Problem with overdraft!! help needed if possible

[mattj1987]

Hello all. I really hope I can get some advice.I have an overdraft with the RBS for 1700 and I'm at that limit now. I was wondering where I stood with writing to the bank with a CCA letter. If someone could properly explain the CCA letter that would be a great help also. I've tried reading about this in other forums bit to say I'm confused is an understatement!! If they cannot locate the paperwork I signed to authorise this overdraft (I honestly cannot remember signing anything) does that mean I don't have to pay the money back? Very confused and worried at the minute. Don't have the money to pay it back as my wage goes into a joint account with my partner. This account is quite old and the overdraft has mainly ran up with interest. Any help would be very much appreciated!!!

 

Thanks

 

Matt

[maroondevo52]

If they cannot locate the paperwork I signed to authorise this overdraft (I honestly cannot remember signing anything) does that mean I don't have to pay the money back?

 

Matt

 

Hello and Welcome Matt,

 

A CCA request under the consumer credit act is what a debtor can send to get a copy of their consumer credit agreement, however there is no credit agreement at least for the current account itself, however as you are talking about an overdraft which is an unrestricted use running credit account as defined in the CCA, but they are exempted from the formal requirement for a signed agreement with the usual prescribed terms, so a CCA request isn't likely to get you very far.

 

As far as I know Overdrafts have part V exemptions (form and content) from the Act. This does not mean that they are exempt from the Act. The credit agreement would be in the form of a letter from the bank stating the amount of credit, the APR, charges and cancellation rights. This type of agreement would not be signed by the debtor.

 

Regards,

 

Scott.

[BRIGADIER2JCS]

Correct there is no regulated agreement for an OD.

[mattj1987]

So am I in the Brown stuff re:paying this money back?

[maroondevo52]

So am I in the Brown stuff re:paying this money back?

 

You said it, not me

 

Are they on your case at the moment.

[mattj1987]

Not yet. Went to the limit on Friday but what I'm worried about is interest then the charges that follow...just had a little girl so money is tight. Cannot afford to put the money in to cover interest let alone the charges. Would the bank freeze the account until I can get some money to put in? Or are banks not as nice as that? Ha.

[maroondevo52]

Would the bank freeze the account until I can get some money to put in? Or are banks not as nice as that? Ha.

 

Don't think they are as nice as that, could be worth a try though, write and tell them you are in financial difficulty and need help whilst paying off the overdraft.

[fkofilee]

So am I in the Brown stuff re:paying this money back?

 

Try opening a "Cushion Account" with a separate entity Eg Barclays, Lloyds TSB... Then that way you can be in control

[mattj1987]

Yeah I have a joint account with a current account with Lloyds. My wage goes into J/A and we split the money each month with what we have left over when bills gone out etc to spend on travel expenses etc. I mean I can't remember the last time I used the RBS account, the interest has just pushed it tithe limit. Nightmare!! Last thing I want is the charges to spiral out of control and then the bailiffs coming round!