Business Account O/D

[pacluc27]

Can I start by saying, what a fantastic and informative forum this is. I have read the various draft letters to banks regarding excessive fees with great interest, and can only hope that one of you experienced fellows can point me in the right direction.
My motor dealership ceased trading in July 08. Although I was only a sole trader, the credit crunch saw sales fall away, and after 15 successful years trading, I was forced to close the doors. I have banked with the TSB for over 45 years, with the business account opened in 93. I had an agreed o/d facility of 5k. At the point I ceased trading I think the a/c balance was around
-4k. Try as I might, I did not find work for a whole year, and then only 2 days per week driving a van. In the first 12 months I survived by selling what little remained of the stock, and receiving a small amount of tax credits. My girlfriend has a part time job too. I was told there was no possibilty of any state benefits as I had been s/e. Obviously we have a mortgage, credit cards, a loan, and the usual"stuff" one gathers when the income to support it is available. Sadly there is now no spare money at all, with outgoings probably exceeding incomings. Consequently I have paid very little into the business account since I ceased trading. The bank stole a few hundred a couple of times, without notice, from my personal account, to reduce the business account balance, (which I might add, dropped me right in the poo), but that was some time ago now. The balance now stands at approx -£5.5k, and I have today received a letter from a DCA. In the light of the recent publicity regarding unfair charges, I am thinking...what have I to lose by making a claim, as I guess the charges on the business account could be a substantial chunk of the balance!
Apologies if I have waffled, I do sometimes.....but any sound advice would be so appreciated.

[natweststaffmember]

Re: Business Account O/D

I would get an account opened with a bank not connected to the business account for your money because they will use the "right of set off" to move(not steal) money into the business account.
If you have charges on the credit cards then I would reclaim them as well because that might alleviate some of the pressures of paying the card and there could be an excess in terms of the amount of charges against the amount you owe.

And finally, a warm welcome to Legal beagles.

[pacluc27]

Re: Business Account O/D

Thanks for that Natwest...I know you are right about moving the current a/c.
I don't have a c/c on the business a/c, just a cheque book.
Do you think I am doing the right thing claiming back charges? More importantly, do you have any idea how I should deal with the DCA that are now on my case?

Thanks again....pacluc.

[natweststaffmember]

Re: Business Account O/D

Thanks for that Natwest...I know you are right about moving the current a/c.
I don't have a c/c on the business a/c, just a cheque book.
Do you think I am doing the right thing claiming back charges? More importantly, do you have any idea how I should deal with the DCA that are now on my case?

Thanks again....pacluc.

Firstly find out how much the charges are. If the DCA calls you refuse to identify yourself since you have no idea who they are and do not answer their letters for the time being.....