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Claiming on a Business account? Lets join forces?

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Just thought it might be important for anyone claiming against a business account to be aware that there are some subtle but VERY important differences in regards how to go about this.

I hope this thread can be a valuable source for those doing so, to exchange information, ideas and methods.

Any takers?

PLEASE, Business account claimants or those that know about business claims ONLY !

  • Haha 2

---------------------------

ARE YOU A BUSINESS CLAIMANT?

 

CAG NOW HAVE A BUSINESS CLAIMS FORUM !

GO HERE !

 

CAN'T FIND WHAT YOUR LOOKING FOR?

 

Look here.

Got your old T&C's ?

Visit this thread to help others.

 

-----------------------------

All opinions and advice I offer are purely my own, and are offered without any liability. If unsure seek the help of a licensed professional

...just because something's in print doesn't mean its true.... just look at you Banks T&C's for example !

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  • Haha 1

---------------------------

ARE YOU A BUSINESS CLAIMANT?

 

CAG NOW HAVE A BUSINESS CLAIMS FORUM !

GO HERE !

 

CAN'T FIND WHAT YOUR LOOKING FOR?

 

Look here.

Got your old T&C's ?

Visit this thread to help others.

 

-----------------------------

All opinions and advice I offer are purely my own, and are offered without any liability. If unsure seek the help of a licensed professional

...just because something's in print doesn't mean its true.... just look at you Banks T&C's for example !

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excellent ideaphotoman

this thread will be invaluable when it gets up and running, providing it is used solely as intended--so many threads go of track after a while, and you end up spending all night reading through pages of somebodys personal problems, when all you want is that special bit of info that you cant find anywhere

i have one Ltd business claim -charges and CI -- awaiting court date, i would like to discuss this at a later date in some detail

a second claim as a sole trader with CI, i could do with some advice with over the weekend, just need to see whats in the post today, and will then post here later

off towork now

back later

 

Bobandsue

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:-( Hi everyone.

I am having a nightmare with our business account and need some advice.

Over the past 2 years we have been charged £2,500k in fees. (we are a limited company). We also have a joint a/c with this bank, so I was holding off claiming as I heard that banks were closing accounts down and with our current credit history, we cannot get another business account. Anyway we have a new bank manager & last week he rang me to say the overdraft (of 3k) was due to expire this week, and he wanted us to 'chip' away at the overdraft so that eventually we didn't have one. I explained that we had a new accountant and I would get him copies of the books in the next few weeks. At no point did he say that he would be withdrawing the overdraft facility. Then yesterday we received a letter stating our overdraft had now been withdrawn. To top if off, we got a loan with very high interest to put a cash injection of £4k into the account. I transfered this on Tuesday, but now we have no overdraft, the has been swallowed up and now we are no better off than we were before - I feel physically sick. If he had told me last week he was withdrawing the 3k then I wouldn't have paid the loan money into the account.

 

So, my point is, do I try to claim for the charges as I now feel that even if he closed our account, we would be no worse off. Also, how do I work out how much interest we have been charged.

 

Any help would be much appreciated.

 

Thanks:-(

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:-( Hi everyone.

I am having a nightmare with our business account and need some advice.

Over the past 2 years we have been charged £2,500k in fees. (we are a limited company). We also have a joint a/c with this bank, so I was holding off claiming as I heard that banks were closing accounts down and with our current credit history, we cannot get another business account. Anyway we have a new bank manager & last week he rang me to say the overdraft (of 3k) was due to expire this week, and he wanted us to 'chip' away at the overdraft so that eventually we didn't have one. I explained that we had a new accountant and I would get him copies of the books in the next few weeks. At no point did he say that he would be withdrawing the overdraft facility. Then yesterday we received a letter stating our overdraft had now been withdrawn. To top if off, we got a loan with very high interest to put a cash injection of £4k into the account. I transfered this on Tuesday, but now we have no overdraft, the has been swallowed up and now we are no better off than we were before - I feel physically sick. If he had told me last week he was withdrawing the 3k then I wouldn't have paid the loan money into the account.

 

So, my point is, do I try to claim for the charges as I now feel that even if he closed our account, we would be no worse off. Also, how do I work out how much interest we have been charged.

 

Any help would be much appreciated.

 

Thanks:-(

 

Same old story that many of us have been force d to deal with. I too ended up borrowing elsewhere in order to try to input money into the business,and it just ended up clearing an overdraft (the cause of which I now know was based upon unlawful charges).

I would certainly claim your charges if I was you.

