Update & Advice needed....... PLEASE Case been on hold with court and still is as far as I know. (Not heard any different from court). FD have now sent a letter for demand of unpaid overdraft. My claim against them stands at around 6K and the overdraft is made up of charges and is less than 1K. I rang them and was told that 'they had won' and were now entitled to pursue any outstanding debts, hence the demand. Should I just write back explaining about the court claim etc? They seem to think that it's all over for me now and now I owe them money! What's the best approach to this? Please reply. Thanks

Cheers JM I wait till I get some correspondence or phone calls and take it from there. Hopefully soon there will be some info on business claims. Thanks again

Sorry if I've missed something but someone told me that I should probably amend my claim re 'penalty charges' etc. Cant seem to find anything, is there a template or instructions on this somewhere and is this absolutely necessary? Ta

Tried to pay some cash into my business account today but branch staff couldn't input it and said that the account was closed. Telephoned business banking who stated that the account was closed on 14th July and passed to Metropolitan. They very strangely stated that they didn't have an address for Metropolitan but only a phone number and that I should ring them. Obviously I dont want to do anything over the phone so I said I'd wait for them to write to me, if they do! The bank employee told me that the debt had been 'sold' to Metropolitan and my account now closed. If so, should I get some sort of official notice of allocation etc? I'm now expecting to be bombarded by telephone calls. Can I use the template for the harassment by telephone even if its on my business line and not a personal line? Also can I use the template letter relating to DCA visits since it's business premises and not a private address? Lastly, any developments in the reclaiming of charges on business accounts, I've got loads? I'm all questions. Hope you can help ...... again Thanks Wax

Been on phone with HSBC again today as i've received charges schedule for period end April to end May. They've charged me £160 overdraft fee (£8 per day) and £62 debit interest. The debit interest has increased to 23.58% for some reason, I've only been paying around £30 per month previously. They are trying to pressure me into taking a managed loan at 19.9% and have now started with this ridiculous charging structure to force me into signing. They say it is to 'help' me! Today another £8 will be added and again tomorrow, the day after that and so on ...... until I guess I sign for the managed loan. Please anybody have any experience like this or advice on what to do? I've read many threads re managed loans with people saying not to touch them with a barge pole etc. However my charges are spiraling quickly and I have to do something v soon. Again please help or give advice!!!!

HSBC are now trying to get me to sign up for a managed loan to repay the o/d I have. They will accept just over £60 per month for 12 years!!! All in all with interest this equates to over 8.5K repayable! Yes that's about 5.5k in interest. I've now declined their very nice offer but said I would gladly pay the £60 per month but without signing up for a managed loan. Even if I continued to pay their debit interest at approx £30 per month I'd still pay it off alot quicker (by my reckoning anyway). So, they don't want to know and have now said that they will charge £8 per day for o/d fee and back date it to the time I initially went over my limit. Plus charge the debit interest too. The o/d fee is payable for each working day, therefore £40 per week or £2080 per year. WHAT CAN I DO? ............. PLEASE .......... ANYBODY ....... I want to get it paid back but dont want the managed loan option it will cripple me (12 years!!!!). Anyway I can stop the £8 per day o/d fee? Or maybe the debit interest? Cant see how I can put the account into dispute regarding charges as I understand the re claiming of charges doesn't cover business accounts. Please somebody must be able to offer some advice etc, there's lots of experienced, knowledgeable people on this forum. Do I sound desperate?

Sorry I haven't replied but my broadband has been down for a while. Skeptic, Thanks for your advice and knowledge. I now have some figures from the broker for the compensation and the amount required to restructure the loan. Not sure if they are quite right though. Is it possible to email you the PDF with figures etc and I'll explain my concerns. Wax

Thanks very much for your reply and advice. Trying to find T&C at moment, when I do I will post the relevant bit. Still haven't got any figures for repayment from broker because they are blaming Nemo for stalling on it. I've been onto FOS and have asked for contact details of broker (Central Trust) so I can complain and request an immediate payment via cheque to myself. FOS are reluctant to give details as they say it will be sorted soon but their recommendation is that the loan is redressed and the PPI amount is taken off. FOS say this is the best course of action so it makes the loan like it would have been if I hadn't had the PPI. Because of my concerns with Nemo etc I dont want this to happen and want the payment via a cheque to myself. I want to write to Central Trust and demand payment straight away by cheque or I will take further action through court. Is this a good move? Can I legally do this? In a bit of a stuck with all this. I fully appreciate the work that FOS has done for me but their recommendation and conclusion is not what I wanted. More help and advice appreciated. Thanks in advance. Wax.

