Debt dating back to 1993

[Carole :)]

at the end of 80s beginning on 90's we got ourself into financial difficulties, mainy due to the recession at the time

(mortgage interests rates 15% etc) and my husband ran a small building company, just started a family etc.

 

In September 1991, the Bank we had our current account, business account and mortgage with decided to pull the plug on us

and requested immediate repayment of overdrafts and a small loan we had taken out.

 

At that time the total debt was £9000, albeit mostly made up of bank charges, I still have some of the old bank statements.

 

They tried to repossess our house (we had a mortgage with them too), but in Oct 1992 the bank decided to stop repossession proceedings and pursue the monetary debt via a CCJ.

 

The CCJ happened in Jan 1993 and the debt had spiralled from £9000 to £15,000 (which was a further £6000 in charges in a year),

the accounts were closed back in Sept 1991,

so we were unable to use them.

A figure of £40 a month was agreed to be paid to clear debt and it was agreed that interest would be stopped.

 

Whilst all this was happening the small business ceased and my husband was unable to find alternative work for a long while so we lived on benefits for 3/4 years.

 

We have more or less religiously paid this £40 payment for the past 19 years and have therefore paid off over £9000, in our estimations.

 

The Bank still send us budget plans to complete every year, but we have refused to complete them for a while now. Our children have grown up and I am now able to work too, so household income has increased.

 

The Bank cannot let us know exactly how much is outstanding, they have threatened in the past to reinstate interest charges and take us back to Court as they want us to increase our monthly repayment figure.

 

With the bank charge fiasco over past year or so, are we able to claim back these bank charges through the Courts?

 

Also as we have paid the original debt off shouldn't the bank write off the amount left.

 

Any advice would be welcolmed, as we feel bullied by this Bank,

we have a property with some equity in it,

not sure a Judge would justify a second charge on the house for this remaining debt 20 years on.

 

We have never had even so much as an overdraft since then and have an excellent credit rating.

[rebel11]

Hi car

 

Welcome to CAG

 

The guys will be happy to advise as soon as they are available.

 

Please let us know how your problem has been resolved, it could help fellow Caggers.

 

Thread has been moved to the correct forum.

[42man]

If it was me in your position then I would be sending off for a SAR, to see what they have as far as paperwork goes, (unless you have a lot of statements dating back a long way)...

[BRIGADIER2JCS]

Hi, I think if the bank cannot advise what is outstanding then you should stop payments until they do it seems that they are milking you completely.

I would suggest a Subject Access Request under The Data Protection Act 1998, this requires the creditor to provide ALL data held on you and the account.

 

There is a £10 statutory fee for this and the creditor has 40 days to provide the data, there is a template in the CAG library you can amend to suit.

 

In your case this request should have the following included:

 

The request is to include but is not limited to ALL statements of the account showing ALL payments made to the account since inception to the current date.

 

You should send the SAR addressed to the Data Controller at the bank together with a cheque/po for £10 marked clearly ''for statutory fee only'' use recorded delivery.

[renegadeimp]

If you have the statements covering that period, then you could be in for one hell of a windfall when you reclaim the unfair charges/penalty fees. We're talking thousands, possibly tens of thousands with interest. Especially if those charges in a year hold true in relation to the bank statements.

 

However, and this is the kicker, you NEED to have full documentation. Sending a SAR to the original creditor is a very good idea, but will only usually come back with 6 years worth of information, although this could be enough for a decent claim.

[dx100uk]

two words

 

cash cowed,

 

i bet

 

dx

[renegadeimp]

two words

 

cash cowed,

 

i bet

 

dx

 

Almost 100% guaranteed dx

[citizenB]

If the Court order was to repay a certain sum with no interest attached. Then the bank cannot start adding interest.

 

They would have to make application to court for a variation of the order.

 

You should make an official complaint to their Head Office and demand a statement of account.

 

HTH

[roger101]

I don't think that you should be advising someone in this position to stop paying for any reason! and I am amazed that this site would allow you to post such a silly suggestion. Yourbank however should be providing annual statements and I suggest you write to them and simply complain

Hi, I think if the bank cannot advise what is outstanding then you should stop payments until they do it seems that they are milking you completely.

I would suggest a Subject Access Request under The Data Protection Act 1998, this requires the creditor to provide ALL data held on you and the account.

