Refund offered- but with a twist!

[Guest NATTIE]

Mark I read the last thread and I am still confused so I hope you don;t mind but I will step aside on this one and say I still am lost and rather than advise on this one I will await further news from natwest. The other thread mentions a cheque but I still have no idea on why that one was sent either. Sorry I cannot help on this one.

[thecornflake]

To through something in here for discusssion. Anyone is free to correct me, this is just ho wI understand it.

 

The banks do have something called offset which means they could for example use funds from a Natwest bank account to pay a Mint credit card (all owned by the same company, RBS). It also applies in this situation I think.

 

However there is also something called Right of Appropriation which means you can tell the bank that an amount of money going to your account is already planned to be used for something important, like living expenses.

 

This may be useable here, I'm not sure but it's worth looking into. I don't know how it would work in this situation or in relation to offset though.

 

Sorry if I've confused you further.

[Guest NATTIE]

actually that bit is wrong. Bank accounts loans maybe but not separate entities within the group.

[thecornflake]

actually that bit is wrong. Bank accounts loans maybe but not separate entities within the group.

 

Thanks.

[Marksgirlie]

Well, i got a two line letter from higley today (ironically, my birthday) saying the money has to go back to the originating account (no explanation as to why, this is obviously a rule they just made up) and that he has already processed the refund and trusts I will be satisfied.

 

Obviously I'm not, since a) I made it clear in my letter that my acceptance of the offer was contingent on them accepting my terms and b) it's not the whole amount so I should still have the option of furthering the claim. But I don't really see how I can now tell them to take the money back so i can carry on.

 

In addition, if they are going to continue to insist on paying the money into an inaccessible account, presumably even if i did pursue the claim they would do so, and the final amount would include the court fees, so i would actually end up £80 worse off.

 

In short, natwest definitely won this one. Since the amount repayed barely dents my debt, I am no better off materially, just had a lot of stress for no positive outcome. It also means that i don't have any money to donate to the site.

 

Furious and disillusioned.

[egough]

Thats terrible news Marksgirlie!!! What a liberty!!! Reading yr thread strikes fear into me as I am in the same position as you!! I'm claiming £5k and i'm over drawn just over £5k so i'd get no money to play with either!! Keep me posted if you find anything out about this.

[Marksgirlie]

I probably wouldn't be nearly so annoyed if the refund made a serious dent in the debt. But as it doesn't, I really feel like i've been left with nothing to show for all this.

 

I am hoping that as this is becoming so widespread, someone with a legal brain might be able to start looking into ways of challenging it. Too late for me, but I would like to know that other people could benefit.

[nwhessian]

Look on the bright side, your debt has been reduced?

I mean you would obviously have to pay the debt off at some point.

I know you must be frustrated as you have been looking forward to having some spending money but you cant expect too much from the banks.

I suppose it depends how your overdraft is, i mean if you were 1000 overdrawn and you got 500 back you still have that 500 available to spend but it will just put your overdraft back at its max. And this is where you would be if it was payed into another account and you spent it from there. Unless you are past your overdraft limit, but then it would be fair enough that the bank payed it in to clear your un agreed borrowing.

There are a lot of threads regarding where payment is recieved but i cant see the logic myself, if its your money then you can cash it or whatever, but if you still owe the bank then fairs fair.

I had a loan with natwest and when i cancelled the protection it was payed into my account, i stupidly spent some of the money and a couple of days later it was taken out and payed off the load leaving me in the red. I couldnt complain about it being used to pay off some of the loan, as i have not payed for the protection until i have payed the loan off. My only complaint was why it was left in my account for a few days first.

Ignor me if you like but if you are over your agreed borrowing then i think what the bank are saying isnt too bad. At least you have your money back.

[Guest NATTIE]

It is very rare when someone wins they do scream and shout from the hilltops, YOU WON CONGRATULATIONS!

[NitrousOxide]

Hi,

In my case NatWest owe me more than I am indebted to them. Does that mean my oney will be unavailable as my account is closed as well?

[Guest NATTIE]

I think the difference should be given to you Nitrous