SFLGS (Small Firms Loan Guarantee Scheme) BUSINESS START-UP DISASTERS

[EquusTrade]

I think its, unfortunately, quite common for the FOS to side with the banks in loan cases.

Some time ago I wrote an article about the Financial Ombudsman Service. I haven't got a clue if it will be useful to you, but I remember researching and writing some things about taking things to court.

I sincerely hope you get this sorted out.

I assume you are still trading

[IAS]

Originally Posted by EquusTrade

I think its, unfortunately, quite common for the FOS to side with the banks in loan cases.

Some time ago I wrote an article about the Financial Ombudsman Service. I haven't got a clue if it will be useful to you, but I remember researching and writing some things about taking things to court.

I sincerely hope you get this sorted out.

I assume you are still trading

Hi again,

Thank you for the input that you have given.

I will take the time to read and digest your article with interest.

If things go according to plan (financially) we may have to take the steps required to question the bank fully and throughly (unlike the FOS have done).

I agree with your comments about the FOS. Similarly, with the DTi/SFLG department, they took no interest in confronting the bank, given the situation, in order to establish the circumstances in which the banks' administrative delays prevented our business from trading. You would have thought, given that we only were able to acquire founding on the SFLG vehicle, that the DTi/SFLG department would have a 'duty' to do so.

The last email I received from the SFLG department read (rather arrogantly and hostile) "this matter is closed now!"

My local MP has agreed with all the things we have said and yet has not done anything to address the issues. He even struggled to get one of the SFLG Ministers to sit down and discuss matters with us.

My colleague and I are currently having to move from our houses as the situation has taken all of our savings. The SBS (small business service), under the DTi, offers little, if, any support too. The BCC(British Chambers of Commerce) has said it should be scrapped as they do not support start-up business in the way it should be supported.

Regards

[CatherineL]

This is so unfair. I have had problems with one of the major banks in the past, and it cost me financially.

The fact that the DTI are not supporting you on this sucks too. Our government do not make life easy for small businesses, yet they are keen to reap the benefits of the taxes which we pay.

I will try to think of who else you could turn to, and will post back.

[IAS]

Originally Posted by CatherineL

This is so unfair. I have had problems with one of the major banks in the past, and it cost me financially.

The fact that the DTI are not supporting you on this sucks too. Our government do not make life easy for small businesses, yet they are keen to reap the benefits of the taxes which we pay.

I will try to think of who else you could turn to, and will post back.

Dear CatherineL,

Thanks for your support in these rather appalling matters. I understand that you too have experienced a lack of support in your moment of business needs and I struggle to understand why there still remains much noise by so-called business support groups, but there are still no changes. A common-sense approach and solutions have not prevailed.

I even approached the Mayor for London as we were starting a business in the regeneration area of London, but was told that the Mayor does not cover these particular problems and refered to the LDA.

I have been in meetings with my local MP for approx. 6-months now and he still has not gained any ground in getting a meeting with a DTi Minister nor has he stood up in the 'house of commons' to argue our case.

It seems like protectionism for his Government and his own position is sealed in stone and his lack of actions proves his unwillingless to dig deeply into the heart of the matter as it will no doubt unstable this foundation. What a Democracy we live in. Protectionism for those who already have power and control and the opposite for those of us who get off our back-side to better ourselves in business towards entrepreneurialship.

I look forward to any further support you can offer because right now I have provided further complaints towards the FOS for not tackling our complaint broadly. It seems like because of the lack of Government support, given it was there own SFLG vehicle that provided the funding opportunity for our business, our only way to grasp our case and to ask the bank to provide answers to the questions it has currently chose not to answer (mainly because the FOS has not asked them) is through a Lawyer.

I have to carry on fighting in the hope that my financial luck changes very soon.

Regards,

PS: I was trying to send you some pictures of the shop-fitting in our business, but am currently struggling to do so. Will try again!