 

There is a £10 statutory fee for this and the creditor has 40 days to provide the data, there is a template in the CAG library you can amend to suit.

 

In your case this request should have the following included:

 

The request is to include but is not limited to ALL statements of the account showing ALL payments made to the account since inception to the current date.

 

You should send the SAR addressed to the Data Controller at the bank together with a cheque/po for £10 marked clearly ''for statutory fee only'' use recorded delivery.

[renegadeimp]

We dont normally take advice from a random poster who signed up today to post one post on a random thread in a random sub forum.

 

If a debtor suspects that they are being cash cowed, then they are well within their rights to cease payments and demand some sort of proof that they should continue to pay.

[dx100uk]

I don't think that you should be advising someone in this position to stop paying for any reason! and I am amazed that this site would allow you to post such a silly suggestion. Yourbank however should be providing annual statements and I suggest you write to them and simply complain

 

 

why's that please explain. roger

 

dx

[Carole :)]

We dont normally take advice from a random poster who signed up today to post one post on a random thread in a random sub forum.

 

If a debtor suspects that they are being cash cowed, then they are well within their rights to cease payments and demand some sort of proof that they should continue to pay.

 

I forgot to point out that the Bank amalgamated the 3 accounts (current, business and loan) into one when the £40 monthly repayment figure was agreed and they sent us a paying in book to make payments. Over the 19 years the account number has changed twice to my knowledge, and now comes under the mortgage collection dept. the budget plan they send us to complete has mortgage shortfall written on the top. I have written to the Bank and asked why this debt has come under the mortgage collections centre when it never has had anything to do with any mortgage.

 

Also we did offer them a £5000 lump sum payment in full settlement 10 years ago which they declined stating the there was collateral in our property should they wish to pursue that route.

 

We understand that we got into financial problems years ago and the Bank were not the only ones we owed money to, we paid every single penny of what we owed to businesses, but feel that the Bank imposed so many charges at the time, bearing in mind the interest rate was so high in early 90's, that 19 years later we are still being harassed, whereas many others at the time had there debts written off.

 

Will wait to hear back from bank following my letter enquiring about mortgage collections dept, and will certainly go down SAR route, as I feel enough is enough.

 

Many thanks for all your replies, much appreciated.

Edited August 21, 2012 by Carole :)

[renegadeimp]

Ahh, so they did the old trick of merging them to stop you being covered by the CCA's.

[Carole :)]

Hi, I think if the bank cannot advise what is outstanding then you should stop payments until they do it seems that they are milking you completely.

I would suggest a Subject Access Request under The Data Protection Act 1998, this requires the creditor to provide ALL data held on you and the account.

 

There is a £10 statutory fee for this and the creditor has 40 days to provide the data, there is a template in the CAG library you can amend to suit.

 

In your case this request should have the following included:

 

The request is to include but is not limited to ALL statements of the account showing ALL payments made to the account since inception to the current date.

 

You should send the SAR addressed to the Data Controller at the bank together with a cheque/po for £10 marked clearly ''for statutory fee only'' use recorded delivery.

 

We tried that route of none payment when they didn't send us a new payin book, and also a statement of account but they threatened us will legal action which would incur even more costs so we reinstated payments, but no so much of a push over now since it have been proved that Banks imposed excessive charges, feel we have paid enough, and want some answers.

[havinastella]

Get that SAR sent ASAP!

 

Make sure you ask for everything, phone calls, Court papers, statements, you really should be able to hammer these.

Edited August 21, 2012 by havinastella

[renegadeimp]

You are well within your right to stop payments if they will not provide legal documents/proof, despite all their dumb threats.

[barbershop0]

Send the SAR

[Carole :)]

If it was me in your position then I would be sending off for a SAR, to see what they have as far as paperwork goes, (unless you have a lot of statements dating back a long way)...

 

Thank you, will certainly be sending off SAR very soon.

[Carole :)]

Thanks all, will take them on got nothing to lose, hindsight is a good thing. Will keep you posted, just googled cash cowed and I can see what you mean, no wonder they offered my hubby to open current account, when his business account was in credit, then a mortgage, and then a loan, it was all so easy and 20 plus years later we still paying for it. Never made the same mistake again.

[BRIGADIER2JCS]

please start your own thread you will get more advice.