1st January 2023 Independent Banking Advisory Service (IBAS)
After 30 years investigating and resolving UK business bank customer's banking disputes my thoughts are mixed on what bank customers face in the new year and onwards.
It is much tougher now when banks raise rates, change their position on your borrowings or your business loses momentum or cash flow. Banks are predators. When they smell weakness they tend to inflict more damage and increase their profits from your business.
Banks have created many problems for customers over the last few years which we have 'covered' on our web pages and news items. Many of those problems were due to Banks inflicting higher charges, interest and fees to overburden businesses and 'advising' businesses to enter into SWAPS and other interest rate hedging products which have ruined many businesses and only made more profit for the banks.
Nevertheless and despite the many fines imposed on them by the FCA, banks continue to make exceptional profits whilst their bank customer service continues to deteriorate, more branches have been shut and banks now seek to cut even more jobs to save costs.
Personal banking and personal contact with a human at a bank (often to correct bank problems and mistakes) now appears to require a great deal of customer's time and effort on a telephone or computer. Often, hanging on and just waiting for the call centre to decide whether they will let you speak to someone!
Internet Banking has not been trouble free either - as old banking systems have been adapted and others just broke down - sometimes for weeks.
We continue to help business banking customers in whatever way we can and we always respond to emails (providing they also provide details of your banking issues or dispute).
We have helped many business banking customers to survive, hold onto their assets or to help defend the bank debt claims. We also guide those businesses coping under banking pressure/s.
We look forward to helping more business banking customers during 2023
But, please do not wait to contact us until your 'back is against the wall' or you have decided to contact the banks's debt recovery unit to attempt to 'negotiate' - and then given away your position and lost your defences to their claim (if they existed).
By that time the banks are moving much more quickly to legally take your assets or dispossess you.
So, any help you have provided them at Debt Recovery will make that legal claim arrive even more quickly.
Contact us first - what have you lost by doing that?
Eddy Weatherill ceo IBAS email us at IBAS