Business Card Blocked - no way out?

Evergence

Hello,

I'm getting information to help a family member as his business is struggling and in trouble with his bank and they have jsut blocked his business card and with his personal accounts linked to the business he no longer has funds to pay bills, rent, food, VAT and his other credit cards.

He was made aware that the bank would put his outstanding overdraft amount on a loan but they didn't mention a block to his actual business card and with no consistent income since he is in self employment he doesn't know what to do any more and is afraid of losing everything.

Is there anything that can be done to help?

Thank you for any suggestions in advance

meer53

It would be standard bank practice for a credit card to be blocked if a consolidation loan is agreed because of financial difficulties. It's done because the bank won't want any increase in the debt. It's common sense really.

If he can't manage now he should contact Stepchange for advice to see what his options are. The bank won't unblock the card, they've done him a favour really.

bris

The bank are cutting him off because they know he can't pay the bill's, do you blame them?
Sorry to be blund in this difficult time, but this is happening all over, the banks can refuse credit on a whim, nothing you can do about it.