Are banks allowed to do this?

[keith_henson]

a bank that i "bank" with called me this evening demanding i pay 1800quid to clear the overdraft student/graduate facility in one go otherwise they remove all aspaects of the OD faciltiy and charge me 28quid per day+interest.

I have started an official complaint against them, as the person was acting like a loanshark bouncer twat.

I have not used the account for 3 months, yet in the T+Cs when i opened the account (14 years ago) the bloke on the line said that i needed to pay in regular amounts.

My problem is now that due to them demanding the money, i paid them 150 quid, after much mutterings on the phone between twat and manager, instead of 1800 quid. Problem is, now they stated that if i do not make regular "contributions" to my account, i will get the OD facility withdrawn, a big black mark on my credit history and never be able to bank with another brach in the UK -these are the actual words used by the c**t on the end of the phone.

Help, advice, please? before i go and slit mywrists with worry?

[Lou]

Originally Posted by keith_henson

I have not used the account for 3 months, yet in the T+Cs when i opened the account (14 years ago) the bloke on the line said that i needed to pay in regular amounts.

Putting aside the fact that they appear to have behaved extremely unprofessionally in the collection of your debt, I would say that this part is the key. If you admit yourself that you have broken the T&Cs of your contract with them, then you can't be that suprised that they are now acting as if that contract is broken and removing the facility.

To close out the matter you need to agree with them what a "regular amount" should be and whether that is do-able and acceptable to both parties. If that gets you nowhere then some advice from debt management specialists would be in order - how do you spread the repayment of the debt out from your pocket, whilst satisfying the bank. This may mean a longer term loan from a third party to pay back the overdraft in one go.

Good luck

[Diving Dude]

Go to the citizens advice bureau.

One of the things they will suggest is writing to them to say you will not accept any further charges re interest or for producing letters.
Secondly they will tell you that you must pay something, offer them say £20 a month and barter from there.

[Scubee]

In short, yes, they can.

The bank will have, somewhere in the T&C that the borrowing is 'repayable on demand'. Usually, they don't demand it unless they feel the need - for example, if the account is sitting in overdraft and not being used for 3 months.

If they demand full payment in writing, and you don't either come to an amicable agreement with them, then they can register the debt in the county court. You get a CCJ, and this will show up on every credit check for years. yes, it will affect your credit, not many banks give accounts to people with a CCJ.

Basically, you borrowed money, and you have to pay it back under the terms by which it was lent. By not using the account, you are in breach of the T&C.

But the clerk shouldn't have behaved unprofessionally.

[Fiona]

Keith I was under the impression you are in full time employment and have been for some time, is there a reason why you haven't used the account for 3 months and I take it since they are chasing you for payment, you also haven't paid anything off the OD.

Why not agree to pay off something each month - that way everyone is happy.

[yazzyfooty]

About 17 years ago my bank done similar to me, they withdrew my OD facilities with no warning whatsoever. I am so glad they did as my overdraft was almost the same amount as my monthly salary and I was living on the overdraft. That month I had no money in the account so I borrowed enough money from a relative just to pay all the important bills and lived so frugally I didnt think it was doable. It was, and I am so glad my bank done it as it made me look at my financial management or lack of it and sorted myself out.

Are you sure it was the bank? Its a Bank Holiday they dont work?

[David G]

Which bank decided to work on New Year's Day, a Bank Holiday?..... amazing!

[Loctite]

Originally Posted by David G

Which bank decided to work on New Year's Day, a Bank Holiday?..... amazing!

Most do nowadays. They don't have the same bank holidays in India so yes they will call us.

Shame they still count bank holidays when clearing a credit payment.

[Sparky750]

Originally Posted by keith_henson

a bank that i "bank" with called me this evening demanding i pay 1800quid to clear the overdraft student/graduate facility in one go otherwise they remove all aspaects of the OD faciltiy and charge me 28quid per day+interest.

I have started an official complaint against them, as the person was acting like a loanshark bouncer twat.

I have not used the account for 3 months, yet in the T+Cs when i opened the account (14 years ago) the bloke on the line said that i needed to pay in regular amounts.

My problem is now that due to them demanding the money, i paid them 150 quid, after much mutterings on the phone between twat and manager, instead of 1800 quid. Problem is, now they stated that if i do not make regular "contributions" to my account, i will get the OD facility withdrawn, a big black mark on my credit history and never be able to bank with another brach in the UK -these are the actual words used by the c**t on the end of the phone.

Help, advice, please? before i go and slit mywrists with worry?

In short mate yes they can. they did exactly the same to me when i'd just started my business with an old account i'd forgotten about. Go into a branch and make a deposit whilst there make a formal complaint to the in branch manager I know it wasn't him/her on the phone but they are the representative for the bank . Try not to use the account at all and make a small deposit each week or month as and when you can as long as you're making deposits they should leave you be, once the overdraft is paid cancel all accounts with them stating the person you dealt with on the phone as the reason. as i remember you usually get a warning letter first before they demand money

[Scubee]

These days, they tend to be referred to as Statutory holidys rather than Bank holidays.