Business overdraft conversion

[noiseman22]

Hello,

Since 1979 I have run my own business on an overdraft with NWest

When I became 65 the bank wrote to me to say that they would change the way our account was to be conducted.

At that time I was a self employed acoustic consultant and the overdraft was £25,000
without security.

They told me that they were to draw back the overdraft and in its place they offerred me a personal loan that my wife and I signed up to as there was no alternative.(The loan is unsecured)

Two years into this I could not afford the payments and went into a debt management programme,
I want to sue the Bank for giving me a loan I could not afford and closing my business down

Your comments are welcome

Peter

[labman]

Re: Business overdraft conversion

The attachment is the best I can offer I'm afraid.

[wales01man]

Re: Business overdraft conversion

May i respecfully ask why you did not sell some of the assets to fund the business?the bank would i think say we lent the money responsibly as there were assets although not secured that would show the OP could repay and surely accounts would have been shown to the bank

[noiseman22]

Re: Business overdraft conversion

Emerging planning/legal I live here and will sell when it has achieved its full planning potential but we are not yet there and the potential does not seem attractive to this particular bank