Donate SIGN UP

Business Bank Account

Avatar Image
LCWilliams | 19:07 Tue 27th Jan 2009 | Law
4 Answers
I have a business account which I have an overdraft facility of �5000 and in 2008 I was going through a divorce and decided to go employed until sorted and then back self employed. IN Decemeber of 2008 I confirmed to the business account manager that in January I would be trading again. On Jan 6th I contacted the business manager and subsequently arrange to meet on the 19th Jan to take him for coffee and discuss going forward as I have just signed some new business with an up front fee of �2300 toward the business account. On Monday 19th I had a call from the business manager telling me the business account has been closed and he will not be re-opening the account! Which has now put my whole business in potential trouble as I have now checked and can not get a new business bank account as the Overdraft facility is now going to debt managers!

What can I do?
Gravatar

Answers

1 to 4 of 4rss feed

Best Answer

No best answer has yet been selected by LCWilliams. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.
yikes, im not sure there is anything you can do. the bank are at liberty t withdraw facilities as they wish i believe.
could yu go to a different bank? You say the overdraft facility is going to debt managers - does that mean you have a 5000 debt with them?
I would check your paperwork from the bank from when they granted you the facility. If you have contravened their Terms & Conditions I think they are entitled to withdraw the facility. If it has been passed to Debt Managers it sounds as though it has been a "hard core" overdraft. Banks don't like those, they like to to see plenty of movement in an account. Money going in and out on a regular basis. Good Luck.
From what you say you owed them �5000 but ceased trading for a while so had no way of paying back the overdraft? Now that youve decided to work at the business again its hardly surprising that perhaps they dont see you as a good investment of their money.

1 to 4 of 4rss feed

Do you know the answer?

Business Bank Account

Answer Question >>