1976_Child Posted 15 November, 2008 Share Posted 15 November, 2008 I am p!ssed off - as anyone who reads the main board will have realised. I run a small, successful and profitable business creating software of various shapes and sizes. There is me, myself and I. A one-man band. Well, one man and his whippet who keeps me company through the long nights of toil. I have £8,500 of signed contracts. Yep, signed as in agreed, costed, firm orders. Naturally, I can't collect on the contracts until final delivery and final sign off. So I run a small overdraft with Nat West bank in order to pay me a small wage while I complete the work. The overdraft is currently £1,300 of a £3,000 limit. Without the overdraft facility I can not be in business. I do not have any substantial savings, and my only asset is my brain and the experience and knowledge I have stored in it. So why am I so p!ssed off with this smelly dung heap of a piece of turd country? Because the National Westminster Bank wrote me a letter, which I received yesterday, explaining that my overdraft facility will not be renewed at the end of December. The letter explains that I must repay the entire balance by January 16th. There is no explanation as to why. I have been running my account within agreed limits and paying for the privilege. The National Westminster bank is precisely that – a NATIONAL bank having been bailed out by the government. It is part of RBS. I went in and spoke with my account manager and showed her my three signed contracts of good, genuine work. I explained that I could not repay the overdraft. She pointed to her computer screen and said that my business savings account had £2,300 in it and that I should use that to cover the overdraft. I nearly ****ing slapped her. That is my VAT account and is due to be paid to the government. Which is ironic, seeing as how the government will just turn around and give it back to the bankers. This economy is completed tits up. I am p!ssed off. My whippet is sulking. My business is crippled because some greedy c\/nts decided to pull my perfectly respectable overdraft even when I showed them that I have work to cover it. It is a ****ed up world. I honestly do not know why we still think this country is worth living in. This country is a dung heap. Link to comment Share on other sites More sharing options...
Mole Posted 15 November, 2008 Share Posted 15 November, 2008 Change your bank account. Go into several high street banks and explain the situation and see who will give you an overdraft facility. Changing banks is easy - the new bank does all the work i.e swopping direct debits etc. Link to comment Share on other sites More sharing options...
Thedelldays Posted 15 November, 2008 Share Posted 15 November, 2008 what is also ironic.....about the recent 1.5% cut in interest rates, the banks said (under pressure) that they were not charities in the public assuming they will all pass on the cut in mortgages....yet, only a few weeks before and, these very banks were 'cap-in-hand' to the government for help.... IMO, the government should force them to do as they wish... I am no gordon brown fan HOWEVER, i strongly believe he is the right man to guide us through this and HE should force the banks to act how he needs them to.. Link to comment Share on other sites More sharing options...
1976_Child Posted 15 November, 2008 Author Share Posted 15 November, 2008 Change your bank account. Go into several high street banks and explain the situation and see who will give you an overdraft facility. Changing banks is easy - the new bank does all the work i.e swopping direct debits etc. yeah, thanks. The thought had crossed my mind already. But why should i have to? This really sucks. It is ALWAYS the little people who get f@cked up. The fat-cats still keep on licking their cream and getting big bonuses. Why should I have to have a fight with my bank when there is absolutely nothing wrong with my business. I am not in trouble, i have firm orders and they go and stuff my life up. They are premier-grade arseholes. Link to comment Share on other sites More sharing options...
bridge too far Posted 15 November, 2008 Share Posted 15 November, 2008 I don't know where you live 1976 but have you thought about contacting your MP? MPs of all persuasions can actually be quite helpful when it comes to applying pressure and, if your MP is a Labour MP, it will be in his / her interest to pursue your bank that, along with all the others, is supposed to be treating small businesses fairly. Link to comment Share on other sites More sharing options...
St Landrew Posted 15 November, 2008 Share Posted 15 November, 2008 Just an academic point, but one I think is slightly interesting. Back in 1991, while I was living in NZ, a few NZ friends were chatting to me about how broken down the UK economy was [it was during the last recession], and that NZ was the place to be, as the economy there was forever booming. I reminded them that, as a relatively small country economically, it wouldn't be long before their economy dived into recession too. They laughed, saying that their economy was quite large and very stable. So I did some digging on sizes of national economies. At the time, the UK economy was the 5th or 6th largest in the world [i believe we're back to being about the 4th biggest now, but I could be wrong]. I looked at the UK economy and found that the entire NZ economy fitted neatly in the gap between the UK in recession and in boom time. And they did fall into recession a few months afterwards anyway. Link to comment Share on other sites More sharing options...
