I'm a worried man now

[NigelC]

I'm hoping someone is going to tell me not to worry.

Having read many posts on the site regarding banks using the charges being recalimed to offset overdrafts etc i'm feeling kinda worried.

I have a very old overdraft debt going back at least 10 years which has been passed to several collection agencies all of which have made contact and then i have not heard from them or another for 6 months or so.

It's a little more complicated than this howver it's too lengthy to post in one hit, but basically what i want to know is can they offset any charges i am reclaiming from them against this debt????

I really hope not as i have sidelined this money to take my children to disneyland - Orlando later in the year - oops!!

I hope the feedback is positive - fingers crossed....

Nigel

[Lambert]

I'm going to be Devil's advocate here and may be wrong but it's food for thought.

Everyone on this site is trying to get money back from the banks that they unlawfully took from them. i.e. you want your money back.

Now is it too much to expect the banks to want their money back that you owe them?

If they owe you more than you owe them then you have money in hand, if not at least the debt you had is reduced.

Either way a win.

I could be totally wrong and maybe a mod or Admin can give you a better outlook.

One thing that I know is that


I have sidelined this money to take my children to disneyland - Orlando later in the year

May have been a little premature.

[NigelC]

Lambert,

Thanks!!!

Kinda thinkin your'e right was a little too premature.

Nigel

[ian1969uk]

They do have every right to do this, all you can do is ask for payment by cheque and hope they agree.

[smallfly]

I agree with Lambert - I am going to use all money I get back to clear debts, so I can start afresh and hopefully not EVER pay a bank/credit card/loan charge again!

Whilst its a bit of a bummer if you wanted the money for something else... at least once the debts gone you can maybe save for it?

Check the OD isnt statute barred - they may not be able to take the money anyways.... I dont know to much about this but I'm sure one of the mods could advise you.

Good luck (and heres hoping there is enough left over for your holiday)
Michelle x

[raker99]

If they can trace that debt back 10 years then surely they can trace your bank statements back that far too? But they only keep them for 6 years? i would keep quiet and leave em to pay up ya never know ya luck

[missmoneypenny1]

i thought that the debt is wiped after so many years???

[LIGHTON]

I agree with Lambert - I am going to use all money I get back to clear debts, so I can start afresh and hopefully not EVER pay a bank/credit card/loan charge again!

Whilst its a bit of a bummer if you wanted the money for something else... at least once the debts gone you can maybe save for it?

Check the OD isnt statute barred - they may not be able to take the money anyways.... I dont know to much about this but I'm sure one of the mods could advise you.

Good luck (and heres hoping there is enough left over for your holiday)
Michelle x
I agree i really want to pay my overdraft off and not have to use it again , this money will help me do that .I can relax then hopfully have enough to payoff any outstanding bills .Havnt any big plans for the money because i never thought id see it again .Its a bonus.Good luck everyone.jane

[stevon69]

I'm hoping someone is going to tell me not to worry.

Having read many posts on the site regarding banks using the charges being recalimed to offset overdrafts etc i'm feeling kinda worried.

I have a very old overdraft debt going back at least 10 years which has been passed to several collection agencies all of which have made contact and then i have not heard from them or another for 6 months or so.

It's a little more complicated than this howver it's too lengthy to post in one hit, but basically what i want to know is can they offset any charges i am reclaiming from them against this debt????

I really hope not as i have sidelined this money to take my children to disneyland - Orlando later in the year - oops!!

I hope the feedback is positive - fingers crossed....

Nigel
Hi
i presume old o/d is with the same bank/branch?
it doesnt say in posting,if it is wondered how they managed not to get there money back sooner?
sorry if im being thick here folks bit new to this

[ice ice baby]

All my wins so far have gone straight to cover my overdrafts but that doesn't bother me. Atleast I don't have to worry about paying them back each month. It's still a win.