Bank account closed down

[Doorblocker]

I lost my job last year and have been unable to get my overdraft back into the black, my banks charges have put me over my overdraft limit and now the bank have shut my account down and have passed the supposed debt to bailifs, i have told the bailif company to hand it back to the bank to save their time and mine as i am not willing to deal with them.
However i would like to know how i stand with the bank as i now have no bank account and should i get a new job i have no way of paying in any pay cheques.
Are overdrafts classed the same as a bank loan?
I have also been looking at a site called Freeman on the land, they claim that you do not have to pay any loan from a bank back as YOU the borrower made the money!! its rather complicated but worth a google.

[leclerc]

Re: Bank account closed down

Why did they not deal with you with regards to financial hardship?
The Lending Code section 9 means that they perhaps could have.

Do you live with your parents or own a house or rent? Did you get into arrears with that?

You need to open a basic account with a bank that is not connected to your current one.

[CleverClogs]

Re: Bank account closed down

I lost my job last year and have been unable to get my overdraft back into the black, my banks charges have put me over my overdraft limit and now the bank have shut my account down and have passed the supposed debt to bailifs, i have told the bailif company to hand it back to the bank to save their time and mine as i am not willing to deal with them.

First of all, what do you mean about the alleged debt being 'passed to bailiffs'?

Has somebody called at your house and demanded money?

Has the bank taken you to court?

However i would like to know how i stand with the bank as i now have no bank account and should i get a new job i have no way of paying in any pay cheques.

Most bank would say that you shouldn't stand with them, but grovel.

Are overdrafts classed the same as a bank loan?

No, as much of the Consumer Credit Act 1974 did not apply to overdrafts - but the law has now been changed - link

I have also been looking at a site called Freeman on the land, they claim that you do not have to pay any loan from a bank back as YOU the borrower made the money!! its rather complicated but worth a google.

It isn't, as it is silly nonsense that seems designed to generate work for the legal profession.