BBLS Loan with Wonga Interest rate

Fronkle

We applied to our bank as a partnership to apply for a BBLS of about £7,000. Previously, our joint personal account had been used for the business without any problems for the past 295 years. Now, the bank insisted that a business account would be required to apply for the loan. As the costs for running a business account were stated to be free of charge for the first year, we agreed to proceed. However, when presented with the loan documents we were informed that should the business account be closed during the term of the loan, the loan would be immediately repayable. Our bank lists the standing charges for its business account as £1,000 annually plus additional charges per transaction. On a £7,000 loan running 6 years, our bank costs would exceed the total value of the loan. I have informed the bank that I will sign the agreement with the term "signed under protest" and refer to the ombudsman for the right to close the business account without having to default on the loan. Do you think I have a chance of winning this?

Puddles83

Absolutely not.

Fronkle

Puddles83 said:

Absolutely not.

This would negate the spirit of the BBLS. The benefits would be derived by the bank, not us.

[Deleted User]

Fronkle said:

I have informed the bank that I will sign the agreement with the term "signed under protest" 

Don't put that. It has no meaning. 

They'll either accept your agreement of the terms and you'll be bound by them, or reject it for scribbling all over the agreement.

Choose whether you'll accept it or not and then sign it properly or not at all.