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My Business Account is in Recoveries

Accounts usually move into our Recoveries team if your account has failed to return within its normal and agreed limits, following the support offered by our Specialist Business Management team.

Accounts in recoveries

  • If your accounts are in the recovery process, all accounts become non-operational and the account facilities are removed
  • You may be expected to bank elsewhere, however, your accounts will remain open to allow repayment of any outstanding liabilities
  • Your credit reference file is likely to be impacted and this will show for 6 years

Does my existing agreement still stand when my accounts are passed to Recoveries?

Unfortunately, your existing agreement will no longer stand. We will look to negotiate a new repayment plan with you once your accounts transfer to Recoveries.

Why can't I access my online banking?

Online banking facilities are removed once your accounts are transferred to Recoveries, as they are not operational. They will remain open to allow repayment of any outstanding liabilities.

Why do I no longer receive statements for my accounts?

Once your account is transferred to Recoveries, statements will not be automatically issued as the account is only open for repayments. Statements can be requested if you still wish to receive them.

Can I set up a Direct Debit on the accounts within Recoveries?

No, unfortunately once an account transfers to Recoveries, Direct Debits are unable to be used. To make repayment to the debt owed, you can use any of the below:

  • Standing Order - set up from your new bank account
  • Telephone payment
  • Bank transfer

Will I pay fees and be charged interest in Recoveries?

You will pay interest on all secured debt until the debt has been repaid or when your debt becomes unsecured. Interest will not be charged on all unsecured debt upon transfer to Recoveries. You will not pay any fees once your account has been moved.

What are your opening hours?

Our offices are open Monday to Friday, 9:00am until 5:00pm. However, they are closed weekends and all Bank Holidays.

How do I get in touch?

  • Freephone: 0800 001 5772
  • Local rate: 0345 835 1940
  • Minicom: 0800 027 1368
  • Overseas: +44(0)170 926 3891
  • Fax: 0345 878 9883

You might also want to consider contacting a non-profit debt-counselling organisation for support and advice. These organisations offer free, confidential help, so there's no need to pay a debt management company to advise you. You can find out more on Where Can I get Independent Financial Support?