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RBS is trying to close my business down.


campsite
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We took a loan out with RBS in 2008 and the rate was at 1.5% above base rate. I think the LIBOR rate was about 4.5- 5% then. Since the base rate has fallen to .5%.

We had a poor start to 2013 trading wise. RBS state that they were not happy with the current account and sent one of their special relationship managers around who tried to bully us into selling. Since then our trading has improved, business is good, current account is good. We have decided not to renew the overdraft which we felt that they would pull out from under us during the winter months when trading is slow. RBS is now looking at the loan agreement and would appear to be trying to see if they can make us default. We have never missed a payment. They are looking at our business plan from 2008.

We think that RBS is not happy that we are only paying at 1.5% above base and want to get rid of us. They did offer to do a new loan, but at current rates and costs.

 

Has anyone else had this problem.

Should we go to the Financial Ombudsman?

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  • 3 weeks later...
We took a loan out with RBS in 2008 and the rate was at 1.5% above base rate. I think the LIBOR rate was about 4.5- 5% then. Since the base rate has fallen to .5%.

We had a poor start to 2013 trading wise. RBS state that they were not happy with the current account and sent one of their special relationship managers around who tried to bully us into selling. Since then our trading has improved, business is good, current account is good. We have decided not to renew the overdraft which we felt that they would pull out from under us during the winter months when trading is slow. RBS is now looking at the loan agreement and would appear to be trying to see if they can make us default. We have never missed a payment. They are looking at our business plan from 2008.

We think that RBS is not happy that we are only paying at 1.5% above base and want to get rid of us. They did offer to do a new loan, but at current rates and costs.

 

Has anyone else had this problem.

Should we go to the Financial Ombudsman?

Why do you want to go to the Ombudsman.you say you think they are trying to make you default only you can do that.

 

Make sure you have your original copy of the loan agreement.they may try to reconstitute one and add things to it that are not in the original.

 

Regards Streetwise.

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Hi Streetwise,

We have the original copy of the loan agreement.

 

 

Regards campsite

Hi Campsite,check your agreement for reasons that they can call in the loan.

 

If they issue a formal demand,you have to ask them under what grounds they are issuing it .

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  • 4 weeks later...

Update.

RBS was putting us under pressure to sell, and when we would not they started to look at the loan agreement to see if they could find anything to make us default, even on a technicality.They even wrongly started to claim that our turnover for 2012 did not match our 2008 business plan.When it was pointed out to them that they had read the spreadsheet wrong they just said that the figures they had quoted where not qualified. All of a sudden we got a letter stating that he was handing us back to our old "relationship manager" because we no longer had an overdraft with them. We stopped the overdraft because we felt that in the middle of the winter RBS would pull the overdraft from under us and requireus to repay it straight away. Then yesterday, (Monday), RBS is all over the news for trying to close businesses down for their own gain.

 

What are my options?

 

BCOBS/COBS for not treating me fairly.

Or should I wait and see what is going to happen with this inquiry?

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Update.

RBS was putting us under pressure to sell, and when we would not they started to look at the loan agreement to see if they could find anything to make us default, even on a technicality.They even wrongly started to claim that our turnover for 2012 did not match our 2008 business plan.When it was pointed out to them that they had read the spreadsheet wrong they just said that the figures they had quoted where not qualified. All of a sudden we got a letter stating that he was handing us back to our old "relationship manager" because we no longer had an overdraft with them. We stopped the overdraft because we felt that in the middle of the winter RBS would pull the overdraft from under us and requireus to repay it straight away. Then yesterday, (Monday), RBS is all over the news for trying to close businesses down for their own gain.

 

What are my options?

 

BCOBS/COBS for not treating me fairly.

Or should I wait and see what is going to happen with this inquiry?

Get all your paperwork together and in order prepare your case to show what the bank was trying to do to you.

 

Just a quick question to anybody reading this thread,do you think Mr Tomlinson Knows anything about the going ons at TELFORD.

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  • 1 month later...

I have requested a Full SAR. Recorded delivery. I have had letters from them regarding PPI and credit card branches stating that they can not find anything, this is because we only have a loan and current account with them.They have not cashed the cheque.The 40 days is now up, and I have not received anything from them. How long beyond the 40 days should I wait?

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I have requested a Full SAR. Recorded delivery. I have had letters from them regarding PPI and credit card branches stating that they can not find anything, this is because we only have a loan and current account with them.They have not cashed the cheque.The 40 days is now up, and I have not received anything from them. How long beyond the 40 days should I wait?
Its up to you you could call them and ask them if they will be complying with you S.A.R. request and when or just leave till it arrives,have you got comformation that they recieved the request.
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It was sent "special delivery" and I have checked the post office confirm that they delivered it.I also have letters from RBS credit card and Mortgage/PPI people saying that a copy of the request was past to them by the Chief Operating Officer based in Edinburgh. So I know that they have received the SAR. They have not banked the cheque. I do not have a mortgage or credit card with them, but I do have a current business account and business loan with them, so I should be getting data from them.

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