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Advice needed on business in trouble my bankers


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i have been running a small business as a sole trader since 2004.times are hard i needed a small injection of cash it was agreed the bank would lend me 3k.this would wipe out my 5k loan and leave the account with a healthier situation .what i thought was a done deal .waiting for the papers to be drawn up for this unsecured loan never heard from the bank again ,attempts to contact them i will get them to call you back .i feel the stage has arrived i can no longer continue to trade due to a lack of cash .but i remain concerened i have a business account i have an agreed overdraft have a business loan all unsecured .would be left owing the bank about £3,000 max .that is with overdraft and remaining loan balance.i have no futher business debts at all this is it.it seems that im forced to enter the life of unemployment that i attempted to avoid .can any please advise me on how to aproach this situation .but i feel theres no options as my familys being effected .but also im not happy with leaving my bank with this mess as well.i am a home owner but do not wish to have business loans as security of our home getting rather upset over this whole failure of mine.

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Hi,

I'm probably not the best person to advise, but I can certainly empathise with your situation. I believe that as your loan and overdraft are unsecured, after you cease trading and default on repayments the bank will ask you for a proposal for how you intend to repay the money. You will then need to work out your income (jobseekers allowance?) and living expenses and make them a monthly payment offer. Even if this is small amount (£15?) it should keep them off your back.

 

I'm sure someone with more experience will be able to help more.

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  • 11 months later...

wrote to barclays bank re my business in jan 13.

stating i was in financial trouble and enclosed my business visa card inside.

 

i have an overdraft debt of £1,500.00.

also a loan of £2,695.24p outstanding to the bank.

 

attempts have been made to attempt to try and get their help but my letters ignored.

 

i have submitted 2 claims to recover my ppi insurance on previous loans recently.

 

today i have received a default notice served under section 87 1 of the consumer credit act.1974

demanding payment of me .

 

im employed at present 6 hrs per day 4 days per week weekly gross earnings of £240.00 per week.

 

my business was not a ltd company in my name only .

 

sole trader.with debts mounting up what can i do here to resolve this matter as a matter importance and keeping the bank of my back.

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Hi Sweets,

 

I'm going to move this to the General Debt Issues forum which is where I think you may get the right advice.

 

Have a look at this article in the library - http://www.consumeractiongroup.co.uk/forum/content.php?557-Letter-for-an-application-for-consideration-for-hardship

 

It refers to the bank's duty imposed by the Lending Code to assist you when they see, or are told by you, that you're experiencing Financial Difficulty.

 

In your case, Barclays appear to have failed miserably. :sad:

 

:-)

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thank you i have this morning had a futher letter telling me to return my bank card and cheque book regarding my business account .as explained i had a overdraft debt of £1,500. im informed this morning that debt is £1,985.51p.greatly increased .i returned my business cards and cheque book along with a covering letter explaining my debt situation and the position i found myself in.this was done in early jan 2013 and handed direct into my local barclays branch.i have had no reply at all just started receiving the threatning letters this last week on the matters i raised with them in january2013.so with the barclays loan as well of £2,695.24p i seem to be in a terrible postion of owing barclays bank a total amount of £4,680.75p.what can i do i seem to have been up front with barclays but just ignored all letters sent to them .urgent advice and help needed please as im not sure how im going to get out of this mess

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Hi Sweets,

 

Have you read the Article that I linked in my last post.

 

If you agree, I think you need to write to the bank complaining that they have failed to assist you when you informed them that you were experiencing Financial Difficulties.

 

You should ask that they stop adding any interest and/or default charges to what you owe.

 

Also ask them to refund any charges added since you first contacted them about your FD's.

 

How much approx are you reclaiming for PPI as this may well assist in clearing the amounts owed to the bank.

 

:wink:

We could do with some help from you

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                                            Have we helped you ...?  Please Donate button to the Consumer Action Group

 

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