Unsure whether I can claim?

[Daley]

Hi all,

 

I have been following with interest how people are claiming back money which is rightfully theirs, however, I have a slightly different problem. Up until about 18 months ago Id always banked with NatWest, and although Id never had much money in my account, (and had incurred a few charges), all was well. Id taken out an unsecured loan with the bank to consildate all my other debt. Anyway, Ive since defaulted on that loan, moved my account to Lloyds and Im about a year into an IVA! As things stand I owe NatWest roughly £15k, which I am slowly clearing through the IVA, albeit at a reduced monthly rate.

 

My question is, can/should I try to claim any money back from the bank charges I incurred during my time with them?

[orfoster]

yes im sure there are other people on here trying to do the same thing and as i understand it they have done it. Its like a snowballing affect which has got you into a worse situation. I can't see any problem in claiming back what is rightfully yours.

[Daley]

Was just wondering about the knock-on effect. IE, would NatWest just demand immediate payment of what I owe them, as opposed to knocking any charges I reclaim off my bill?

[Daley]

Does anyone know anymore on this subject please?

[Guest NATTIE]

The answer is possibly but there is no direct policy of account closures as a direct result of claiming charges. If the account is overdrawn and has had consistently been charged then that may be something that the back will state to you but by already having a parachute account already opened this should not be a worry at all

[Daley]

NatWest seem happy enough with what Im currently paying them through my IVA, which is about £175pm, instead of the origional repayments of about £300pm. I could probably claim back a decent sum of money that they`ve over-charged me in the past....but wouldn`t want to do so if it means they`ll either insist I start making the full payments, or worse still demand the lot? Id prefer to know before I started any proceedings as I dont want to anger them!

[bungle900]

Hi

I nearly went through the process of an IVA but was lucky enough to be bailed out by my father - as far as i can remember isn't an IVA a legal agreement?. I am no expert but in my opinion - if it is, they have no grounds to change the agreed repayments. The only thing that i can recall from my experience is that if you have any kind of windfall during your repayment period i think you have to declare it to them either to pay it off your debt or re-asses you repayments which may mean giving the money straight back to them but it will at least reduce your payment time. Please don't take my advice as cast iron as like i said i am no expert but it may help you in the right direction.

regards

Mat

[bungle900]

Hello again i just found this on the first IVA website i could find through google :

 

What is an IVA?

An IVA is an agreement with your creditors to make a single reduced payment each month which lasts for a sensible period of time (normally 5 years). Once agreed, creditors are not allowed to add further interest or charges to your accounts by law. The agreement is fixed - meaning that creditors can not randomly demand changes to it. The arrangement is governed by the Insolvency Act of 1986. A common misunderstanding is that people think undertaking an IVA is like going Bankrupt. This is not the case. The IVA is specifically designed to avoid the many issues and stigmas surrounding Bankruptcy.

 

Hope this helps

Regards

Mat

 

P.S they are unlikely to break a legally binding agreement because you have charged them with illegal conduct as it would draw attention to their illegal activities

[Daley]

Ok, that sounds more promising, cheers guys!

 

I think I`ll phone the IVA company and tell them what Im planning.