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Bank keeps refunded charges


daddyo350
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Hi, In a nutshell; I have three accounts a barclays current account used for all daily banking, a NatWest current account used for nothing but paying in money to pay off a loan from nat west, the loan account is the third account.

 

When i changed from using nat west to barclays for all my banking except the above loan it became very difficult to pay money into the nat west account in time to meet the loan payment date. The money had to be first paid into my current account then transferred to the laon account. Their latest statement is the money must be in cleared funds the day before the payment is due and to complete any form of electronic transfer or a standing order takes at least five working days. The payment is due on the 4th of the month I am paid on the last day of the month. I tried various methods of transfer and each one seemed to take more than the time available and meant i kept getting charged.

 

During this time I reclaimed charges on the nat west account for this and other older ones.

 

NW have now refunded the charges into my Nat West current account but stated as I have a loan these are being set off against this and transfered them to my loan account.

 

No notice was given for this, the current account is not in debit and no loan payments have been missed or are outstanding somw of them were simply a few days late.

 

Is this correct and do I have the right to object. Soz if this is posted in the wrong place.

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As far as I am aware the right to offset only comes in if you are in breach of your credit agreement. So if you were a month in arrears, or so they would have the right to offset as you had breached the agreement.

 

On another issue I am amazed that they would not change your payment due date on the loan

Whatever I post is my opinion and should be taken as such, an opinion. While it is what I believe and is offered in good faith, it should not be taken as a statement of truth

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As far as I am aware the right to offset only comes in if you are in breach of your credit agreement. So if you were a month in arrears, or so they would have the right to offset as you had breached the agreement.

 

On another issue I am amazed that they would not change your payment due date on the loan

 

 

 

I dont think OP asked for date to be changed,

 

So OP your loan account is now in credit by quite a few pounds yes?

Or has the refund gone to pay charges on the loan?

If so claim those back also.

I QUESTION THEREFORE I AM!! [sIGPIC][/sIGPIC]

 

Unfortunately i'm not an expert in any given field legally and my advice and that of the Consumer Action Group and the Bank Action Group is given without prejudice and without liability so please if in any doubt whatsoever seek help from an insured qualified professional. Contents of my posts are purely my own personal opinions and not condoned or endorsed in any way, shape or form by CAG. Thank you! :p

 

 

I have been smoke-free for 4yrs

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I thought he meant that the money had been paid into his current account for his current account charges but then the bank have said AH, you owe us some money for this loan, we will take it to pay that.

 

OP, can ou advise please

Whatever I post is my opinion and should be taken as such, an opinion. While it is what I believe and is offered in good faith, it should not be taken as a statement of truth

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Hi all sorry for delay in responding;

 

The charges were related to the current account and not the loan account.

 

I did ask for the payment date to be changed and it was however it still took too long for the money to arrive, NW then didn't want to change it again that was the latest they were prepared to accept it.

 

Basically they are saying they are retaining the charges repaid on the current account and setting them off against the outstanding balence of the loan despite this being repaid by monthly installments.

 

Any advice greatly appreciated.

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They are not allowed to do this, as you are completely up to date on you loan repayments.

 

How did they tell you what they were doing with this money, was it over the phone or by letter, I would write to them demanding they return the money from the loan account, as you have not breached your agreement and have paid every payment you should have, get all the facts down in the letter, (keep a copy for yourself) Tell them you will only deal with them by either letter or email as then you have a written record of everything said and they cant try to back out of anything.

If they fail to put it back it may be worthwhile contacting FOS to see if they will act, this shouldnt be affected by the test case so they should deal with it for you.

:madgrin:

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Many thanks,

 

I will write and advise of the outcome.

 

They advised me about the set off over the phone and I complained at the time. Since then they have reffered both my accounts to their credit management services as in their view I continually pay the loan late which is unacceptable and due to the charges levied (which they have refunded) my current account showed as o/d.

 

As well as this they have infomred me I am in breach of my current account agreement as I have stopped paying my wages into it and I am meant to pay a certain amount in a month £2k i think.

 

Due to this the account has been "downgraded" to a basic account, my online banking withdrawn, they will not issue any more servicecards / chequebooks etc so I now have no way of removing any money from the current account which has a balence of +£3k (including the charges paid back into it). They have told me verbally they consider there to be a fundamental breakdown of relationships between us and they are withdrawing banking privaleges from myself and the accounts will now stand for reduction only until the loan is paid off and all monies in or paid into my current account will be credited against the loan payment in addition to the monthly payments I make.

 

They have acknowledged there are no o/s payments or arrears but are not interested in this, it is their right apparantly according to their terms and conditions (which they will not post me.)

 

A further question would be if they do set off money from one account to another does this mean I could stop repaying the loan for a few months untill a similar amount to the money to that which they have recovered would have been due and get the money back like this?

 

Cheers all answers greatly appreciated

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Daddyo its hard to believe your account is with one of the top five banks in the UK. Whoever makes these decisions need a dummy and a nappy to go to work each morning. Shamefull UK bank - Natwest

The Waiver is an FSA Conspiracy with the banks against the consumer - Complain to your MP and the FSA about their shameful act!

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