IVC goes to auction

RE: IVC goes to auction

Bob Russell — Tue, 06 Nov 2018 09:40:44 GMT

The disaster bank was RBS. Our new bank is Lloyds.

Sadly so much seems to depend on the individuals you have to deal with. We were perfectly OK with our old bank until someone, somewhere decided they could see a problem. I cannot see a problem nor could our accountants (or the new bank). RBS does have a history of cleaning out businesses with assets but I doubt we are anything near big enough (or borrow enough) for that to be a factor.

Perhaps the new staff are just a bunch of ----- but it is amazing how much confidence you lose if you don't have support of even a half decent bank.

My advice though would be to take care changing banks. Sometimes better the devil you know!

RE: IVC goes to auction

Dinu Catilina — Mon, 05 Nov 2018 17:59:21 GMT

[quote user="Bob Russell"]There have been plenty of extra costs but at least we now have a bank that we can work with! [/quote]

Bob, can I ask which bank are you with now? We are HSBC but they are a pain in the bum with their safeguarding rules.

RE: IVC goes to auction

Anthony Todd — Mon, 05 Nov 2018 16:42:30 GMT

[quote user="Anthony Dennison"]And how long ago was your experience Anthony, given that you're retired now? Was it in the UK or in NZ?[/quote]

Just over five years ago, and in the UK, in London, as I keep saying other contra-advice or experience is welcome as this is the only way to spread experience and help others through a bleeding minefield of sometimes misinformation, poor advice and service.

RE: IVC goes to auction

Bob Russell — Mon, 05 Nov 2018 11:07:11 GMT

The summer before last we went through major difficulties with our bank. After 17 years of benign neglect there was a change in business manager.

From settled (and greatly reduced) borrowing we suddenly faced an overdraft being renewed every three months (at a significant fee) despite having a robust business that has become busier still in the last two years. At one point I was interrupted by a phone call which turned out to be a request to know how much I spent each month on my supermarket shopping!

Our accountants have been scratching their heads to try to work out why we had so many problems despite modest borrowing and a shed-load of security being held.

I really don't know if this was just us or whether some banks can see a bubble about to burst.

Changing our bank has been a lot more drawn out than I would have believed possible but did not involve any real issues. The books spoke for themselves.

There have been plenty of extra costs but at least we now have a bank that we can work with!

RE: IVC goes to auction

Anthony Dennison — Mon, 05 Nov 2018 10:47:06 GMT

[quote user="Anthony Todd"]

[quote user="Gillian Mostyn"]LOOOL. So you think banks aren't thorough? And I'm a better financial analyst than a bank employs? Something they do every day?Thanks for your vote of confidence, but that arrogance is verging on stupidity![/quote]

Just had to respond to this, almost having had to get finance based on the practice value, and as a help for others on here in future.

My experience is that, in the main, for me, it was the lenders who were as the quote above!!

Three banks were interested and wanted to see me. All asked roughly the same questions, got the same answers, but ultimately refused me, each for different reasons, although the data was the same.

One gave me a long interview and [having had the basic data, including my age], refused me "because of age" then backed the eventual buyer!!!!

The interviewers were usually young, and just working to a box ticking exercise, except the eventual bankers who were much more intense and senior.

Then the added costs. This is a good guide but, in my experience, there are surveys added on too.

Search "A guide to mortgage fes and costs" but be prepared for extras which aren't mentioned.

Add [conseratively] £4500 for the above but be prepared for add-ons and other charges.

You may be able to get mortgage insurance for less than that??

Usually sellers get the practice "valued" which has a fee to the seller too.

[/quote]

And how long ago was your experience Anthony, given that you're retired now? Was it in the UK or in NZ?

RE: IVC goes to auction

Anthony Todd — Mon, 05 Nov 2018 10:20:18 GMT