Lloyds TSB Business account-They have left me in limbo regarding funding.

[dreamseller]

Hi,

 

I'm currently embroiled in a situation with Lloyds TSB concerning a business loan. I've been really messed around by them whilst trying to take out the loan and it's gotten to a point where I'm just encountering brickwalls and frustration in getting a solution. I'm interested in finding someone to talk to about this, especially if you've been in this situation before.

 

I have plenty of emails that I could forward to you - just rather do it in a private setting. But the situation concerns a business loan application and the Business/Relationship manager department. I cant find any information on the CAG site or forums about this specific issue (most Lloyds TSB discussions here seem to be about debt management and such).

 

So I'm looking for people who would like to help me out with this situation. And also any phone numbers/email addresses of anyone who specifically handles complaints from people mistreated whilst setting up a Lloyds TSB business account and business loan application.

 

Any help would be much appreciated, as I'm really at my wits end with all this.

 

Kind regards,

[BankFodder]

You'll have to give us better detail please.

 

In the meantime, read this http://www.consumeractiongroup.co.uk/forum/content.php?834-Fair-Treatment-for-Credit-Card-Holders-and-Borrowers

[dreamseller]

Hi BankFodder,

 

Thanks for getting back to me. I tried to private message you with details of my situation, but it informs me your inbox is full.

 

Is there another way to contact you?

 

Kind regards,

[MARTIN3030]

Hello dreamseller,

Thank you for the message.I have forwarded the contents onto bankfodder.

In the meantime,are you able to say whether the banks delaying tactics,and failing to respond,has in any way incurred you extra expense or had an impact on your business.

For example would you be able to show that their failings to complete their part of the agreement in a more timely manner,has cost you sales,lost you business,or else meant that you have had to or will have to take decisions or actions that will result in you being out of pocket.

[dreamseller]

Thanks for the reply MARTIN3030. I've PM-ed you some of the more private details of the matter.

 

As far as the loss of earnings due to their delaying and mistreating me in the matter: most definitely yes. That is one of the points I've been trying to make in my dealings with them lately. The business loan was specifically for upgrading equipment used in my business. As a result of their delaying and messing me around, I now stand to lose business with clients in Jan and Feb, due to me not being able to fulfill my clients' needs. Would this be something I could use in my dealings against Lloyds TSB?

 

Are there any specific laws that I could quote, or forms that I could send them under these circumstances in order to get my resolution? It seems outrageous to me that my Business/Relationship Manager would just not call me for 3 weeks! Despite my calls to his direct personal line, he's gone completely off the radar and seemingly no one is willing to give me an answer as to what's happened to him and (importantly) my business plan!

 

Kind regards,

[silverfox1961]

Hi

got your PM and to be frank, the advice you are getting at the moment is about what I would be offering. Bankfodder has given you the link which should help you the most. Making a Formal Complaint (headed on your letter as such) using the information from the link should make them sit up and take notice

[dreamseller]

Hi

got your PM and to be frank, the advice you are getting at the moment is about what I would be offering. Bankfodder has given you the link which should help you the most. Making a Formal Complaint (headed on your letter as such) using the information from the link should make them sit up and take notice

 

Thanks for the feedback silverfox1961.

 

I was thinking a Formal Complaint might be the way to go. Where exactly would I address a formal complaint to Lloyds TSB? I see a number of links to threads ith lots of Lloyds addresses, but they seem outdated and it's confusing as to which one would be the right address in a situation like this? Would it not be quicker by email?

 

Kind regards,

[silverfox1961]

bear with me while I have a quick look

[silverfox1961]

25 GRESHAM STREET

LONDON

EC2V 7HN

 

This is their registered office

[MARTIN3030]

I have responded to your pm and await your reply.

In my opinion it is likely that even if you make a formal complaint here to London,they will as usual tell you that they will give you a response within 8 weeks etc etc and will continue to drag things out.

If you can show that you have already lost money/business,and have a good paper trail to demonstrate how you have been banging your head,then I do not see any reason as to why you should continue to give them more time.

Maybe the only letter you need to be writing to Gresham Street is a letter before action.

Meantime do not accept anything from them that does not take into account those things you have mentioned.

[MARTIN3030]

I also think it would benefit both you and others if this was moved to the business bank account forum and retitled.

will do this now.

[dreamseller]

What do you mean by "then I do not see any reason as to why you should continue to give them more time?"

 

What course of action would that involve? I know what you're saying about making a formal complaint - I did that just before Christmas by contacting the Financial Ombudsman. They told me that they have lodged a complaint with Lloyds TSB about my mistreating and all round malpractice on Lloyds TSB's part, but they also said that they could take no further action for 8 weeks.

 

8 weeks is a long time when this has already been going on for about 4 weeks! I am absolutely shocked that my Business/Relationship Manager can't return a call for 4 weeks and give me an answer. If it was simply a negative, then he even has the easy way out of sending a text! The whole situation is ridiculously bad.

 

So, regarding possible action, what are my rights?

 

Thanks for your continued support,

 

EDIT: Would pursuing something like a COBS infraction be to my benefit?

Edited January 5, 2012 by dreamseller

[MARTIN3030]

The FOS will tell you that the bank have 8 weeks yes.

