Managed rate overdraft Facility

[jon2516]

Re: Managed rate overdraft Facility

Amethyst
Without posting all my details
Total Income £1800
Total outgoings £1791.08

Outgoings from step 2 £1621.08
Priority debts (Mortgage arrears) £805 £60.00 (monthly)

Credit debts
RBS Credit Card £5600 £55.00 (monthly)
RBS Current account £2615 £55.00 (monthly)


1 Adult
2 Dependant Children
1 Car

[jon2516]

Re: Managed rate overdraft Facility

Amethyst

Any help wiould be much appreciated.

[Amethyst]

Re: Managed rate overdraft Facility

Hi Jon

Apologies I have been on vacation.

From the info you have given it sounds quite tight, probably need to look at it properly tho.

Do you have Excel or Open Office speadsheets on your computer ? I can email you the spreadsheet to use and upload if so. Otherwise we can go through it manually - if you have it typed up in word or something then yes of course its fine to PM me with it or email me admin@legalbeagles.info .

Also do you know how much you have paid in charges over the past 8 years or so ? If not dont worry we'll ask for everything and send a DPA request for information alongside.

Then we can make a start on a lovely letter

[jon2516]

Re: Managed rate overdraft Facility

Amethyst

Thank you I will do this asap but it may not be until the weekend due to work.

[jon2516]

Re: Managed rate overdraft Facility

Amethyst I have sent 2 repeat e-mails to legal beagles.info. Have you recieved them?

[Amethyst]

Re: Managed rate overdraft Facility

Sorry Jon, have been a bit manic. I have had the IE now.

Okay what we need to do is get the account shut down and for your wife to use the other account which I assume she does already.

How much is the reduction each month ? Is it more than the £55 a month you are paying ?

How much are the charges being added each month ?
Maintenence charge of £28.
Overdraft interest for the same period £40.19.

Are there any others ?? Do you have the maintenance charge every month regardless of whether you are within the reduction or not.

Do you care much about your credit rating ?

(feel free to pm me anytime)

[jon2516]

Re: Managed rate overdraft Facility

Amethyst

The wording is " £2850 reducing to £2400 by monthly reductions of £75 on the 27th of each month until 27/12/2009"
So yes it is more than my wife is paying.

Charges are from last statement a maintenance charge of £20.
Overdraft interest accured on account from 19th October to 17th December 2009 £38.70.
The current unarranged rate appliacable is 1.47% per month, effective annual rate 19.2%.

September to october maintenance charge £28.00
Overdraft interest £40.19.

This carries on every month and the current balance is £2700.
I do not know what the overdraft was at the start but I believe about £2000. I can confirm this if you need the info when I speak to my wife later this morning.

[Amethyst]

Re: Managed rate overdraft Facility

What happens on 27/12 ? I assume if its not below the £2400 they will try sell you more managed products.

I would write to them explain your circumstances and that at the end of this term you would be happy for the account to be passed to collections and offer a payment arrangement on the outstanding overdraft of an affordable amount, asking for interest and charges to be stopped.

Include you income and expenditure sheet, as it clearly shows you cant afford any more than you are paying now and that this product is wholey unsuitable for you.


Regarding the complaint on charges, that will probably be declined within the next 8 weeks, but hopefully we'll be in a positon to help you counter that and still have a chink of light to get back some of the charges which have put you in this position.

[jon2516]

Re: Managed rate overdraft Facility

Ok Amethyst will do that.
Thank you again for your kind help

[jon2516]

Re: Managed rate overdraft Facility

Today recieved the below.
"I appreciate that you consider the debt on your account to be in dispute as it includes disputed charges and interest. This point of view is not shared by the bank.
You will be aware that the Supreme Court's decision on 25th November 2009 found in favour of the Banks and said that the charges are neither unlawful nor unfair.
The Royal Bank Group and the other banks involved in the test case are currently in discussions with the regulators to ensure that the outstanding customer compaints are brought to a swift conclusion. Once those discussions have concluded we will write to all affected customers to advise them of the way forward.
In the meantime, I note that you are willing to continue the monthly of £-- which had already been agreed. Please continue to do so.
I note your comments regarding the OFT's code of guidance regarding pressure on debtors being considered as oppresive. I am sorry that you feel the Bank has been oppressive to you in any way as our records show that we have not made any contact with you since July 2009."

I will now ask for this to be passed on to a DCI as you advised just thought you would like to know what stance the banks are now taking.

[Amethyst]

Re: Managed rate overdraft Facility

Thanks for that jon very helpful.

The Royal Bank Group and the other banks involved in the test case are currently in discussions with the regulators to ensure that the outstanding customer compaints are brought to a swift conclusion. Once those discussions have concluded we will write to all affected customers to advise them of the way forward.