Sounds like as your overdraft facility has been withdrawn you have no benefit in remaing with your current bank at present.

Firstly open a "paracute account". Even the most basic of accounts will do. Transfer all your Business bankings there. Then start your claim.

Regards working out how much interst you have been charged, there are some excellent spreadsheets available here that will do that for you.

Having tried a couple I would reccomend Mindzai & Lucids.

 

http://www.zen122856.zen.co.uk/CompoundSheet_v1.9.xls

 

It's very user friendly, and there are lots of bits of advice on how to use on their thread ifyou get stuck (they are also very helpful if you REALLY get stuck and PM them for advice).

 

Regards the letters you send, there are some excellent templates around that you can use.

 

This brings me to the core reason for this thread:

 

IT IS VERY IMPORTANT TO MAKE SURE THAT YOU USE TEMPLATES THAT ARE DESIGNED FOR BUSINESS USE.

 

On that note, this is some of the rudimentary diffrences I am aware of, and would appreciate input from others.

 

1/ We cannot make references to UTCCR (Unfair Terms in Consumer Contracts Regulations).

2/ We can still refer to SOG (Sale of Goods act)

3/ We can still rely on Common and Statute law.

4/ We need to check what the applicable interest rates are regards our accounts, as often they are diffrent to the rates on Pesonal accounts.


---------------------------

ARE YOU A BUSINESS CLAIMANT?

 

CAG NOW HAVE A BUSINESS CLAIMS FORUM !

GO HERE !

 

CAN'T FIND WHAT YOUR LOOKING FOR?

 

Look here.

Got your old T&C's ?

Visit this thread to help others.

 

-----------------------------

All opinions and advice I offer are purely my own, and are offered without any liability. If unsure seek the help of a licensed professional

...just because something's in print doesn't mean its true.... just look at you Banks T&C's for example !

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Incidentally, I just wanted to point out to all here.

Even though I started this thread, it does not necessarily mean that I am any more knowledgable than others here.

I am not a Moderator or Site Helper, and any knowldege or opinions I may post are based upon my own experiences and research.

I would advise, that along with anything else you read around here that you do your own research before acting upon it.

Also regards PM's.

I would suggest that unless something really is private, we try to post any questions we may have of each other rather thanusing Pm's.

  • Haha 1

---------------------------

ARE YOU A BUSINESS CLAIMANT?

 

CAG NOW HAVE A BUSINESS CLAIMS FORUM !

GO HERE !

 

CAN'T FIND WHAT YOUR LOOKING FOR?

 

Look here.

Got your old T&C's ?

Visit this thread to help others.

 

-----------------------------

All opinions and advice I offer are purely my own, and are offered without any liability. If unsure seek the help of a licensed professional

...just because something's in print doesn't mean its true.... just look at you Banks T&C's for example !

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hi tiopsy,

Having tried a couple I would reccomend Mindzai & Lucids.

i completely agree, these spredys are excellent, with lots of idiot proof instructions [ even i could understand them]

 

some time ago, we were really strapped for cash, so we applied for a short term business development loan for a new computer system:D ,which we suprisingly got, the beauty of that was that the repayments were pre-determined, and it put the account in the black, so stopping the penalties, which were dragging us down, and therefore the money we were saving went to pay the loan off

Bobandsue

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Just subscribing to this thread, I will shortly be starting a claim for a friends business account which was closed last year by RBS. I'm at the point where I have added up the charges alone to over £14k. I haven't done a business claim before so will be looking here for all the help I can get.


First Direct ** WON ** :p

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Thanks photoman

Latest update is my husband has spoken to the bank manager and he has agreed to re-instate the overdraft - for a charge of £100.00! Another dirty trick from the bank. I am going to make sure the account stays in credit for 3 months, then I'm off... I will then be claiming every penny that they owe us, then some...

 

Good luck to everyone else

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I will monitor this thread, I have successfully claimed 4.5K from NatWest on a business account, and I am now claiming from Lloyds. I may be able to offer some advice. A parachute account is advisable.


My advice has hardly any legal foundation whatsoever, however you never know it it might just work!

:cool:

 

NatWest Prelim 07.10.206

LBA 21.10.2006

MCOL 30.10.2006

Acknowledgment of Service 06.11.2006

Offer of approx 50% £2200.00 22.11.2006

Full settlement £4500 received 03.01.2007

Smile settled in full

Barclaycard settled in full

RBS Worldwide settled in full

Lloyds TSB settled in full £750.00

Lloyds TSB settled in Full £275.00 11.04.2007

Lloyds TSB business account £1376.00 AQ filed

Lloyds TSB Business account settled in full 21.05.07

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ataction,

that sounds really good, us business chaps needd some dedicated help, especially with CI and 6+ year claims in my case, anyway

 

tiaposy, which bank are you with?

