Areas of Law / Debt matter

When we wound up our small business partnership the bank sent us statements showing our credit card balance had been paid off, and the accounts were finalised accordingly. However the bank has now written to us saying there was an error and £600 is still outstanding. What is my position?

Because a bank is a specialist in the field of handling money transactions you are entitled to rely on its skill and expertise to advise you correctly. If it gives you incorrect advice – in this case in the form of your statements – and you are worse off as a result, you may have a defence against the bank’s claim for payment. On this basis, because it might cost you money in accountant’s fees for instance to redraft your accounts, you could certainly negotiate to pay less than the £600.

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