Ok I just want to make sure i understand this properly.

I currently have a Royalties Gold and a business current account with RBS. Each has a mega overdraft and I have incurred lots of charges over the years.As I understand it I can claim back management time and referral charges plus interest to a max of £5000 in each claim for upto 6 years. I need the overdraft and doubt whether anyone will give me accounts with such large overdrafts. The charges amount to about £5000 on a quick add up. How likely is the RBS to demand the repayment of the overdrafts if I claim? Frankly I can't pay them so if I go ahead and they then demand repayment, where do I stand?

Does the overdraft exceed the charges levied?

Also worth looking at this: http://www.consumeractiongroup.co.uk/forum/announcement.php?f=5&a=4

Yes the overdraft exceeds the charges. Thanks for the reply.

In which case you have to be aware of the danger that it could turn nasty.

Or you could see it like this: If they close you down, they become a creditor just like any other, you then negotiate a monthly repayment that doesn't leave you in major trouble, insisting they freeze the interest until it's paid off.

When you get your charges back, you can use that to pay off a good chunk off your o/d.

At the moment, whatever you pay monthly is disappearing in charges without ever diminishing your o/d. See this as an opportunity to reduce your overall debt level, not as a threat or danger.

I note you mention reclaiming "management time", what is it? How much is it for? I'm not sure whether it's a reclaimable charge or not, so please give us some details.

On the statements the RBS charges management time for administering the account when charges are applied. So some months I get stuffed twice!!!!

Nice of them. You can tell you're getting the personal touch, huh.

Well, it certainly looks as if that's another one to claim back ,yes.

Keep us posted once you've decided what you're going to do.

Still can't decide what to do! Have any of the members had their accounts closed by RBS or even threats of it ? Thanks in advance.

Why don't you search the RBS forum and have a look? Then you can decide for yourself.

Bottom line is, we can't decide for you.

The thing is that they could ask for repayment any time....even without you claiming it back.

I cant say do it, but i would probabally be very tempted to! Can you open a parachute acount just incase, its worth checking if another bank would give you the same as RBS. If you claimed sucessfully could you pay it off the OD then go elsewhere and ask for a reduced OD?

Just a thought,...

Good luck

This topic was closed on 2019-03-08.

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