|
Independent Banking Advisory Service |
|
|
Frequently Asked Questions - Independent Banking Advisory Service (IBAS)
Business Banking help and advice?
We
help our members avoid or overcome business difficulties
and provide them with truly independent, experienced and impartial
banking advice and direct assistance with their business and their business banking
You will find
Business solutions useful for understanding the issues on which we help our members Q. What is the major difference between IBAS and any other advice organization? A. IBAS experience. Having dealt with a large volume of business banking problem cases over 17 years, means we can quickly identify your personal exposure, possible defences and actions necessary, as we deal directly with the bank on your behalf. Q. We have banked with NatWest bank for many years without any problem. However, recently we were told by our relationship manager that his boss would be taking over 'our file'. Despite several requests to the branch we have yet to speak with our relationship manager's boss and we cannot obtain any answers - we now appear to be in 'limbo' with our business borrowing arrangements, which we thought had been agreed. What can we do? A. We have heard this many times recently. Usually 'the boss' turns out to be another department of the bank, which will seek to change arrangements for the bank's benefit and force changes on your business i.e. they want more of your security/PG's/cash and they also seek higher fees and interest. It is the stage where IBAS should be involved on your behalf - so that your business is not 'forced to the wall' and any security provided is then more 'at risk' - often the bank's main interest at this stage is in larger fees and interest payments - you need help from those who understand what the bank is doing and can also argue your position effectively and do it now - IBAS does that. However, do not leave it until the bank has effectively 'ring fenced' their own position and obtained new 'agreements' - by then it may be too late. Q. My business is now less profitable than it was. I'm concerned about my own personal position and also how the personal guarantees I have already provided may affect me. Can you help? A. Personal Guarantees are legal agreements on which the bank will inevitably rely if a debt is outstanding. Most businesses find it difficult to cope under increased banking pressures. So, It is very wise for you to obtain specialist banking assistance before that happens - and Yes, IBAS can assist you. Q. I need quick banking help for my business banking problems. Can you provide urgent business banking help? A. Yes, for urgent assistance it would be best to email us - urgent membership can be activated quickly and enable us, if necessary, to contact the bank on the same day. Q. I'm worried about the implied threat from the bank that my business loan and overdraft can be withdrawn as I've been using both for some years now without problem. Do I need your help? A. Firstly, we have seen banks do many things, which they are not supposed to be able to do (because of banking codes or existing contracts and terms) Therefore, your worry may be valid in the current economic climate as banks seek to obtain more security, higher fees and higher margins of interest - but we need to understand what agreements are actually in place and on what terms and conditions - we also need to understand what your business does and who your customers are so that we can advise you fully on a) your existing position and exposure b) How, or if, something needs to be changed and why. Considering agreements, security implications and advising on those issues is part of membership. Q. A friend has a business banking problem which we've discussed, but I'm not sure whether your service will be able to help him - what banking disputes and issues do you deal with? A. The Business Banking Solutions page illustrates the business banking issues we have investigated for members over the last year. The issues relate to a very wide area. An enquiry by email will obtain a swift response on how we can assist with a specific banking issue or banking problem. Q. I'm one of the many SME's facing business banking issues from the 'credit crunch' and have just received a 'letter of concern' from the bank - can you help? A. Yes - IBAS has helped many with such problems - email us for assistance. The Bank will raise specific issues which need to be addressed quickly by us on your behalf or your business's behalf. We provide direct help and assistance with your business problem and talk to the bank for you. Q. I've searched your site for business banking help DIY letter templates and letters so that I can effectively complain to my bank about their treatment of my business. Where are the Business Banking DIY help areas?
A. Like most things - If it was easy everyone could do it - but it isn't
easy. That's why we don't provide Business banking
DIY help letters or business bank DIY advice.
The
Q. I've looked at business websites seeking banking help with my business, My bank is difficult although my business is established. I feel the bank is taking advantage of both me and my lack of knowledge and also my lack of available time because I run my own business. I feel somewhat harassed by the bank's treatment and indeed their motivation. What do IBAS do?- Also how can IBAS help me run my business effectively? A.
