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Overdraft Withdrawn without Notice

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I have an account with Santander which used to have a £500 o/d limit, a facility which they withdrew without telling me, and now puts me £500 in the red, and which they have submitted to the CR agencies as payments missed and is suddenly showing up on my CR report as 2 months not paid. It states this for the past 2 months - 2 months missed payments for 2 months? I dont even know how this is possible!

Any advice on how I should tackle this?

Thanks

G

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i'm afraid they can withdraw the od at any time they feel. your only real recourse is the fact that they sign up to the banking code, and your t&cs probably states something like:

 

We can require you to repay your overdraft at any time. As long as you have not exceeded your overdraft limit, we will, wherever possible, give you 30 days' prior notice (see cahoot current account condition 7.2).

 

they've breached their own terms.

 

 

the banking code paragraph 13.2 states:

 

If we offer you an overdraft, or an increase in your existing overdraft limit, we will tell you if your overdraft is repayable on demand (in other words, if you have to immediately pay back any amounts you owe when we ask you to).

 

the banking code paragraph 6.4 in relation to changes to terms and conditions states that:

 

If the change is to your disadvantage, we will tell you about it personally at least 30 days before we make the change. At any time up to 60 days from the date of the notice you may, without notice, switch your account or close it without having to pay any extra charges or any interest for doing this.

 

in other words, if your account t&cs have been changed to your detriment, ie withdrawing the time to repay the od on demand, they should've given you 30 days notice.

 

i would contact abbey stating these paragraphs, and make it clear that you opened the account on the strength of the t&cs and the fact that they subscribe to the banking code. if they don't rectify the problem then complain to the fos.

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i'm afraid they can withdraw the od at any time they feel. your only real recourse is the fact that they sign up to the banking code, and your t&cs probably states something like:

 

We can require you to repay your overdraft at any time. As long as you have not exceeded your overdraft limit, we will, wherever possible, give you 30 days' prior notice (see cahoot current account condition 7.2).

 

they've breached their own terms.

 

 

the banking code paragraph 13.2 states:

 

If we offer you an overdraft, or an increase in your existing overdraft limit, we will tell you if your overdraft is repayable on demand (in other words, if you have to immediately pay back any amounts you owe when we ask you to).

 

the banking code paragraph 6.4 in relation to changes to terms and conditions states that:

 

If the change is to your disadvantage, we will tell you about it personally at least 30 days before we make the change. At any time up to 60 days from the date of the notice you may, without notice, switch your account or close it without having to pay any extra charges or any interest for doing this.

 

in other words, if your account t&cs have been changed to your detriment, ie withdrawing the time to repay the od on demand, they should've given you 30 days notice.

 

i would contact abbey stating these paragraphs, and make it clear that you opened the account on the strength of the t&cs and the fact that they subscribe to the banking code. if they don't rectify the problem then complain to the fos.

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