 

got my court date today on one claim, and on another one their 14 days are up

 

be back later looking for some help

 

Bobandsue

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Just seen the program on TV tonight - have been miffed with banks for a long time. Can't wait to get the letter off about my personal accounts - and it's even better knowing that i can also poss. claim back charges for business account.

 

I've not had many charges for my business account - but regularly paid for overdraft facility ... can i get this charge back?

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Just seen the program on TV tonight - have been miffed with banks for a long time. Can't wait to get the letter off about my personal accounts - and it's even better knowing that i can also poss. claim back charges for business account.

 

I've not had many charges for my business account - but regularly paid for overdraft facility ... can i get this charge back?

 

Afraid it looks like you can't reclaim arrangement fees or such for an overdraft facility (even though they are themselves excessive, and nobody really believes it really took very much of a managers time or consideration to arrange such) .

These are charges for the provision of a service, as oposed to a punitive charge for the refusal of a service, which is the whole basis in law for the actions we take.

However, if you were charged fess for "overdraft excess" or "unauthourised overdraft" or such (ie basically going over your limit without prior arrangement) then this can be claimed.

You can also claim any interest you were charged on the portion of any overdraft that was incurred as a result of such charges.


---------------------------

ARE YOU A BUSINESS CLAIMANT?

 

CAG NOW HAVE A BUSINESS CLAIMS FORUM !

GO HERE !

 

CAN'T FIND WHAT YOUR LOOKING FOR?

 

Look here.

Got your old T&C's ?

Visit this thread to help others.

 

-----------------------------

All opinions and advice I offer are purely my own, and are offered without any liability. If unsure seek the help of a licensed professional

...just because something's in print doesn't mean its true.... just look at you Banks T&C's for example !

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..


If I have been helpful please click on my star and add a comment.

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Hi

My business account is with Lloyds

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As for business accounts I had calculated my charges and there is

 

£330 from Natwest (2002-2003) (limited account)

£3000 + from Barclays (2003 - present day) (limited account)

£1000+ from Barclays (2001) (Business account sole trader)

 

Does anyone know where I can find a template letter for a Ltd account.

 

Thanks in advance

Danler

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As for business accounts I had calculated my charges and there is

 

£330 from Natwest (2002-2003) (limited account)

£3000 + from Barclays (2003 - present day) (limited account)

£1000+ from Barclays (2001) (Business account sole trader)

 

Does anyone know where I can find a template letter for a Ltd account.

 

Thanks in advance

Danler

What do you mean by Limited account?

Do you mean an account for a Limited Company?

If so, I'm not sure what the regulations are regards reclaiming charges for a Limited company. You can certainly claimfor a sole trader, and many have or are doing with sucess.

If it is a Limited company, then I suggest you send a PM to one of the Moderators or site helpers for help (one suggestion would be glenn uk, he seems to know a fair bit or could put you in touch with someone who knows)

Also, I would suggest you perhaps start you own thread with Limited company somewhere in the title to see if you get any advice.

Failing all that producing sufficient information, I would suggest you talk to a proffesional (a solicitor, Business advice bureau etc).


---------------------------

ARE YOU A BUSINESS CLAIMANT?

 

CAG NOW HAVE A BUSINESS CLAIMS FORUM !

GO HERE !

 

CAN'T FIND WHAT YOUR LOOKING FOR?

 

Look here.

Got your old T&C's ?

Visit this thread to help others.

 

-----------------------------

All opinions and advice I offer are purely my own, and are offered without any liability. If unsure seek the help of a licensed professional

...just because something's in print doesn't mean its true.... just look at you Banks T&C's for example !

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Hi Photoman

 

Yes i did mean an account for a Limited Company.

 

A while back someone did draft a letter for a Limited Company but I never saved it and I can't remember who posted it. I'll just have to keep looking.

I don't need to get copies of my statements as I have them all to hand and I am just awaiting for my accountant to return some. It's just the initial letter for a Ltd company I'm looking for.

 

Danler

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Danler - if you mean the preliminary letter, then see my post 3 above.


If I have been helpful please click on my star and add a comment.

