Business Bank Account

[LCWilliams]

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?

[bednobs]

yikes, im not sure there is anything you can do. the bank are at liberty t withdraw facilities as they wish i believe.

[bednobs]

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?

[chrissa1]

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.

[Twenty20]

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.