Business Acc overdraft.
I set up a business overdraft 18 years ago for £10k. I had 8 people working for me back then and it was to ensure cash flow was good. I set it up on the advice of my in branch business manager.
Things didn’t work out when I got caught out by a VAT error. I restructured and went back on my own in order to not have more complications with VAT. I paid off all of my VAT and tax debts and business has been going well but I still have this overdraft hanging around my neck and draining my account every month. It’s been if no real use , just runs constantly at £10k. But with interest and charges I can’t make any headway. I’ve asked 4or5 times now to change it to a business loan but although relationship managers say that it is the best thing , I get refused every time saying I can’t afford a loan.
I’ve worked out that I have paid back approx £36k in interest and charges keeping this overdraft which I don’t want.
I’m not looking for any sort of free ride , but are the bank acting in my best interests and trying to help me to pay off this debt.
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