Welcome help from the banks for small businesses ?
Annual visit to Business Manager's office yesterday ( no coffee this time - times are hard) armed with portfolio spreadsheet showing plenty of equity and , thanks to recent rate cuts and mostly tracker mortgages , healthy and improving income too.
Expecting (naievely?)simply,to review the situation and continue the existing facilities +10k for eventualities(at 2% over Bank Base)imagine my amusement to be told that their new overdraft rate is 6.99% over base!!! This is not a typo !! Oh and £187 renewal fee on each account for administration plus a fee of £150 to add 10k to one account!
Good job I don't need the money !
" If at times like this you can smile, you simply don't understand the situation (or you have a good lawyer!)"
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