where to start?

[milliesmum]

Hi, I'm new to the site and think this is a great site. I was looking for some advice really I have 2 dilemas?

 

I have a current account with Lloydstsb and have had for about 2 years?. This is the only current account I have and can possibly obtain. About a year ago I was 20 grand in debt and decided to go down the route of setting up an I.V.A. My main current account at the time was HSBC and Lloyds was just an account that wasn't really used and as I owed HSBC money I had to change over to LLoyds being my main account as HSBC closed my account.

 

My Dilemas

1. I know Lloyds have probobly charged me about 300 over the 3 years and would very much like this back to help make a small dent in my debt, however and a bit worried only cause I don't want them to close my account incase I can' get another one? And also don't know where to start (as in first letter and where it goes?).

 

2. Could I reclaim the bank charges incurred at HSBC? I had an account with them for well over 10 years and am pretty sure that the amount would be a bg lump sum, however because I owed them money when they closed my account would they just take it off what i owe them?

 

I would appreciate any advice on my dilemas.

Thanks guys

[gothicf0rm]

you can reclaim any money from the past six years.

[BankFodder]

Thanks for doing that again.

 

Did you see that someone has rocemended the Coop as a suitable place for getting a new account. It would be worth a try.

 

Anyway for the moment, I would suggest that you deal with the HSBC. You don't have an account there anymore and also there is more money at stake.

 

Now the HSBC situation raises some interesting questions.

 

Firstly under the rules of contract you can only claim the previous 6 years charges. This is because of the Limitation Act 1980 - which may shortly be changed so that the limitation period becomes 3 years. So you may need to act quickly.

 

On the other hand, a limitation period can begin to run in respect of any debts which are either part-paid or acknowledged from the time the part payment is made or the acknowldgement is given. This cold mean that if you wre sufficiently successful to actually get them to admit their debt to you then you could go in and get all of it.

 

However, a big worry to me is the effect of the IVA. This is outside my area of knowledge, but I can't imagine that you wouldn't be required to account for at least some of the money which you recovered back to the other who had become obliged by the IVA to accept lesser sums.

 

Did you have debt counselling in orde to arrange the IVA? Maybe you should go back and see the consultant about it. If you find that you have to pass the money you recover on to creditors then it might not be owrth bothering.

 

Would HSBC just take the money off the debt which you owed them? - Yes, having had respect to the other IVA creditors as well - I expect.

 

Finally what are the extent of the bank charges? Could they have caused your problem? Are you now eligible for legal aid.

[milliesmum]

Thanks for that. Under the terms of my iva I must declare any extra money i have, so the chances are if i managed to reclaim some charges then they would just take it off me. This may possibly reduce the term of the iva, however i can't help thinkin that hsbc would just take the money off the debt. With regards to were these charges involved in my final debt then the answer is probobly! It was mainly a loan from hsbc that just kept getting consolidated without being warned of the final effects. I can't help but think that these charges may be returned but in the end i'm not actually benefiting at all

[milliesmum]

Thanks for that. Under the terms of my iva I must declare any extra money i have, so the chances are if i managed to reclaim some charges then they would just take it off me. This may possibly reduce the term of the iva, however i can't help thinkin that hsbc would just take the money off the debt. With regards to were these charges involved in my final debt then the answer is probobly! It was mainly a loan from hsbc that just kept getting consolidated without being warned of the final effects. I can't help but think that these charges may be returned but in the end i'm not actually benefiting at all

[BankFodder]

I think that could be right.

It might be better to leave it alone for the moment - except if the charges thensleves have caused the problem and you are eligible for legal aid

[BankFodder]

I think that could be right.

It might be better to leave it alone for the moment - except if the charges thensleves have caused the problem and you are eligible for legal aid

[milliesmum]

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