Baj Posted 15 November, 2008 Share Posted 15 November, 2008 Completely understand your situation 1976_Child. I run a similar business, similar turnovers to you etc, I'm with the same bank. I approached them recently with view to bringing on an employee and saying that I needed to be able to cover his salary for 6 months so that I could take him on, and once he was on I would be able to take on the extra work that I currently have to push out to freelancers and make basically **** all cut on. Sound plan you would think, equally I showed them similar sized contracts to the one you did... denied of course. They offered me a loan @ 12%... I told them to shove it (not literally), they sent it to me anyway (paperwork) and it went straight in the shredder. What really ****s me off is the impression I've now given this poor bastard who had agreed to come and work for me, given I had the work but not the cash flow at that time, and he got messed around. Another apology to him (he knows who he is, he posts on here). Crazy isn't it, in an economic downturn, I'm looking to expand the business but the banks are stopping me. ****s, all of them. Link to comment Share on other sites More sharing options...
OLYMPIC Posted 17 November, 2008 Share Posted 17 November, 2008 Have had similar dealings with Natwest,i had an overdraft with them i got called in for an appointment only to have my overdraft removed and they then sat there and tryed to sell me one of there loans.They even had the paperwork printed out already and informed me if i didn't take it my account would be closed,so it would leave me with no chance to find a better deal. 1976 Child be carefull if you have money in another account with the same bank and have not paid the overdraft back by the date they gave you the bank will take the funds from the other account to cover it,normally without even contacting you. Link to comment Share on other sites More sharing options...
Dicko Posted 17 November, 2008 Share Posted 17 November, 2008 Not all industries are buggered The betting industry is holding up well Over £21M was punted on Federer v Murray on Friday on Betfair alone Over £8M was punted on India v England this morning My income hasn't dropped at all Link to comment Share on other sites More sharing options...
Draino76 Posted 17 November, 2008 Share Posted 17 November, 2008 Not all industries are buggered The betting industry is holding up well Over £21M was punted on Federer v Murray on Friday on Betfair alone Over £8M was punted on India v England this morning My income hasn't dropped at all Dont think it will be long. I don't bet any more. Link to comment Share on other sites More sharing options...
Crouchie's Lawyer Posted 17 November, 2008 Share Posted 17 November, 2008 Gambling & alcohol sales will not fall in a recession. The lottery sales have risen in fact, due to many people hoping for a win to solve their money issues! Link to comment Share on other sites More sharing options...
Post-it note Posted 17 November, 2008 Share Posted 17 November, 2008 Move any savings you have with the same bank elsewhere. They can and will use this to cover your overdraft if you refuse to or can't pay. Link to comment Share on other sites More sharing options...
INFLUENCED.COM Posted 17 November, 2008 Share Posted 17 November, 2008 alcohol sales will not fall in a recession.! Within pubs it certainly has, read something a few weeks ago about how many less pints were being pulled, however, this may be due to alot more than just the the self fufilling prophecy that is the recession. I vote for a financial news blackout for 6 months so people are not influenced by the negative stories spewed out on a daily basis. Link to comment Share on other sites More sharing options...
Crouchie's Lawyer Posted 17 November, 2008 Share Posted 17 November, 2008 I vote for a financial news blackout for 6 months so people are not influenced by the negative stories spewed out on a daily basis. I would tend to agree with you on this one, or atleast keeping it to the Financial Times. This way the newspapers that the majority of people read will not cover any financial news. It just depresses me reading stuff in the news now. Link to comment Share on other sites More sharing options...
Pip87 Posted 17 November, 2008 Share Posted 17 November, 2008 yeah, thanks. The thought had crossed my mind already. But why should i have to? This really sucks. Because it's your bank, your business and your life! Yeah it sucks, but a lot of other things do too and you just have to deal with it. Especially if the answer is as simple as changing your bank account! I can think of a lot of things a lot harder that people have to do than change their bank account! Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 17 November, 2008 Share Posted 17 November, 2008 Within pubs it certainly has, read something a few weeks ago about how many less pints were being pulled, however, this may be due to alot more than just the the self fufilling prophecy that is the recession. Most of it to do with a combination of the smoking ban and the fact that beer is so cheap from the local supermarket [approx 50p a pint]. Wet led / drink only pubs have been hit the worst. Food led pubs although down year on year look set to ride out the recession... Link to comment Share on other sites More sharing options...
