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alfwithhair

Santander buy Nat West & RBS branches - possible right to off set threat

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Have noticed this in the news tonight

http://www.bbc.co.uk/news/business-11409812

 

So if you bank with one of the Santander purchased banks such as Abbey, A&L as I do and have outstanding debt to Nat West or RBS, which would include MINT credit cards and many others, be on your guard.

 

I am not 100% certain if it is possible through a take over, but if you owe money to anyone within a banking group, they have the right to offset, in other words take money from an account within the group to pay outstanding arrears and debts within that group.

 

Question time now;

So, I am a A&L customer (now Santander) but owe money to MINT (RBS) soon to be Santander. Will the off set rule apply?

 

Need to know this so I can closed A&L down and transfer everything over to my Co-op account, thats if they don't buy that as well, seems they are taking over everything

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sadly yes they can

right to offset applies to any partner banks or subs thereof

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Can they take from a joint account to pay outstanding debt in single name?

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yes

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Anyone know if Santander have any links to Halifax.

 

George

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Don't think so as yet

Halifax is HBOS (Halifax, Bank of Scotland group)

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Don't think so as yet

Halifax is HBOS (Halifax, Bank of Scotland group)

now all owned by Lloyds btw


Please note i have no legal training any advice i give comes from my own experience and from what i have learned on this site

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