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Thread: Banks withdrawing credit facilities

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    Politics.ie Member tipp revolution's Avatar
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    Default Banks withdrawing credit facilities

    Fellow posters, I can't give too much detail of my situation as I come from a small community but here is a scenario.

    Times are tough and it's an achievement to live within an overdraft. The overdraft has just been withdrawn without warning or discussion. Aib the bank in question. Tons of security. Is anybody else aware of this going on?
    "Learn to live on lentils and you will not have to be subservient to the king"
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    Politics.ie Member mr. jings's Avatar
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    Quote Originally Posted by tipp revolution View Post
    Fellow posters, I can't give too much detail of my situation as I come from a small community but here is a scenario.

    Times are tough and it's an achievement to live within an overdraft. The overdraft has just been withdrawn without warning or discussion. Aib the bank in question. Tons of security. Is anybody else aware of this going on?
    Not to pry too much, but it could be an age thing. My old man was still working away sole trader style when they took his overdraft away with sod all notice a few years back. With fair weather friends, who needs enemies in the lean times...

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    Politics.ie Member b.a. baracus's Avatar
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    There was a lot of talk about this in the media a few months back. Not heard so much lately. Appeal it anyway as the first step.
    I ain't gettin' on no plane

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    Politics.ie Member gerhard dengler's Avatar
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    Quote Originally Posted by tipp revolution View Post
    Fellow posters, I can't give too much detail of my situation as I come from a small community but here is a scenario.

    Times are tough and it's an achievement to live within an overdraft. The overdraft has just been withdrawn without warning or discussion. Aib the bank in question. Tons of security. Is anybody else aware of this going on?
    I've heard this before, except in this case the bank was Ulster Bank who withdrew commercial overdraft facilities to a SME company who has banked with UB for over 24 years.
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    Politics.ie Member commonman's Avatar
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    The government give the Banks power to do what they want with the people and there money , any bankers in jail yet. i was told that if there is any bankers to go to jail it would be just before the next general election.

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    Politics.ie Member Catalpast's Avatar
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    Does this mean you cannot borrow more until you pay back what you owe?

    Because if it is

    -then it makes perfect sense to me!
    If you can convince a People to engage in the mass elimination of their own offspring - you can probably get them to do anything...http://irelandinhistory.blogspot.ie/

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    Politics.ie Member dizillusioned's Avatar
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    Yes, they withdrew my overdraft which has been in operation for 20 years. Rarely used, but they charged the fee each year. All bills are paid monthly completely. I do not operate an overdraft facility.

    Worst of all, they phoned me up and wanted to discuss this issue. I told the woman after having accounts with them for 30 years never an issue, I would be moving my accounts to another bank (which I have done).

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    Quote Originally Posted by tipp revolution View Post
    Fellow posters, I can't give too much detail of my situation as I come from a small community but here is a scenario.

    Times are tough and it's an achievement to live within an overdraft. The overdraft has just been withdrawn without warning or discussion. Aib the bank in question. Tons of security. Is anybody else aware of this going on?
    I went in to discuss a business loan -AIB, again lots of security , long time customer

    Looked at the figures and was told , no problem when i apply , everything fine , my account manager even went as far as to say he coud probably ok it there and then, but just needed to pass it by his boss ...... Later got an email with a list of ridiculous additional demands
    Was telling the accountant whose opinion was that in reality only 1 normal finctioning irish bank with funds to lend exists

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    Quote Originally Posted by tipp revolution View Post
    Fellow posters, I can't give too much detail of my situation as I come from a small community but here is a scenario.

    Times are tough and it's an achievement to live within an overdraft. The overdraft has just been withdrawn without warning or discussion. Aib the bank in question. Tons of security. Is anybody else aware of this going on?
    My sympathies with your predicament,

    But this has been going on since 2008,

    I'm guessing you were living near the limit of the OD to a greater or lesser degree depending on your cash flow profile, and I assume that GayIB have informed you that the outstanding balance has been transferred into a term loan amortising over 5 years,

    Aside from kicking up a fuss and telling that they are putting you out if business, I'm afraid there's not much you can do, I wish I had a solution for ye,

    The banks are scum, and they don't give a fck about small business,

    One more thing,

    DO NOT SIGN ANY DOCUMENTS that they send ye until they have been reviewed by a competent solicitor.

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    Quote Originally Posted by Catalpast View Post
    Does this mean you cannot borrow more until you pay back what you owe?

    Because if it is

    -then it makes perfect sense to me!
    I see you have no idea what a business overdraft is,

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