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Hi all

Thanks for the link Photoman

 

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/68393-midland-business-acc-pre.html?highlight=midland

 

The above link is to the thread that i posted about my in-laws business that failed in 1990 due to massive bank charges amongst other things and if anyone could offer any advice it would be really appreciated.

 

 

The business was run as a partnership throughout the 1980's culminating in Bankruptcy in 1990.

 

My in-laws dont have any paperwork whatsoever, everything went to the OR.

 

I would imagine that everything is destroyed after a set time , if anyone knows of the timescale involved, could you please let me know ?

 

With regard to paying any money out to former creditors,wouldnt my in-laws be free of restrictions after 17 years ?

 

All assets at the time were taken ,including business property, family home and all vechiles,stock etc ?

 

I would be a little surprised if they would still have to pay out to former creditors after so long?

 

TBH , I dont have a lot of faith with regard to reclaiming on this for my in-laws, but if I could this would be a massive claim. Maybe the biggest ever.

 

They have nothing left to lose as you said Photoman.

 

Got to be worth a try ?

 

Hope xx


You need to read this if you have ever consolidated lending through your bank,

http://www.consumeractiongroup.co.uk/forum/general/49648-loans-pay-off-overdrafts.html

NatWest

S.A.R - (Subject Access Request) LETTER SENT15/12/06 - STATEMENTS RCD 22/12/06

PRE-LIM AND SOC SENT 11/01/07

FULL CLAIM OF £4093.04 INCLUDING CONTRACTUAL INT :)

JUST WAITING FOR STANDARD BOG OFF LETTER...:rolleyes:

LETTER FROM STUART HIGLEY TODAY 20TH JAN THANKING ME FOR MY LETTER AND ADVISING ME THAT THEY ARE CONSIDERING MY CLAIM.... YEAH, BET THEY ARE !!!:lol:

LBA SENT 29/01/07

 

**** G.W.G PAYMENT OFFER RECEIVED TODAY FOR £2160. THAT WILL DO NICELY AS PART PAYMENT MR HIGLEY !!!:D ****

 

 

 

 

 

Member of the official Bill-K appreciation thread cos he's just ape !! :D

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Business accounts have not been ignored on CAG in fact there are currently plans in place for a definitive section.

It is good to see input like this tho and all credit to Photoman.

As many know the main criteria which differs is that of the particulars of claim in that consumer laws are not relavant and also there are precadents for reference.

Additionally there are variants in charges between banks as descriptions and applications of them differ from one bank to another.

There is also the questions of sole traders partnerships and limited companies,however info on all these points is readily available.

A question that is often raised is the one whereby the banks encourage businesses to take out or offer loans to repay unlawful charges.

There is a case for claiming these back if there is good evidence that can be shown to support it.

Claims have already successfully been made.


Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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Thanks for popping by Martin, your comments and input most welcome.

Just for the record, I hope nobody has thought I have tried to start some sort of "splinter group".

I know as you say, Business accounts are not ignored here, it's just that amongst all the many threads and posts, it's difficult for those looking for info more specific to Business accounts to do so, and to also be unwittingly misled by well intentioned advice on other threads.

Pleased to hear there are plans for a Business section. This will not only help those looking for such info to find it much easier, but will also prevent costly mistakes.

  • Haha 1

---------------------------

ARE YOU A BUSINESS CLAIMANT?

 

CAG NOW HAVE A BUSINESS CLAIMS FORUM !

GO HERE !

 

CAN'T FIND WHAT YOUR LOOKING FOR?

 

Look here.

Got your old T&C's ?

Visit this thread to help others.

 

-----------------------------

All opinions and advice I offer are purely my own, and are offered without any liability. If unsure seek the help of a licensed professional

...just because something's in print doesn't mean its true.... just look at you Banks T&C's for example !

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hi

i found Martins post really encouraging, i have had to struggle through, finding bits of info from all over the site, after many hours of searching

it is too late for me, as i am past AQ stage, but it will be invaluable to future business claimants, and they should show there appreciation for the new thread when it is available, by making a donation after their refund arrives

 

Bobandsue

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i have been trying to get coppies of statements i held with the bank of scotland from 1996 til 1999 in which they charged me a pretty penny in these charges, i unfortunatelly have lost the bank account stuff while moving house ( possibly thrown out) have tried asking the bank for copies but they claim to require the account number and sort code first to find the account, but i cannot remember these. even going to the bank which held the account proved fruitless, the claimed to not be able to find the account even with the account name, address, and postcode, sounds like they know what im upto as i have already claimed for my personnel account. can anyone help as to how i can get copies of my statements to my buisiness account, please please.

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