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Over draft - into secured loan????????


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Hi,

 

Hopefully this is the right place for advice - my OH has business s trader and is ticking along OK given this climate and time of year. The Over draft is quite high although not growing (25k) and the money is coming - all bills meet supplier happy -tax/vat all happy for some reason the bank lloyds has now turned around and said at the end of Feb the O/D is to be taken away.

 

Where is any sense in that? I think that they are trying to make this into a secured loan - I do not want this full stop - obviously they can take their od back that I know how ever - surely he has the right to aks for a long term business loan say over 10 yrs - people get them when they start off.

 

Any one been in this situation? Would go to CAB but they are like gold dust around here and you need to turn up about 3 hours just to queue and then you can ring them but that is much the same - not moaning about them they offer good service for free however I am juggling my working and house - so at mo impossible to taken on any more as I am feeling very p---ed off with it all and very down.

 

How dare the bank back us into a corner - it has made me very cross - please can one one give us advice.

 

Thanks

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In the first instance I would give the business debtline a call - Business Debtline see what they say....I feel this is awful action to take, have you considered taking your business elsewhere ? I would also write a strongly worded letter to the chairman of the bank too, stating your loyalty and them seemingly not interested in knowing what your needs are....Your local MP might also be worth talking to also...

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