can an overdraft ever become statute barred

[Amethyst]

Re: can an overdraft ever become statute barred

Terms wise something like this ( this is from last known additions account terms so not necessarily the terms you agreed to when opening your account)

Closing or Changing your Account
1.6 We can close your account or switch you to an
alternative current account by telling you in writing
if you fail to pay your monthly fee or do not pay in
suffi cient funds to cover your fee resulting in your
account being overdrawn or if your account becomes
inactive for 6 months or more. If we decide to close
your account or switch you to an alternative account,
we will give you at least 2 months notice.

So 6 months after you stop using it, plus 2 months notice, could be deemed the cause of action ?

[abraphanpy]

Re: can an overdraft ever become statute barred

thanks for your input :-)
my thinking is why does s.6 say s.5 applys - when the cause of action 'accrues' when the demand is made. why dosn;t it say 'occurs' , cuz that would then make sense. the accruing of the action would imply an amount of time has built up before the demand - hense why s.5 would then apply.

[Amethyst]

Re: can an overdraft ever become statute barred

accrue means ''to become a present and enforceable right or demand'' ..... apparently.

[Amethyst]

Re: can an overdraft ever become statute barred

Also remember this bit;

6(2)This section applies to any contract of loan which—

(a)does not provide for repayment of the debt on or before a fixed or determinable date; and

(b)does not effectively (whether or not it purports to do so) make the obligation to repay the debt conditional on a demand for repayment made by or on behalf of the creditor or on any other matter;

The terms will state the overdraft is repayable on demand.

[abraphanpy]

Re: can an overdraft ever become statute barred

yes payable on demand BUT subject to point 3 - section 5 applys when demand for payment is made .which takes it back to section 5 ;-)

[abraphanpy]

Re: can an overdraft ever become statute barred

s6.2b - does it mean they don't have to demand repayment from you for the limitations act to start.??
Hence not paid anything to them or acknowledged the debt in writing,for 6yrs so it will be statute barred.? im confussed

[abraphanpy]

Re: can an overdraft ever become statute barred

Terms wise something like this ( this is from last known additions account terms so not necessarily the terms you agreed to when opening your account)


So 6 months after you stop using it, plus 2 months notice, could be deemed the cause of action ?

i got onto live chat and asked a few question ( the convo was like a comedy act lol lol ) .. they came back with this >>>

if you don't pay the overdraft for 2 months then we issue you a letter about the outstanding
amount.
After that we issue Regulatory notice at six monthly intervals.:

they gave me this link > http://www.barclays.co.uk/Currentacc...other-accounts
for the additions welcome pack

( took me about half and hour to get the following info >>>>

I would like to tell you that we may terminate or vary the terms of your borrowing facility in accordance
with the Retail Customer Agreement or require repayment of the borrowing in full on demand. Wherever
possible we will give you advance notice that full repayment is required but we do not have to give you
advance notice.


Overdrafts offer a short-term way to borrow money up to an arranged limit for occasional use. You can make
payments out of your account up to this limit whenever needed, but you should regularly pay into your
account so that the money you owe is reduced.


This facility would be reviewed from time to time, normally annually. It would continue on an ongoing basis
until cancelled or amended by you or cancelled or amended by us in accordance with this agreement.

They wouldnt have any of t when i insisted i have never had any letters for review or to repay .. Like Barclays are perfect and do things by book !! ... here is more of the convo, just for laughs :-)