Of course the bank knows this too.

Lets be clear,8 weeks can have far more consequences to a business customer than an ordinary customer.

In my view arranging a loan for a business would take the same sort of criteria as any customer except that the bank would be looking at your prof and loss forecasts as well as any other income as opposed to proof of earnings.

 

Business loans for new start ups cannot take into account past trading or accounts,so will focus on 3 areas

 

1.Credit history-meaning CRA check

 

2. Business plan to see if it is clear and that you have prepared well.

 

3.Ability to repay-they would base this on your profit and loss forecast in my opinion,and also any other regular income you may have coming in.

 

The whole process should take no more than a couple of days at the most.

Your business/relationship manager will do the initial application and checks.

It is then passed up to approval which can be a senior manager or risk department.

Clearly you have been treated very badly.

The FSA would take a very hard line at a bank who was seen to take any hostile actions after a customer made a complaint-they have done so in the past.

 

Irrespective of your complaint with the FOS, it would not make any difference if you wanted to pursue the avenue of a summons.

 

Please bear with me I am awaiting opinions,in the meantime perhaps others will give some pointers here.

[dreamseller]

So, essentially, telling me 4 days for a decision on my loan and then simply disappearing off the radar for 3+ weeks is a breach of some kind of rule? I mean, surely this is a ridiculous amount of time to keep someone waiting - especially considering I'm a business that is relying on monies from this loan in order to be able to service my clients!

 

Can anyone give me specific people or addresses to contact? Phone numbers would be great. Like I say, whenever I ask to speak to a manager on the phone, I'm led down the garden path and nothing happens. Does anyone know something that I can actually do to take some real action here? I can't emphasise enough just how important this is to me. A lot is riding on getting this loan - not just financially. I've invested a lot of myself and my sanity in trying to get this sorted.

 

What laws do I need to quite or forms do I have to fill out in order to get myself heard? From everything that I understand about bureaucracies, a lot of this depends on finding the right form or rule to quote before someone who can make a decision actually gets involved!

[MARTIN3030]

Can you tell us what date you contacted the FOS and by what means ?

It is reasonable to assume that if the FOS have contacted the bank,they will already be aware of your complaint and it is likely to have been placed with the banks complaints,that is to say will have gone beyond the lower ranks customer services.

Have you been given a reference number by the FOS for your complaint ?

[MARTIN3030]

What have you got in the way of proof/evidence of your dealings on this so far ?

From both your side and theirs ..letters emails etc.

Also phone calls-are you able to give a log of these ?

[dreamseller]

Regarding the FOS - I called them on the 23rd December and lodged the complaint then. I called yesterday just as a follow-up asking how my case was going and was told again about the 8 week rule. I do have a reference number - would it help to post it here?

 

Phone call logs could be acquired from Orange. I have a record of the letters and emails I've sent. They have not replied to anything thus far, so no record of their replies - only lack thereof!

[MARTIN3030]

Ok understand.

No dont post up your FOS complaints ref here.

Expect the bank to say they have not yet seen the FOS referal due to the Christmas / New year holiday..............

[dreamseller]

Ok understand.

No dont post up your FOS complaints ref here.

Expect the bank to say they have not yet seen the FOS referal due to the Christmas / New year holiday..............

 

Would that actually be true, or just another delaying tactic?

[dreamseller]

Also, is anyone familiar with the laws on handing out your business plan to a bank/lender? I've read things that suggest you're protected by UK Intellectual Property Law the minute you hand your business plan to a bank representative inside a bank/lender's building.

 

As the situation currently stands, the Business Manager who was dealing with my account, took my business plan and has not be heard from for almost a month, despite all my attempts to contact him. Surely, this alone, is in some sort of breach of property/business law.

 

What are the rules on something like this? This man has an important 15 page document (plus a spreadsheet) of mine, seemingly taken under false pretenses - he's also made no effort to make contact with me, let alone return the documents!

[douglas1008]

Hi dreamseller,just wondering if you have managed to sort out the Lloyds bank issue?i am facing same issues but on a bit larger scale,it has been now 8 months since I applied for the business loan under the EFG scheme .the worst part was that after 2-3 months they contacted me to say that it was approved,gave me the dates and all of when the money would be available and then asked me to wait a bit more ,I signed some paperwork and was waiting for the money.for my surprise ,after been pushed around for a couple of months, guess what ,after 6 months from the day I applied for the loan ,they contacted me with a ridiculous excuse and said it has been declined .I nearly had an heart attack,i had everything planned because they first confirmed that it was approved ,now,losses ,stress financial issues all because of them.I have contacted them and an appeal was made,goat aletter from them saying they would come back to me within a month to let me know the results of the appeal ,after 2 months,no reply so had to chase it up and guess what ,there been a mistake and your appeal has not gone through,i would need to make another appeal and wait another month or so .It is now 8 months of my life wasted . Got everything ,phone calls ,emais text messages ....need some guidance ,obviously ombudsman first ,but I want to take this as high as I can ,I am looking for a proper solicitor to deal with business and personal matters to face an large bank as LLoyds tsb ....can anyone help me please thanks