Q. My business is sound but my business partner left me with some business problems and difficulties which I need to overcome if I'm to continue trading, can IBAS help me? A. Many SME Businesses bring problems to us which are not banking problems but which have impacted on their banking. IBAS Business help is 'tailored' specifically for your individual business needs. Which means we will help you focus on your business to identify what is required and provide you with direct personal help so that you can trade-out of the current difficulties. IBAS help and direct assistance will provide your business with professional assistance to overcome business difficulties and maintain better control over business finances. Q. My bank is asking me to pay them £55,000 for a debt they claim my business owes them. I don't think it's owed. Can you help? A. Business Banking help and advice is a large part of what IBAS does and much of our work involves claims issued against UK Business by UK banks. Some 'stand up' - Some do not. We investigate the facts to find out whether the bank claim is legitimate, or not. We ask the bank for information. If the debt can be disputed in it's entirety then we will dispute it with the bank on your behalf. Otherwise, our objective is to advise you at what level to settle the matter and deal with it direct with the bank. Q. I notice that your site refers to business banking disputes and business problems but my business doesn't have either at present. However, business is becoming more difficult and my bank is often unhelpful. Would joining IBAS help? A. Bankers become more helpful when IBAS is in contact with them and seeking answers for you. That's because banks know we investigate many business banking issues and checking that your business is not being 'short changed' - whilst advising your business on all banking matters. We have a professional dialogue with the bank on your behalf, which is for your financial benefit - not the banks. Q. What is the Independent Banking Advisory Service (IBAS)? A. IBAS is a unique National non-profit making, campaigning membership organization, which specializes in negotiating business banking disputes and provides direct help and assists businesses with business problems and issues, providing 'hands on' help with the bank where agreed or where necessary. Q. I'm being made redundant and I'm planning a business 'start-up', I have already been to my bank and they will lend me money on overdraft but only secured against my home. My wife is not happy with this idea - what options are there? A. Every business 'start-up' is unique. IBAS provides business 'start-up' help and direct assistance to small businesses. Also, we provide practical assistance with 'start-up' planning and essential knowledge in the 'problem' areas where small business are known to be 'at risk'. We do this under membership and then provide businesses with direct and continuous 'hands on' support, providing answers to the many questions a business 'start-up' provokes. We would need to advise you before you sign any forms for security on bank loans or bank borrowing or any formal or legal business partnership agreement. Q. What makes IBAS unique? A. IBAS is totally unique - there is no other organization that provides members with 'in depth' direct specialist banking advice and also very individual and specific direct banking assistance based entirely on your individual business banking needs and circumstances, whilst conducting independent banking case investigations and negotiations, without profit. Other business help groups are sponsored directly by banks. Q. Do you have any local office close to me? A. IBAS is a National organization and banking disputes are automatically taken from a 'local' level to a National level. This protects our member from 'local' professional's interference and also 'local' financial conflicts. Also reduces any personal animosity between the bank and customer. Q. How will you investigate my case? A. Each case is different. Therefore each case is investigated and assessed on an individual basis. We start with all information provided by you. We also assess individual case information against others where there are similarities. We investigate cases professionally and objectively to ascertain the facts and then establish how best a resolution can be achieved. We then further the case to conclusion dealing directly with the bank on your behalf. Q. Why would we want to use IBAS when organizations such as CAB or CCCS exist? A. Those organizations cater for mainly personal or multiple personal debt issues. CAB are sponsored (or funded) by government/local authorities/banks etc. CCCS are sponsored by banks and lenders who are seeking payment from their customers. We are not funded by banks or lenders in any way and remain independent. Q. So what make IBAS different? A. Firstly, IBAS are completely independent. Secondly, IBAS provides specialist business and business banking advice. Thirdly, IBAS directly assist businesses with their bank on any banking issues. Many of our members do not have business debt issues or business debt problems but still require confidential business banking help, advice and assistance with business banking issues - enabling their business to flourish. Q. Which banks provide funds or sponsor IBAS? A. We are not funded by any financial institution and we have no funding from government unlike other well known business organizations. Q. How do you make any money? A. IBAS was formed as a non-profit, completely independent organization and remains so today. Membership provides our organization with funds with which to operate and remain operational. Q. Does IBAS provide anything to assist UK education in banking services? A. IBAS actively publicize banking issues by providing media comment and analysis for media. We've had plenty to say about banking and banks, which does provide better consumer understanding of all banking issues and services. We do not have the resources to directly assist in UK Banking education projects. Q. I am an accountant/solicitor and feel qualified to deal with my own banking dispute - why would I consider IBAS? A. Many believe