I sent S.A.R to Nemo at first but got a call from them telling me to do it with Central Trust instead. Nemo sent back cheque for £10! Got all telephone conversations supplied from CT for the time when the loan was arranged. Well I say all, but one part of the sales pitch was missing and it was the crucial bit. Once they admitted they could locate no more recorded conversations I put in complaint with FOS. It took nearly a year for FOS to allocate it to an ajudicator. In my opinion you should do the same cos Nemo will pass the buck to them anyway if they were the broker who sold the policy. Nemo are just the lender. I cancelled my policy when I realised but it made no difference to monthly repayment cos Nemo hiked the interest rate anyway and have continued to do so since. Just get in there quick cos it takes a long time. Wax

Pete Been reading through thread re Business A/cs and seems like there are uncertainties about re claiming charges at the moment. A new strategy is perhaps in the pipeline? In the meantime I want to try and get HSBC to stop applying the £4 per day over limit fee and monthly debit interest if possible. I'll never use this bank again & understand that I do owe them money but unfortunately due to ongoing business needs I can't pay the whole overdraft back in one go. I've had to cancel DD's & SO's which still need paying so putting cash into clearing off overdraft at moment would kill me. Obviously I dont want to enter into a managed loan etc at 19.9% interest but want to make them a monthly repayment offer. Any idea how to go about this or have you seen any templates etc for this type of request. I'm going to write to their Service Quality Team anyway to complain about the lack of support given especially in these hard times for small businesses. Wax

Hi Pete Thanks for your reply and advice. I have charges for unpaid cheques and DD's at around £25 each. I'll check through all my statements and get onto them. Will keep you posted. Wax

Hi Anyone Desperate for some advice re my business account with HSBC. Had the a/c for around 3 years with 1.5k overdraft and have kept within limit and pay their fees each month as normal. Due to slow business I had temp overdraft raise to 3k but only for 1 month. Hoped that things would improve and could get back to normal overdraft within time constraint but unfortunately it hasn't happened yet. HSBC are now returning cheques and DD's/SO's etc and banging on charges for these as the temp limit has just ceased. They are also charging £4 per working day for overlimit fee. I've tried to get a permanent increase to overdraft to improve cashflow at this hard time but they don't want to know. Also tried to get a small business loan but again they said no. They did say however that I could have a managed loan at 19.9% int but I would lose all banking facilities by doing this and wont help me out at all. I've now cancelled exisiting DD's & SO's so I don't accrue any more charges. Going to go elsewhere for a new account to carry on with my business needs as I feel completely let down by HSBC and don't want to give them anymore of my money. Any idea what's the best way to go about getting the charges stopped if possible and should I inform them that I will not use the account again and will pay back the balance over a period of time etc? Or another way perhaps .. I'm getting desperate now? Really hope someone can help! Thanks Wax

AA Thanks ever so for your input & advice. I'm going to speak with FOS and then demand payment from Broker straight away. I'll keep you posted on outcome etc. Thanks again. Wax

Hi There Just an update and questions etc. This has all been going on for ages now but after complaint through FOS I have been notified that the broker, not Nemo (the lender), have accepted responsibility for misselling and will pay back the whole premium originally paid on top of the loan. They will also pay me the total amount including interest I have paid to the lender in respect of the borrowing for the PPI premium plus interest at 8%. As I still have the loan the broker want to pay the premium back to the lender so the loan will be reconfigured as if I'd taken it out without the PPI. Thing is I dont trust Nemo as they have hiked the interest rates continually as they did when I originally cancelled the PPI policy and I fear they will do it again and I will lose out. The broker wanted me to sign a declaration to accept the proposal before I saw any figures but I declined through the FOS and highlighted my concerns who then asked the broker to put together some figures. This was 2 months ago and I've heard nothing from the broker or the lender. FOS say that the broker is waiting for Nemo to get the figures. Cant understand why it takes all this time when recently I obtained a normal settlement figure for the loan through the post within 2 days. Anyway, I wanted to know if I'm able to make demands to have the whole premium paid back to myself instead of the lender. I feel that as I was charged for it originally I should get it back and if I want to pay it off against my loan then that's my decision. Should I threaten court action if not paid within a time limit etc? Am I within my rights to do this? Any help would be appreciated. Thanks in advance

BUMP!!! Still paying the £50 per month but have now been advised that any outstanding balance above £250 (which mine is) is liable for interest at 15.9%. They still owe me 5.3K for charges etc and I have under 1K o/d. I say 'o/d' but actually they have withdrew the facility so I just need to pay it back. Obviously it could be argued that this amount is made up of the charges they owe me and they are charging interest at nearly twice the rate I have applied to my claim. What would you do? Anyone PLEASE!!!! Wax