chasing debts which are in dispute. Suggest they should not have the debt in the first place and will they kindly refer back to Lloyds who are being asked to refund the charges on the account which are a breach of common law on penalties.

 

Remind them that they should not contact you (hubby) and if they do you will report them to Trading Standards and the OFT in relation to breaching the above guidelines.

 

Make sure your charges claim gets into them asap and make sure the dispute is logged with Lloyds.

 

That'll get rid of Wescot for the time being

 

Come back if you need more... most of all - don't worry, they can't get a ccj whilst the account is in dispute.

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Andrew, Thanks for this,

Couple for questions:

I am missing some statements from Lloyds - and they have removed all account statements from online banking

how do I work out the interest on the charges?

Shall I just keep paying the loan (which we have been doing)

Thanks

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We got our LTSB Ltd Co overdraft written off just two weeks ago. We had reduced it until it matched the amount of the charges on the account. Like you we were no longer using the account.

 

I don't have anything in writing about it other than the letter I sent them.

 

Best of luck

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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Andrew

Do you have the link for the spreadsheet?

I have read the letter and it says they are collecting on behalf of Lloyds.

Thanks

 

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/182-6-interest-calculation-spreadsheets.html

 

 

Chose the one applicable to you Tiaposy if you have trouble come back.. they are fairly straightforward once you get to grips with them. If you have a couple of missing statements take the balance from the end of the previous statements and the opening balances of the following one and guestimate what the average might have been and add the charges you think you might have had - it won't make much difference and once your claim is in it's up to the bank to dispute the amount thereafter.

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Andrew

This was the one I was using (for general bank/credit card accounts). Is it the same for Ltd business accounts.

 

Yes, the fact it is for a limited company makes no odds. You change the interest rates to suit your needs, if you go for contractual for example, just change the interest rate to 29% or whatever, see the difference, but you have to know what you are asking for then.

 

The bank account spreadsheet is different from the Credit cards one if memory serves me right, make sure you use the right one.

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Hi Andrew

Sorry if I am being thick, but how do I work out what rate of interest to charge them?

Thanks

 

you use the interest they charge you each month on your statements. That usually gets charged for the previous month so look onto your statements and you'll see when the account went overdrawn there is a charge made usually on the same day each month 1) for transactions like Direct debit processing which you cannot claim back and the other is for Interest they charge you for going overdrawn. On the spreadsheet it asks you for the bank balance overdrawn I think, take the highest figure it went over and then add the interest in the column for interest. The spreadsheet should work it out for you.

 

You''ll see also the interest rate that they were charging you, you can change the interest rate at the top of the worksheet to reflect that % - then see the balance they owe you shoot up!

 

 

also keep an eye on this thread tiaoposy http://www.consumeractiongroup.co.uk/forum/general/68191-claiming-business-account-lets-51.html

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  • 7 months later...

Hi

Have just had final demand for a dept of over £4,500 from Wescott - threatening court action. Dept is for business account however they are hounding my husband. About 2 thirds of the debt is bank charges (which I understand I will have problem claiming back now) and the rest is a loan. Can I send them a CCA request to slow down the process. I am happy to pay the loan again. Can I also ask them how the debt is made up? Can they lump the 2 items together? I am not sure exactly how much they think we owe with the loan.

I really don't want the bayliffs round and we want a mortgate in a couple of years.

Thanks for any help

tiaposy

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