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unable to pay overdraft, will court action come next


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I have 2 overdrafts with Lloyds TSB and A&L but am unable to repay them at the moment, the interest keeps going. Do the banks need to set up Credit Agreements with overdrafts or do they only apply to Credit cards and loans? Will i be taken to court by the banks? don;t know what to do can someone help please?

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Are there any charges on the accounts? If so what percentage of the amounts do you think these might be?

 

Have you opened another bank account?

 

Overdrafts have part V (form and content) exemption from the Act, so the agreement would look nothing like that of a credit card or loan. It would simply be a letter from the bank informing you of the overdraft amount, the rate of interest, charges, etc.

 

Have the banks asked you to repay these overdrafts immediately?

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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Have you previously incurred any other charges in the last 6 years? You can add these to the total amount that you can claim back.

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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Most of the charges have been incurred in the last year, can i request that the bank send me the original letter for the overdraft facility? the banks have sent a letter demanding the total amount be paid back which is in excess of £7000 for each overdraft.

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