Friend Recieves Cheque from Cobbetts!! - Help

[Moustacheman]

A friend of mine who has been going through the same process as me has finally recieved a cheque from Cobbetts for the amount of £2143.00. (that means I should get mine by the end of the week!)

 

The only problem is that it is made payable to him, and it states it has to be paid directly into his Natwest account (account number on the cheque). He has a £3000 overdraft which is is dspute and paying the cheque in to this account would just swallow all of the money.

 

Is there anyway that this cheque can be paid into an alternative account?

[Bookworm]

If the o/d is in dispute because of the charges, then repaying the charges will make it not in dispute anymore, with the remaining amount (if any) being made up of what you actually owe (borrowed) to the bank, right?

 

I know I'm not going to make any friends here by saying that, but in my opinion, the bank is perfectly within its right to set off the penalty charges repaid agaisnt the amount "owed" and your friend should see it as gettign one step closer to financial recovery. Why should anyone want to KEEP a 3k o/d hanging at their neck?

 

My advice is pay the cheque in, and immediately get NWB to drop his o/d limit to 1k so he can't go spend spend spend again. He will then be saving a fair bit of interest every month, and have one less major debt to worry about. What's wrong with that? And he won't be so much in fear that one day, NWB will pull the plug on him, leaving him in worse dire straits than ever.

 

{2p}

[ataction]

I agree, the charges have been returned that is a good outcome.

[gizmo111]

I too had a cheques with a specific account no sent ot me but it was not for the full amount. I have an od with nw, but I beleive it should my choice which debt I pay off first and I have a CC with them that I wish to reduce first. I also have another claim in with them. Isent the cheque back and asked them to resend without that specific account no on it and gave them the no of the account I would like it paid into. Then I will split the amount according to interest rates and how it suits my finances best. If I paid that into the account they suggested then they would reduce od limit and I would still be left with the high interest CC - which they have closed.

[ataction]

This issue has arisen before. There is no harm in trying, however there is a debt to the bank and they have a debt to you. Sadly your debt to them exceeds theirs.

[gizmo111]

This issue has arisen before. There is no harm in trying, however there is a debt to the bank and they have a debt to you. Sadly your debt to them exceeds theirs.

 

But the debt is an authorised overdraft - and I haven't agreed to pay it in one lump sum - and the charges were rolled into a loan 4 years ago which I am still paying monthly - so none of my overdraft is made up of charges.