Overdraft

[Susie]

Hi I have received a letter stating I owe money for a defaulted overdraft.Firstly I am not sure the debt is mine and am disputing it,but my question is how do a debt company enforce an overdraft which obviously has no credit agreement?Thanks

[Snoopy1948]

Re: Overdraft

Hi I have received a letter stating I owe money for a defaulted overdraft.Firstly I am not sure the debt is mine and am disputing it,but my question is how do a debt company enforce an overdraft which obviously has no credit agreement?Thanks

Hi Susie ....

You state that the overdraft 'obviously has no credit agreement' but clearly when you took the account out ( or requested overdraft facilities at a later stage ) you would have signed an agreement for you to borrow money from the bank in this manner. However you look at this, an overdraft is a loan of monies that you do not have in your account.
You also state that you are not sure that the debt is not yours and yet you debate that the debt cannot be subject to a credit agreement.

You need to ascertain that the debt is yours and how it was accrued. Do this by contacting the bank concerned. I suspect that this has been passed to a debt collection agency only after other attempts to correspond with you have failed.

[Susie]

Re: Overdraft

Thanks for the response.Didn't realise I was not allowed to state I don't think the debt was mine and ask about a credit agreement together! My question was whether the debt was mine or not mine how do they enforce the debt? when I have asked for a credit agreement they have stated they don't need one as its an overdraft.

[Snoopy1948]

Re: Overdraft

Hi again ... my comment was not meant to be rude, rather that you felt that the debt was not yours but you were still concerned about a debt that, even though it was not yours, still had to have a legal underwriting. If you think about it, no money is every lent without a proper 'terms and conditions' being signed and agreed to. I do not think that overdrafts are any different and can be called in at any time.

[Susie]

Re: Overdraft

The problem is we are at a stalemate,They have nothing to prove the debt is mine and I have nothing to prove it isn't.The question still is how will they enforce it other than just saying please pay?