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Hi,

 

My father and I had a small business back in 2006 which got into difficulties. The bank continually increased the overdraft amount, at our request i must state, to a level that just became unmanageable. The business was wound up and we were left with a hefty £25k debt to pay back. We attempted to pay this back initially, however the monthly payment was too high to sustain so we discussed this with the bank to see if this could be adjusted and they would not budge on it. To cut a long story short we stopped paying back in 2007. We heard nothing since until lately when a company called Westcot started chasing us again for the money. I'll hold my hands up that we ran this debt up when desperate to keep the business going. Saying that I'm a little disappointed at a couple of things. The first is how the bank manager allowed us to run up such an overdraft on a very small failing business, had they said no earlier the debt would be manageable. The second is why they have done nothing for close to five years before chasing us for the money again. Is there any course of action that I can take on this to lessen the burdon. I acknowledge we accepted the increased overdraft desperately hoping to turn things around and lacked proper perspective at the time, however I wouldn't have expected a banking institute, with professionals who deal with lending on a daily basis to have contributed to our increasing debt. Does the bank have a duty to lend responsibly or it the onus on the customer. Any advice would be appreciated.

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When was the LAST time you heard anything about this debt as if it is over 6 years AND you can prove this then simply remind them that it is barred by Statute of Limitation then relax. SORTED.

 

IF on the other hand the business was a Limited company, tell them to go whistle. IF it was a partnership or sole trading / family company, ask them to prove the debt (you need to see the actual accounting). If they can't prove it or say they don't then keep on at them to prove it. Chances are they will give up after a few months.

 

REMEMBER, admit to NOTHING!!!

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