romanytony
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Thanks again, I will need to dig out my old files and find out when I last used the account. I will have to find them anyway to look for charges etc. But it's 6 years from the default or 6 years when the account was used?
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Default date is 2014, so 4 years ago.
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Thanks for your reply, I need to clarify something where we are talking about dormant accounts. For the account to become statute barred doesn't it mean that the creditor has not pursued payment for a period of time? I would like to know the period for this to be effective, is it 5 years? If it means from the date of my last transaction that would be a different date to when I last heard from the bank. My Credit Report states that this debt will last until 2020, not sure what happens after that date.
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I don't have a scanner so I will type out some of the letter, as for their behaviour, back in those days the banks were fighting any refunds, they strung each claim out as far as they could. The charges were excessive to start with, and computer generated. A bank charge could make you overdrawn which then attracted more charges. Times have changed, now banks are trying not to be the enemy but are more humane in their approach to customers. Here are the relevant extracts from the letter. We are writing to tell you that you will receive a refund on the above account. Following a recent review of our operating procedures we have identified that for customers who were in excess of an agreed account limit and / or had fallen behind on their loan repayments, we did not always meet our expected standards for assessing customers circumstances or engaging with them. Please accept our apologies for this. As a consequence we may not have offered you the support most appropriate to your financial situation. To address this we will refund the interest, fees and charges which were applied to the account during the period in which we may not have provided the service we should have. The "Basic Refund" is £116.55. The letter goes on to state the in addition to this they will pay £40 (Inconveniance Payment). These refunds will be applied to my account and reduced the amount outstanding. End of quote. What this effectively does is to bring to life a dormant account which has not been pursued for years. I would have to go searching for all the details and then go back years to find all the charges and interest.
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Not sure what your question is! Where did the money go? Do you mean the overdraft I left them with? Or the refund they gave me? The refund from the old charges went into my new account with another bank, they refund they are offering now I haven't replied as yet, the balance I left them with is still showing on my credit rating report. Is that what you mean?
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I took out a summons against Barclays charges years ago, for 2 years they kept telling me I wouldn't win. Then two days before the court date they phoned me and offered a full refund (over £6k) providing I signed a 'confidentiality clause', I refused to sign anything and told them I would continue with the summons. Within minutes the phoned back and gave me a full refund without any clauses. During the 2 years further charges had been accrued. I started a second claim but everything was put on hold whilst the banks appealed against the court ruling on charges, to everyones surprise the banks won. By this time I had opened a new account with another bank, leaving a substantial overdraft with Barclays. When they asked me to clear the overdraft I told them they owed me more than I owed them. Since then I've had a bad credit ref from them, and a dormant account. Now they have written to me and apologised for their behaviour and offered me a nominal refund, the bad credit is still in place though. What is everyones advice? Should I accept their nominal refund, or go through all my old statements and ask for more?
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Tomlin Order and Individual Voluntary Agreement
romanytony replied to romanytony's topic in Financial Legal Issues
Thanks Ganymede. It was a person fron National Debtline who stated Tomlin orders were old fashioned and IVA's are now being used, hence my confusion. They are two different structures. That leaves me a little confused though over the court proceedings. My wife was summoned by Cabot, and I met with their legal people before a judge, he stated that he had had a look over the case and advised me to reach an agreement with Cabot. I was quite willing to pay, but didn't want the Tomlin order part, but didn't seem to have a choice. We went to an adjoining room and hashed out the terms, then went back in to see the judge where Cabot confirmed an agreement had been made. Maybe I'm being stupid here but does that qualify as 'court proceedings' as you state? The judge didn't really take any part in it other than to advise me. -
Tomlin Order and Individual Voluntary Agreement
romanytony replied to romanytony's topic in Financial Legal Issues
Just to clarify. The reason for my question is this. Whilst talking to a financial adviser she informed me that Tomlin orders have been replaced with IVA's. It is a voluntary agreement of scheduled payment between a creditor and debtor. A Tomlin order means that if there is a default the creditor can obtain a court order for any outstanding money. The second reason for the question is that a recent money box program stated that after five years of payment under a IVA the debt is cleared. -
Tomlin Order and Individual Voluntary Agreement
romanytony replied to romanytony's topic in Financial Legal Issues
There was never a CCJ, the Tomlin agreement was made on the advice from the judge. The judge said that we should reach an agreement, so I had to follow his advice. We left his chambers and Cabot lawyers and myself discussed firstly the amount owed, which I managed to get reduced, then I made a nominal monthly offer backed up by a home budget plan, which they had to accept. We then went back before the judge to inform him we had reached an agreement. This was four years ago. The judge said if it had gone before him he would have awarded Cabot much more, so I did OK. -
I have a question re the above, not sure if this is the correct place for a general question. Some years ago Cabot took my wife to court over a Barclaycard account, although there was no signed agreement, my wife and I disputed the amount, we were advised by the judge to enter into a Tomlin order agreement. We have been making regular payments on that ever since, making sure we don't default. It is my understanding that a Tomlin order is old fashioned and it has now been superceded by a IVA's. I further understand that these IVA's run for a maximum of 5 years, after which the account is deemed cleared. Is this correct, and if so does this apply to our Tomlin order? Just as an aside to this I heard on the radio last week that some people who had entered into an IVA and had paid for five years AND had received a final 'completion' letter from their creditor, found that if they had any sort of windfall (such as a PPI repayment) suddenly got a new demand for repayment even though they had a completion letter. It was thrown out by the court but they tried it on.
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I would have to check all those dates/balances. Will get back to you.
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The account has not been used by me, cretdit or debit, for six years.
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I have a copy of the original letter, all letters are by recorded delivery.
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I claimed back my bank charges way back before it all went pear shaped with the high court ruling, however by the time my fee's were returned further charges had been applied to dormant accounts. It has now gone over 6years during which time the interest charges have been steadily accruing, now it has come to a head and the bank is terminating the account, which I asked them to do over 6 years ago. As this is the first demand made for payment can I claim statute barred?
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I filled in the questionnaire form, but before I could return it I had another letter from Barclays. This one states that my claim has been upheld, sorry for mis-selling the policy and here's a cheque! The cheque is more than double what my claim was! I thought this must be a mistake, I checked the name and address, no, that's OK, the account number, no, that's OK! Took my family of ten out for a meal! This came out of the blue, and was so needed. My wife has been seriously ill, and has just been granted the highest rate of disability, but because I didn't claim when she first took ill, we cannot get the mobility benefit. That, once granted, provides you with a new car, everything paid, for the rest of our lives. There is a cut off at 66 years, and I missed claiming by a few months, even though she was I'll at the time. So the cheque from Barclays can give us a decent 2nd hand car.
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