Jump to content

 

BankFodder BankFodder


conar686

Banks retaining OMs funds after Death

style="text-align:center;"> Please note that this topic has not had any new posts for the last 4840 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

My OM passed away recently & left a considerable amount of cc debt, the largest of which is with his own Bank (BofS).

 

On his death he had the pricely sum of £1000 in his current account As exeutor I am responsible for paying off his debtors with the remains of his estate, starting with the secured debts & then onto the non secured debt (i.e.credit cards).

 

On phoning his Bank today to enquire why I had not received the money from his current account as promised, I was told that this money may have been taken to pay the credit card debt.

 

Question under what authority or law can they do this?

 

MAC


I'm not an expert so check everything I tell you, however click me scales if I've been useful.

Light travels faster than sound. This is why some people appear bright until you hear them speak.

 

There is no freemasonry like the freemasonry of Golf

Share this post


Link to post
Share on other sites

What about the costs of the funeral and testamentary expenses? These come first before any amounts either secured or unsecured and indeed even before any HM Revenue and Customs payments.

 

The banks have the right of set off, in other words they can take from one account to pay the debts on another if both accounts are held by the same person - however, if the account holder is deceased then I would question them over this.

 

With funerals costing over £2000 at least these days you may need that £1000 for something else.


iGroup (GE Money) - AoS Filed late, defence late, amended defence also late despite extra time requested and granted.

Vanquis - Claim issued, no AoS or Defence received

Share this post


Link to post
Share on other sites

What does "OM" mean?


If you found this post useful, please click on the "scales" icon in the bottom left of my post and say so!

 

The opinions of this post are those of monkey_uk and do not constitute sound legal advice. I am not a lawyer.

--

 

Halifax Unlawful Bank Charges: S.A.R - (Subject Access Request) Sent 28/02/07 - CC Statement's rcv'd 18/04/07 Bank a/c statements rcv'd 19/04/07

 

 

 

First Direct Unlawful Bank Charges: Settled in Full 12/05/06 | £2235.50

Share this post


Link to post
Share on other sites
Guest The Terminator
My OM passed away recently & left a considerable amount of cc debt, the largest of which is with his own Bank (BofS).

 

On his death he had the pricely sum of £1000 in his current account As exeutor I am responsible for paying off his debtors with the remains of his estate, starting with the secured debts & then onto the non secured debt (i.e.credit cards).

 

On phoning his Bank today to enquire why I had not received the money from his current account as promised, I was told that this money may have been taken to pay the credit card debt.

 

Question under what authority or law can they do this?

 

MAC

 

Sorry to hear of your bereavement and the way the bank has shabbily treated you.You will find a lot of support on the forum as we are all having problems with banks and financial institutions treating consumers like something they've just scrapped off their shoe.Hang in there the banks have still got plenty of shocks to come.;)

Share this post


Link to post
Share on other sites

First Conar, my condolences on the passing of your father.

 

I am assuming that this was not a joint account? If so, whenever the bank

was informed of your fathers demise, the account should be frozen and the

funds paid to the executor for disbursement. Therefore no money can be taken from the account by the bank, and it should be returned immediately.

 

If it was a joint account,please come back and confirm

Share this post


Link to post
Share on other sites
Guest NATTIE

My condolences to you conar.

 

I believe offsetting a debt can be done for deceased accounts but i think it should be queried ie justified by the banks Estate Team just to be sure. The account would be stopped from the point the bank was informed of the bereavement, unless it was a joint account.

Share this post


Link to post
Share on other sites

Sorry to hear about your father. Lookinf for info is correct in what he says a complaint to bank and FO is order whne you feel up to it.

 

have a look here

 

Dealing with someone's estate - FS14

 

and here

 

National Debtline England & Wales | Debt Advice | Factsheet 21 What To Do About Debt When Someone Dies


Consumer Health Forums - where you can discuss any health or relationship matters.

Share this post


Link to post
Share on other sites
What does "OM" mean?

 

OM - Old Man - AKA in this case - Dad

 

MAC


I'm not an expert so check everything I tell you, however click me scales if I've been useful.

Light travels faster than sound. This is why some people appear bright until you hear them speak.

 

There is no freemasonry like the freemasonry of Golf

Share this post


Link to post
Share on other sites

Thanks for the info - it was not a joint account. I had assumed the same as yourself - that the accounts were frozen & payment should infact be made to the executor i.e. me for disbursement to his primary creditors (secured loans), secondary (CCs) & then any beneficiaries


I'm not an expert so check everything I tell you, however click me scales if I've been useful.

Light travels faster than sound. This is why some people appear bright until you hear them speak.

 

There is no freemasonry like the freemasonry of Golf

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...