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HSBC Overdrawn Business account Help needed


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Hi there,

im creating new threads for all our individual debts totalling nearly £100k.

 

This one is about our Sole trader business account which is £26k overdrawn.

 

We linked it to our paypaln and are v slowly paying it off.

 

From what i have gathered CCC are not applicable for currents accounts.

 

The autorized overdraft was £15k.

 

But we lost control and it spiralled out of control to the levels stated.

 

We now trade as a LTD company.

 

so dont trade under this name anymore.

 

People have stated that getting charges and interest taken off is very hard unless you are in receipt of benefits.

 

Are we within are rights to reduce payment to £1 and hope to do a full or final settlement at major discount.

 

What are HSBC likely to do and there options?.

 

I know that it is sitting with there inhouse collection service Metropolitan.

 

Your help and adivce is really appreciated.

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  • 4 weeks later...

Hi, sorry this thread has been missed!!

Is the Ltd Co account with the same bank?

 

Is the bank pressing for payment?

 

I would suggest that you discuss the matter with the manager of the branch holding the account, letting stand and doing nothng could make the situation worse.

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I would suggest you contact National Debtline.

 

They have a dedicated Business Debtline now so they might be able to offer some advice.

 

 

http://www.nationaldebtline.co.uk/en...ormation.php#3

 

The Business Debtline fact sheets can be found here:

 

http://www.bdl.org.uk/contenten.asp?ssid=7

 

and here:

 

http://www.bdl.org.uk/scotland.asp?sid=40

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Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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hi Brig

the LTD Company account is with HSBC as well. But it is the sole trader account which is overdrawn. the bank isnt pressing with payment. Our DMP covers pro rota payments to them as well.

 

gchads

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Did you have any Payment Protection Insurance or are there any default charges that you might be able to reclaim ?

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

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Hi citizenb,

i have SAr them regarding account. and am still waiting for the results to come. Its is bank account so i dont think there was any PPI. But default charges definte yes.

 

gchads

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Righto, yes the SAR should be very useful - keep your eye on the date as they do tend to take liberties do HSBC !!

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

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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