Reclaiming for a small business

markcarver

Hello all, I'm helping my father-in-law to try save the family bus and coach business. After nearly 20 years, the pressure of slow council payments and the bank shortening credit have combined with diesel hikes to make it all but impossible to continue.
Background: he has run it as a traditional business since it started - nothing online, stuck with the same bank, never questioned charges, etc. This means that he has never really had competitive rates, and has paid a fortune in overdraft fees on both the business and personal account, as he often used personal finances to cover shortfalls.
Question: can any of these charges be reclaimed under hardship rules? I can't seem to find a straight answer as to whether or not business accounts can reclaim too. If so, any help would be greatly appreciated. We're going up for a few days to work through past statements and try find anything reclaimable, even mobile contracts which were left to run for years on higher contracts because he never played companies off against each other.
Thanks for any help.
Mark

Wywth

markcarver wrote: »

Hello all, I'm helping my father-in-law to try save the family bus and coach business. After nearly 20 years, the pressure of slow council payments and the bank shortening credit have combined with diesel hikes to make it all but impossible to continue.
Background: he has run it as a traditional business since it started - nothing online, stuck with the same bank, never questioned charges, etc. This means that he has never really had competitive rates, and has paid a fortune in overdraft fees on both the business and personal account, as he often used personal finances to cover shortfalls.
Question: can any of these charges be reclaimed under hardship rules? I can't seem to find a straight answer as to whether or not business accounts can reclaim too. If so, any help would be greatly appreciated. We're going up for a few days to work through past statements and try find anything reclaimable, even mobile contracts which were left to run for years on higher contracts because he never played companies off against each other.
Thanks for any help.
Mark

First response in the sticky thread about Financial Hardship Online Resources has a link to the Lending Code.

First term states it applies to micro-enterprises (which are defined as "a business that employs fewer than 10 persons and has a turnover or annual balance sheet that does not exceed €2 million")