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whistlebinkie V BOS


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Hi everyone

I have just registered and have been reading quite a few of the postings etc.

I have slightly different parameters from many of the contributors and am wondering if there are any others out there in the same position as I am.

I run a Limited Company in Scotland which has not been trading well for some years now and is basically making a small profit or small loss each year.

The nature of the business is such that sales are irregular making Cash Flow a major concern. The Company banks with BOS with whom it has an Overdraft facility and a Term Loan.

In the longer term, the overdraft facility is adequate for our needs but when business is slow or when customers don't pay on time, the overdraft limit is often breached.

In the last year we have been charged around £6000 in excess overdraft charges and charges for returned items. I have not calculated the amount for previous years but it must amount to between £3000 and £5000 per year for the previous 4 years.

The overdraft facility is reviewed every 3 months and the Company is charged a £300 overdraft arrangement fee at each review even though the actual arrangement has not been changed for three years.

OK, so I could claim excess charges money back but what if the bank were to get nasty. The Overdraft and Term loan have my Directors Personal Guarantee as collateral (i.e. my house). Because of the Company Accounts it is unlikely that another bank would take it on.

In case you wonder why I have not chucked the whole thing in, I have been trying to get a job for the last nine months without so much as a reply from my applications. I am 62 years old and unbeknown to me, my brain must have died somewhere along the line. I still need to earn a crust.

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