Window Cleaner Posted 17 November, 2008 Share Posted 17 November, 2008 (edited) I am p!ssed off - as anyone who reads the main board will have realised. I run a small, successful and profitable business creating software of various shapes and sizes. There is me, myself and I. A one-man band. Well, one man and his whippet who keeps me company through the long nights of toil. I have £8,500 of signed contracts. Yep, signed as in agreed, costed, firm orders. Naturally, I can't collect on the contracts until final delivery and final sign off. So I run a small overdraft with Nat West bank in order to pay me a small wage while I complete the work. The overdraft is currently £1,300 of a £3,000 limit. Without the overdraft facility I can not be in business. I do not have any substantial savings, and my only asset is my brain and the experience and knowledge I have stored in it. So why am I so p!ssed off with this smelly dung heap of a piece of turd country? Because the National Westminster Bank wrote me a letter, which I received yesterday, explaining that my overdraft facility will not be renewed at the end of December. The letter explains that I must repay the entire balance by January 16th. There is no explanation as to why. I have been running my account within agreed limits and paying for the privilege. The National Westminster bank is precisely that – a NATIONAL bank having been bailed out by the government. It is part of RBS. I went in and spoke with my account manager and showed her my three signed contracts of good, genuine work. I explained that I could not repay the overdraft. She pointed to her computer screen and said that my business savings account had £2,300 in it and that I should use that to cover the overdraft. I nearly ****ing slapped her. That is my VAT account and is due to be paid to the government. Which is ironic, seeing as how the government will just turn around and give it back to the bankers. This economy is completed tits up. I am p!ssed off. My whippet is sulking. My business is crippled because some greedy c\/nts decided to pull my perfectly respectable overdraft even when I showed them that I have work to cover it. It is a ****ed up world. I honestly do not know why we still think this country is worth living in. This country is a dung heap. But is there no small and medium business development board that could help you?.Or is the UK now a totally capitalist state where it's a general free for all and bugger those who haven't got "collateral". Just a thought. If you owe £2300 to the government in VAT, that means that you've turned over about 13000£ + in this VAT period. So £8500 of contracts means you're a bit down. They've probably analysed all that and decided you're a bad risk. Edited 17 November, 2008 by Window Cleaner Link to comment Share on other sites More sharing options...
S41NTS Posted 17 November, 2008 Share Posted 17 November, 2008 It pays to change banks sometimes anyway, i've also had some problems with Natwest recently which fortunately I managed to pin on them. If I was you i'd shop around and go elsewhere. Link to comment Share on other sites More sharing options...
Saint Keith Posted 17 November, 2008 Share Posted 17 November, 2008 (edited) I am p!ssed off - as anyone who reads the main board will have realised. I run a small, successful and profitable business creating software of various shapes and sizes. There is me, myself and I. A one-man band. Well, one man and his whippet who keeps me company through the long nights of toil. I have £8,500 of signed contracts. Yep, signed as in agreed, costed, firm orders. Naturally, I can't collect on the contracts until final delivery and final sign off. So I run a small overdraft with Nat West bank in order to pay me a small wage while I complete the work. The overdraft is currently £1,300 of a £3,000 limit. Without the overdraft facility I can not be in business. I do not have any substantial savings, and my only asset is my brain and the experience and knowledge I have stored in it. So why am I so p!ssed off with this smelly dung heap of a piece of turd country? Because the National Westminster Bank wrote me a letter, which I received yesterday, explaining that my overdraft facility will not be renewed at the end of December. The letter explains that I must repay the entire balance by January 16th. There is no explanation as to why. I have been running my account within agreed limits and paying for the privilege. The National Westminster bank is precisely that – a NATIONAL bank having been bailed out by the government. It is part of RBS. I went in and spoke with my account manager and showed her my three signed contracts of good, genuine work. I explained that I could not repay the overdraft. She pointed to her computer screen and said that my business savings account had £2,300 in it and that I should use that to cover the overdraft. I nearly ****ing slapped her. That is my VAT account and is due to be paid to the government. Which is ironic, seeing as how the government will just turn around and give it back to the bankers. This economy is completed tits up. I am p!ssed off. My whippet is sulking. My business is crippled because some greedy c\/nts decided to pull my perfectly respectable overdraft even when I showed them that I have work to cover it. It is a ****ed up world. I honestly do not know why we still think this country is worth living in. This country is a dung heap. i'll lend you the money, in exchange for a % of your business, or a fixed ror Edited 17 November, 2008 by Saint Keith Link to comment Share on other sites More sharing options...
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