question about overdrafts

[trickyricky]

Hi there folks, I would like to ask a question about an overdraft situation. I used to run a small business about 8 years ago now I was a sole trader not a Ltd Company. I had my personal and business account with RBS. When things were going good money was being thrown at me by the bank. I needed a newer car at the time and I telephoned my business manager to see if I could borrow £7000 to purchase the car. He told me that he would give me it as an overdraft for now and to come into the bank and he would issue me with a bankers draft for the car dealers. I went into the bank to collect the draft which was duly ready for me, my business manager told me that to prevent heavy charges he would convert the £7000 into a loan for me, however that never happened

Unfortunately due to illness my business had to be closed and I was left with this overdraft to pay back. The bank of course who were so willing to help in the good times were being pure sods when it came to helping me during the bad. I never signed for any overdraft and as I say the loan never materialised. I got so hacked off at them I agreed to pay a meagre sum of £11.00 per month and have been paying this over the last few years. They of course they continually moan about it and try to get me to pay more. I am not paying any interest as this has stopped.

Can anyone tell me where I stand with regards to this overdraft or do I have to bite the bullet and continue to pay.

Thanks

[Conniff]

They are probably moaning because it will take about 50 years to pay off at that rate.
Normal inflation will cut the actual amount you pay by quite a substantial amount in that time.

I would just keep the standing order going, this is very cheap money for you.

Of course, they may not be prepared to wait that long and will just sell it to a debt collecting company. You will then be able to put this into dispute with an S.A.R - (Subject Access Request) and the payment requirements should cease to be a problem.

[trickyricky]

Thanks Conniff. I will just continue with the payment and see what happens.