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Cancellation of an Agreed Overdraft Facility


Ramblin Man
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Hello - This is my first post - Has anyone else had the same problem?

 

We had an agreed overdraft facility on our LTSB household bank account.

 

We sent one of the template letters claiming back excess charges on this account, to which the bank replied saying that they were investigating, and should get back to us within four weeks.

 

Yesterday, we received a letter saying we had gone into overdraft again, and charging us another £30 for this.

 

We checked the account on-line, and found they had cancelled the overdraft facility without informing us!

 

The last statement we had said the overdraft facility was due for revue in June this year.

 

Surely they have a contractual obligation to at least inform us of their intentions, as it was an "agreed" overdraft?

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God your post is making my eyes hurt, it has gone all weird!

 

And unfortunately, they can call in an overdraft whenever they want, whether it was agreed or not.

 

They don't do it a lot, but it does happen.

 

Best thing you can do is contact them - firstly, how much is your OD and how much are you claiming?

Please note that I am not a legal expert and all advice given is without prejudice and is purely my opinion only.

 

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Dolly,

 

Thanks for the reply.

 

The OD facility was for £600 and we are claiming back £240 over 4 years.

 

My main concern is that we were not informed of the cancellation.

 

Sorry about the garbled post, not quite sure what happened there.

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Lloyds have not many cards to play or any other bank. if we are to claim return of our bank charges from them like we are.i think we might get a dirty trick on return.my problem is.ie like your overdraft.asked for a secured loan with blackhorse to pay off a few loans so we have one outgoing payment we should receive the loan agreement in a few days now iam thinking if we go for this with blackhorse and we claim back funds with Lloyds.both are the same company of banks.we might withdraw our loan with them just in case we pay off all of our lenders then find blackhorse doing something like asking for full payment back with intrest after we had paid everyone off. we trust knowone banks take without notice what a sham of a banking system we have

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  • 1 month later...

If its a secured loan then the only way they will be able to cancel it is if you default on payment.................its not the same as an overdraft which can be recalled at any time with no notice

You may receive different advice to your query as people have different experiences and opinions. Please use your own judgement in deciding whose advice to take.

 

If in doubt seek advice from a qualified insured professional. Any advice I have offered you is done so on an informal basis, without prejudice or liability.

 

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