they possess the necessary knowledge to deal with their own bank problem or bank dispute, in the same way they would deal with any other business problem or dispute. However, business banking issues and disputes are unlike any other business problem. Unfortunately, some banking disputes come to IBAS only after existing accountants or solicitors have attempted to deal with the issue. The dispute has then become even more 'personalized' - making dispute resolution more difficult. IBAS minimize 'personal' animosity in banking disputes and remove the dispute from 'local area influences'. This is an extremely important reason for IBAS to become involved at a National level. Q. My bank seems to be admitting their mistake/s by asking me to visit the branch to discuss the dispute - am I right in thinking that? A. Banks do not accept their own mistakes easily. Their first reaction is normally defensive and protective. If a bank arranges a meeting for any complaint to be 'aired' - it's for them to listen and also take notes for their benefit later. The 'listening' procedure is primarily for the bank's protection and to find out how easily the complaint can be destroyed or 'resisted'. Q. My solicitor has been dealing with my bank for years, wouldn't it be better for him to deal with my business banking dispute? A. What appears to be an 'easy route' is unfortunately often also the easy route for the bank. It is unwise to use 'local' accountants or solicitors as they may have their own relationship with the bank, which may not be to your advantage. Our banking investigations have shown that many businesses have been misled by the same professionals they had previously trusted. Q. My previous business bank manager has said he can help with my business banking dispute, is that a good idea? A. In our opinion, the banking industry's reputation for integrity and honesty has been lost over the last 15 years. Bank habits of 'ripping-off' bank customers for extra profit and bonuses do not provide ex-bank managers with good credentials for 'helping' any business with their business banking dispute. So, no it is not a good idea. Q. My business appears under more pressure from my new bank manager - is that normal? A. A new manager will be looking at your business and your security but will also want to make sure their job is not affected by previous banking decisions. Change of bank manager and/or moving accounts to a business banking center may provoke increased business banking pressures. Our experience and business banking analysis can assist you in minimizing exposure to such banking pressures. Q. As a small business the most difficult problem for me is knowing who I can trust in my local community - how can IBAS assist? A. IBAS cannot tell you who to trust or who not to trust - but we act as a business 'friend' for many small businesses. We know that it helps if you can talk 'through' confidential issues and obtain the correct advice for any banking situation. Being able to do that with someone who is not 'locally' based and who specializes in banking and small business issues is often enough to prevent a problem arising. Q. Surely my accountant can provide me with the same information and advice that you provide? A. An accountant does not have access to IBAS knowledge of banks or what they have done nationally to many thousands of businesses over a long period of time. We have unique business banking experience, which we use to advise businesses with business problems and also business banking matters and disputes. Q. Can you tell me if my bank has overcharged my business account during the last 6 years? A. Our investigations will show how much the bank should have charged under the agreement and whether there is a bank overcharge to claim back or where necessary a banking refund direct to your account. Q. If I take up membership and there is a proven bank overcharge on my Business Bank account, what percentage will IBAS take for doing all the work? A. All that is required to successfully obtain a bank overcharge or banking refund for your business is a current IBAS Membership. Q. My partner and I have divorced and this has created some banking issues - can membership assist me? A. IBAS do not offer membership for issues which involve a Divorce itself, wills or probate. You will need to be more specific about the banking issues and whether this is a business banking issue, or not, for us to determine if membership can be offered. Q. My bank manager appears honest and helpful - can I trust him for business advice? A. Your question needs to be turned around. Why shouldn't he appear honest and helpful. Their job is to obtain your business. Hopefully, the bank will also be competitive in the banking products they offer. As for trust in their business advice, that's a completely different issue. Banks seek loyalty from their employees and train them well to look after the bank's best interest. That means any interest in your business has to be second to that of the bank, in any business dealings. So our answer to your question: can I trust him for business advice? - is - no business should be seeking business advice from a bank and should also be comparing products the bank is offering against other providers. Q. I have a past mortgage problem and I am now being chased by debt collectors for what they say is a mortgage shortfall debt claim - What is a mortgage shortfall debt or a mortgage shortfall debt claim? A. Mortgage Shortfall debt
claims
are dealt with more fully at
Mortgage Shortfall Debt Resolution We provide our members with truly independent, experienced
and impartial banking advice and direct assistance with their business and
business banking - helping our members avoid or overcome business
difficulties
Independent Banking Advisory Service (IBAS) is a national, independent, non-profit, unique specialist banking customer membership organization which resolves banking complaints and disputes and which has campaigned on UK Banking customer issues since 1992. We provide bank and banking assessment, analysis, bank comment and content for BBC TV News, ITV, Radio and national newspapers, keeping many serious banking issues 'alive'.
|