Ajay Rawat 13:27:24
Michelle, it seems like something is not right on the account because if you have been accumulating charges
on the account then ideally you should have received letters from us about it.
Ajay Rawat 13:28:18
In this case I would request you to please have a word with the Customer Service Team once so that you check
the address on the account and they will be able tell you if some letters have been issued to you or not.
michelle 13:28:47
i have lived at the same address for over 25 years
Ajay Rawat 13:29:46
When was the last time you used the account?
michelle 13:30:44
Last used the account over 8 yrs ago .. Q: can i request a Subject Access request, would any letters
Barlcays have sent show on it?
Ajay Rawat 13:31:32
Michelle, I would request you to first talk to the Customer Service Team once because if there have been
charges on the account for so long then the account might have been passed to an agency to check.
Ajay Rawat 13:31:58
Please talk to them and they will help you with as much information they would have.
Ajay Rawat 13:32:19
You can contact the customer service team on 08457 555 555. They are available 24 hours a day, 7 days a
week. They are ready to help you with your query.
michelle 13:32:20
it has to be defaulted By Barclays before Debt collection are used .. the account is showing up as still
active in my credit file which says- payment missed but new arrangement to pay has been agreed ( thats what it says on noddle credit file )
michelle 13:33:26
no default on credit file
Ajay Rawat 13:33:26
I can't confirm that it is with them but our Customer Service Team will be able to check this.
michelle 13:33:59
if it was they would have sent letter to me .. my address hasnt changed
Ajay Rawat 13:35:00
I understand that.
michelle 13:35:17
i dont think you can help me with this can you
Ajay Rawat 13:35:54
Michelle, I am trying to get all the information for you from my resources.
michelle 13:36:50
thankyou so much for your time amp help
michelle 13:37:23
some one at my door brb
Ajay Rawat 13:37:56
Is there anything else you would like to check today?
Ajay Rawat 13:38:09
Alright, I will stay on the chat.
michelle 13:40:44
.. i need to do some more research and get answers . does Barclays have a code of practice for banking ?
michelle 13:41:14
regluators ?
Ajay Rawat 13:41:49
Michelle, I have checked it for you and ideally if you have any outstanding on the account then it is not
possible that you haven't received a letter in regards to this.
Ajay Rawat 13:42:34
Also we always ask our customer's to update their details with us on regular basis as we review the account.
michelle 13:42:44
Well you are wrong , as i have not ever had any letters regarding paying the overdraft ... which is why
something isnt right


THE CONVO WAS HILARIOUS that is just part of it :-)

[Amethyst]

Re: can an overdraft ever become statute barred

Ok write to them asking them to close the account and clear the balance stating that any debt is statute barred and pointing out that you have received nothing but statements ( how often - other letters enclosed with them?) for the past 8 years and you believe the debt to be statute barred.

I had a Barclays default on my credit file a few years back. It had arisen from an old woolwich account that I'd thought cleared years previously - I have a thread around somewhere actually...

Found it, not much help actually mine was about £190 overdrawn and stat barred - they wrote it off but I still had markers on my credit file ( I never bothered arguing about that as my credit file was already completely pooped )

Dear Mr Forster

Your reference - account number xxxxxxxx

I have received today a termination notice from your Consumer Finance Department which has concerned me somewhat considering I have have never held any account with Barclays.

Around three weeks ago I received a bank statement from Barclays advising me I was over my overdraft limit by £176. This suprised me somewhat, considering I do not have an account with Barclays. I contacted your customer services department who advised me to attend my local branch to sort the issue out. This I did, and the customer service representative entered a formal complaint on my behalf through your internal mail system.

I have yet to receive a response from this complaint, despite having been advised this would be dealt with within 5 working days.

I have today received a Termination notice for the alledged account with a demand for payment and the threat of recovery action and an detrimental entry on my credit file.

I telephoned your consumer finance department on 08453000442 and after navigating my way through excessive multiple choice questions managed to speak to a representative who said they couldnt assist and put me through to the right department. Unfortunately the right department could also not assist and insisted on putting me back through to the main number 08453000442, which was busy, and then I was cut off, hence my deciding an email may be a more constructive, and cheaper, use of my time.

I dispute this debt in its entirety, I have been presented with no evidence that this debt belongs to me, no investigation has been carried out to determine if this may be identity theft. The only response I have been given is that this ''must be one of those old Woolwich accounts''.

When I originally queried this accounts existence, the account and any proceedings towards recovery action should have immediately been placed on hold. Please refer to the banking code, to which you subscribe, and the OFT Debt Collection Guidelines (664).

I look forward to your response forthwith.

Yours


Ame
xx