Bank charges may close my business

Weejo

Hi all
I have a small business (Coffee Shop) I have only been trading since April last year and in August, my father was diagnosed with stomach cancer and deteriorated very rapidly, he passed away in January last year. Unfortunately, the business was new and I was new to it, I lost my grip on my finances a little because of fathers’ illness and entered into an unauthorised overdraft with RBS. I tried several times to have the overdraft authorised, but RBS refused, the history of my communication with my so called ‘business manager’ is atrocious and would surely make interesting reading if put down on paper. My credit history isn’t great but I have no county court judgements or any serious defaults. RBS continued to ignore my plea and my bank charges grew (approximately 200 per month) and I am now seriously close to losing my business because of this.

I am a single parent and have put so much into starting this business, working 6 to 7 days a week up to 60 -70 hours a week. I have a six year old and no main family support. I am very proud of my business and have established good regular custom. I am now not benefiting from any profit the coffee shop makes and the bank will take their charges before paying my rent or my bills. The total charges made to my account since the business started amounts to 2,600 pounds and I am 600 in arrears on my rent. Unless I can resolve this situation, I will have to close the business and walk away from the overdraft with RBS. The bank manager I recently saw was almost trying to advise me to do this as he insisted that the bank would not help.

I am now at my wits end but feel intimidated and shamed as they make me feel very inadequate when I discuss my account with them, there is no human element to how I have coped over the last year or any discussion entered into regarding my financial history – there is just no interest in helping me.

I will start by writing the letters posted on the web-site but I almost feel now I am fighting a losing battle – this is my last desperate attempt, hoping that someone will read this and help me fight for my business, a business that I don’t feel is a lost cause and has my blood and sweat running through it!

I hope to hear from someone.

Jo

clark1982

HI, Have you considered reclaiming you're bank charges? As we know there unfair and easily reclaimable. theres lots of info on this subject on this site, just do a search!

Hanxx

I would also suggest that you re-claim your bank charges. It sounds like you are just starting the process, but you may need to follow it right through to the end, depending on how your bank reacts to your request.

Have courage and take advice from people on this forum who have already been through the process. Nobody can do this for you, you have to take the action yourself, but you will get plenty of advice here. I am sorry to hear about your problems and I wish you the very best of luck with this.

fabianne

Hi Weejo
Please claim back the charges-I am doing so at the moment.
I know how you feel,this has struck a chord with me,I had to shut my business premises down last month.
I work from home now 3 days per week-tailored it around my family.
Keep posting and I will try and support you,but my puppy has just died and I am very raw right now.All this money stuff pales into insignificance,which I am sure from your story-you can relate to.
PM me if you can and I will get back to you asap
Just remember that you are NOT superwoman
Fabixx

Weejo

Hi Fabianne,

Thank you SO much for your support. I'm really sorry to hear about your puppy and it was really good of you to take your time to reply. First thing tomorrow I'm going to start the the letter process and move my bank account, I will fight tooth and nail to keep my business going, but you feel so over powered by the bank, it's kind of overwhelming!

Fingers crossed!

Thanks again Fabianne, it means alot to have the support right now! x

Weejo

Hi all,

I have recently sent the first letter and received bank statements re charges from RBS very quickly, strangely enough I had a call today from RBS offering me a loan to cover my overdraft (caused mostly by charges!), which they refused me several months ago! So I kindly told them thanks but no thanks and that I will continue to fight to get the charges back...I had a very quiet account manager on the other end of the phone. So fingers crossed all, second stage letter will go out today?

Energised

Just wanted to say good luck Jo!

.

furndire

Good luck!!

Weejo

Hi All,

Thought you would like an update, I have now received an offer of 2423 pounds from RBS, it took all 3 letters and several weeks of waiting, but after moving my business account and retrieving bank charges looks like I might be safe! On top of all of this, I also got 360.00 back from Barclays and have been offered 660.00 from First Direct. So thanks to all for your support and I will keep checking to see how people are getting on. Fight! Fight! Fight!

madison's_mum

Hi,

How is your business going? I really hope you managed to keep it going. It must have been extremely difficult & i'm really pleased you you got your offer! I have sent my requests for statements from Barclays & Lloys literally today! I have a staff account with Barclays & they still charged me, but hey, they're making me redundant & made £7bn profit so i figure they can pay me back few hundred quid!

furndire

I'm pleased to hear that you have some of your money back.