Sole trader v Lloyds TSB

[maddison]

Hello everyone, we are new to this site and we have been reading through the threads posted and have to say it has been very heartwarming to hear of the successess people have achieved. Albeit many are like us just learning how to go about this process.

 

My husband tried so very hard to stay self-employed for over 6 yrs but the bank made it totally impossible for a 'small fish in a big pond' as they put it to make any kind of living after expenses.

 

They would not allow us an overdraft at all and there was no le-way with them on DDM's or suchlike. If monies was not in the account they would always take their money and leave us with practically nothing. Charges always susperseded any monies left in the bank. We, like many, struggled to keep our heads above water for many years. I could decorate 2 rooms with the amount of paperwork they kept sending telling us we were overdrawn. They last straw came when my husband had a row with them on the phone and they requested in writing the return of the cheque books and accompanying cards!!!!

 

They couldn't get it round their head that when you are are self-employed money doesnt arrive in the bank as a employed persons wages does!!!!!

 

We are going to read as many FAQ's etc as we can and reading through this may help the process to go through without too many 'hiccups' before we start.

 

It does make us wonder how on earth we got through it at the time as he has now been employed for just over a year and what a relief it has been, never never again.

 

We are looking forward to this and we are not afraid to go to court if thats what it takes to retrieve the amount of money they have taken from us over the years. Maybe thats why we have never been able to afford a holiday but I bet they have theirs in some exotic place with all their bonuses handed out yearly.

 

Anyway sorry for going on but will stay on this site and keep you all informed of the progress.

 

With thanks.

[maddison]

good morning and thanks for the welcome Karnevil.

 

Yes we are going to go for it. Great words of encouragement from all.

 

 

Kind regards

[reload]

Welcome to the club maddison and hubby. We're all here for you if you have any questions on the process, but it sounds as though you've done the right thing and read through the FAQs etc

 

I sympathise with your situation. Went through a period of about 2 years myself, self-employed IT contracting. Unfortunately about 3 months after I started the market took a huge dip, and I couldn't find much work. Then the charges started hitting... nuff said.

 

Good luck with your claim, and keep us informed!

[maddison]

Good afternoon Reload, thank you for taking the time to read and reply.

 

Going to look through the library now and have a good read not looking forward to any of it but hey nothing ventured nothing gained and we like everyone else thought it was 'dead' money.

 

Cant thank you enough for the support and thanku for the welcome.

 

Will keep you informed.

 

Kind regards.

[maddison]

Hi Reload,

 

Thanks for the answer to my question it sounds positively simply, although we know its not but honestly that is a great help giving us 4 simple rules to follow. Will do.

 

Thanks

[reload]

No worries

[maddison]

Hi Reload, sorry but just realised what you said about sticking to own thread. No probs will do that in the future.

 

 

Thanku.

[reload]

Don't wish to come across bossy, just thought I'd save one of the mods from saying it

 

A couple of logical reasons for doing so though, keeps things tidy for your own benefit if nothing else, giving you one place to refer back to etc - and saves confusing other people's threads too

[caro]

My hubby is a sole trader and banks with LTSB too. You can't tell me anything about the lack of support for sole traders, as we suffered at the hands of Barclays before that. They do not understand that you cannot guarantee that money may not be in on the 1st of the month when the bills are due, or that cheques will be in the account a week before the 1st to make sure it clears.

 

Our kids are 19 and 17, and last year we took them abroad for the first time. We couldn't afford it, but it was a family wedding and we thought if we didn't go, we would probably never go abroad as a family now they are getting older. We are still paying now, but hopefully the claims will sort some of the problems.

 

Anyway, enough of my rambling. Good luck.

[maddison]

Hello Caro,

 

Thanks for your post regarding same. Im happy that someone managed to have a holiday last year albeit under financial pressure Im sure.

 

It sounds like things are just about to get better for you both financially and why not. You both obviously know to well what its like to feel your drowning and theres no way out, until this site!!!!

 

Going over and over FAQ's and reading as many questions and answers before I put the DPA in.

 

Good luck and kind regards

[paulson1985]

Hi maddison

 

 

Same thing happened to me.

My buisness failed I lost my home and everything,

 

The powers that be would not even let me claim JSA because I had been self employed.

 

they wanted accounts which I did not have and so refused to pay me any money.

 

I had to go temping in ordear to live.

 

 

They somehow thought I had thousands stashed away in some secret bank account.

 

The whole system stinks to me you try your best to get on in life things go wrong and nobody wants to know.

 

Anyway good luck.

[maddison]

Hi Paul, we are so sorry to hear that the bank left you high and dry with no way to turn and consequently you lost your home etc.

 

Believe you me, we have been very close to it on many occasions but struggled through the best we could. No going out socially, no holidays etc it was horrible.

 

We are going to go for this, you are right the system stinks they werent looking after our best interests at all only theirs. I also agree with having thousands stashed away, when we said we were skint we meant we are skint!! Im sure the bank thought we were telling porky pies.

 

I hope this all works out for you. Keep your chin up and we ook forward to hearing how it is going for you.

 

 

Kind regards

[maddison]

Can u help with regards to the sample spreadsheet I want to be prepared when I get to this stage but I am having trouble trying to get into www.Bank Action Group helpwith...ank charges.xls

 

It says windows cannot open this file. Windows need to know what program created it?

 

I am no computer expert and I don't know what I am looking for or doing wrong.

 

Thank u in advance.

[maddison]

Is it correct that if you had a business account for 6yrs you are unable to send a DPA and you have to physically go through the bank statements yourself or is this incorrect?

 

thanks

[Guest Zooman]

I am reading this with interest as I had been busy over the last week totting up my fee of 4 yrs with Lloyds TSB with a ltd company accout and it is a pretty fee. I told my bank manager that I may be reclaiming fees and he reminded me that they have first charge over the building (wink wink) so it looks like I can not do it, never mind. Getting back to why I posted.

 

Is it correct that if you had a business account for 6yrs you are unable to send a DPA and you have to physically go through the bank statements yourself or is this incorrect?

 

thanks

Incorporated companies do not enjoy the benefits of DPA but Sole traders & Partnerships do.

[Michael Browne]

Yes the DPA only applies to individuals and not business

[maddison]

I presume that what you are saying the answer is yes I have to go through 6yrs worth of bank statements and tot them up myself and then present them.

 

However, there is I noticed a template letter re: business is that the one I would use first then.

 

Is it more difficult then to reclaim your charges if you have been a sole trader?

 

With thanks

[Guest Zooman]

Sole Traders (and it variations) are individuals and as such can use the DPA.

 

Ltd (and it variations) companies are personages in their own right and controlled by its officers, as such cannot use DPA.

[maddison]

I guess what you are saying is yes proceed as it was not a LTD company.

 

What about the letter do I need to send would it be the one on the templates re: business action?

 

Kind regards

[Guest Zooman]

I just sent one to RBS where I had a sole trader account and I sent the personal one because they are holding the information about me.

[reload]

Looking through the templates, there doesn't appear to be a sole trader-related SAR (Subject Access Request) letter, so I'd go with the standard DPA SAR letter

 

As Zooman says - it's personal information about you (or rather, your husband), so it should be fine.

[maddison]

Thanku all for your communication and replies has helped to guide me in the right direction regarding a sole trader but not as a LTD company.

 

Kind regards.

[maddison]

Goodmorning everyone

 

Am I being really 'thick' or what, how do I download the first letter requesting for 6yrs of statements to my computer or am I missing something 'obvious'.

 

With thanks

[caro]

I just copied and pasted into a word document and filled in my own details.

[maddison]

thanks caro, will do same.