Cause of Action - OD - Does anyone have any idea!!!!!

[pandamonia]

So basically i have a debt with an OD and Robbers Way and Hoist are on the trail and it will soon to be a CC through the door like previous ones which i am dealing with. This one is different in that its an Over Draft which makes it much more complex.

Now does anyone have any idea of the COA?

Important dates on this account i have are as follows:

June 2010 - Account goes Dormant
Sept 2010 - Account in Arrears and is in collection due to over limit
Oct 2010 - £750 paid in by 3rd party
Nov 2010 - £450 withdrawn to OD limit
Nov 2010 - Account in Collections still due to underfunding since June 2010
Jan 2011 Overdraft removed from account whole amount now unauthorised
July 2011 Account Defaulted

So when on earth is the cause of action here????

[pandamonia]

Re: Cause of Action - OD - Does anyone have any idea!!!!!

bump

[Amethyst]

Re: Cause of Action - OD - Does anyone have any idea!!!!!

Hi xxx

Personally I'd say it would be when the account was Defaulted would be easiest to argue - but that obvs doesn't get you to statute barred. Jan 2011 when the overdraft was withdrawn would be the other date - as cause of action is really when the lender was entitled to reclaim the amount owed in full, the date I think you are wanting to argue is Nov 2010? ( so still 2 months off) but I don't think that would have constituted a cause of action under the terms of the account (withdrawing £450 didn't entitle the bank immediately to reclaim it from you) ...... So you might try and put them off for another 6-10 months without acknowledging the debt ( not going to be easy ) by requesting information and documents to evidence what the debt is. But I'd hold fire until you have direct threats of court action first.

You will be wanting to check the terms and conditions of the account for the overdraft.

[pandamonia]

Re: Cause of Action - OD - Does anyone have any idea!!!!!

Hi xxx

Personally I'd say it would be when the account was Defaulted would be easiest to argue - but that obvs doesn't get you to statute barred. Jan 2011 when the overdraft was withdrawn would be the other date - as cause of action is really when the lender was entitled to reclaim the amount owed in full, the date I think you are wanting to argue is Nov 2010? ( so still 2 months off) but I don't think that would have constituted a cause of action under the terms of the account (withdrawing £450 didn't entitle the bank immediately to reclaim it from you) ...... So you might try and put them off for another 6-10 months without acknowledging the debt ( not going to be easy ) by requesting information and documents to evidence what the debt is. But I'd hold fire until you have direct threats of court action first.

You will be wanting to check the terms and conditions of the account for the overdraft.

Once the account goes in to collections for underfunding and going over the agreed limit does this not constitute a breach of contract and entitle them to withdraw the agreed OD limit? If they take 6 months before they do this then that is surely their choice . Surely a lender cant affect the statute of limitations as debts could theoretically never time out under the act.

I was told that the account was in collections in March 2010 when the account was not being funded enough to entitle me to the over draft on the account. Which should constitute a breach of terms id guess? I remember £800 being the figure required per month which certainly didnt go in the account since June 2010 at the latest.

I know Hoist will say its the default date which is always the latest date but there are varying opinions on this subject with very little case law or evidence either way. I know the BMW ruling but given that was a HP type of finance on a secured asset its clearly different.