We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Bank and Funding Problems
jacksonsshoes
Posts: 2 Newbie
On 31st March 2011 We opened a Barclays Business Account and Barclaycard Merchant Services, due to a clerical error on the part of Barclaycard, we did not receive any funds transferred to our account for 99 days.
This came to light the week of the 1st July 2011 due to this error we received no wages for our staff, cheques and direct debits were failed, and our cash flow was in crisis.
On the 5th July 2011 Barclays admitted liability and loaned us £2.298.05 as a temporary solution to allow us to continue trading in the interim.
Because of the above, we had no buying power during August thus losing a major bank holiday being a Tourist area this had a major detrimental effect on our business, which we have not been able to recover from, as we were short of stock our sales were seriously reduced.
We are actively trying to save the business and are anxious to find any funding available, also does anyone know if we would be entitled to compensation from Barclays, the thought of taking on a big company is very nervewracking.
This came to light the week of the 1st July 2011 due to this error we received no wages for our staff, cheques and direct debits were failed, and our cash flow was in crisis.
On the 5th July 2011 Barclays admitted liability and loaned us £2.298.05 as a temporary solution to allow us to continue trading in the interim.
Because of the above, we had no buying power during August thus losing a major bank holiday being a Tourist area this had a major detrimental effect on our business, which we have not been able to recover from, as we were short of stock our sales were seriously reduced.
We are actively trying to save the business and are anxious to find any funding available, also does anyone know if we would be entitled to compensation from Barclays, the thought of taking on a big company is very nervewracking.
0
Comments
-
If you are in the FSB, then speak to their free legal helpline. You may have free legal help with one of your business policies anyway.
As the bank have admitted liability and then loaned you some money, I would be writing them a harsh letter and follow their complaints procedure before considering a complaint to the Financial Ombudsman.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards