Woolfie v's RBOS (round two!!)

[Woolfie]

This is a follow on from my recent settlement from RBOS (£5402 thank you very much)!! About 5 years ago I ended up in pretty serious debt. This was due to an ever increasing unauthorised overdraft (over £30,000 at one point) I was told by the bank that i had to take out a personal loan to cover this overdraft which I will be paying for the next 15 years or so!! Atleast £7.5k of the loan was to pay charges and although the bank have settled the charges with me I still feel unhappy being stuck with a huge loan like this.

I appreciate that I am partly responsible for the overdraft I ran up but I was using it to live and pay a mortgage I just couldnt afford (I was also trying to sell the house but was unable to do this for 12 months).

I was considering approaching the FOS but I would like some input from the kind folks here first.


Any thoughts please

Thanks for everyones help!


Woolfie

[Woolfie]

Someone? Anyone? Please

[iancognito]

CCA?

Not that its a way out of a debt but may enable you to negotiate a much smaller settlement with them.

[Amethyst]

How much of the overdraft at the time you took out the loan was made up of charges - 7.5k ? off a 30k loan... ie. if you hadnt had the charges would you still have had to take out the loan ???

The charges which went to make up the loan you can try claiming the interest paid on that portion of the loan back.

[Woolfie]

I think the loan is probably made up of about £7.5k for the charges and the rest just to pay the mortgage etc. My gripe is that, knowing the desperate situation we were in at the time the bank just kept increasing our overdraft!

Would the Financial Ombudsman be worth a try?

Ian what is a CCA?

cheers folks

Woolfie

[iancognito]

Not sure you would get anywhere with it the Financial Ombudsman as the bank were only providing a service for you, all be it probably irresponsibly, it would take some proving that they were in the wrong.

The CCA (Consumer Credit Act) sets out the terms to which credit agreements must comply. One of these terms is that they must have a properly executed agreement.

Send this letter and see what they come back with.

[Your Address]

[date]


[Creditors Address]

Dear Sirs

Account/Reference Number [Account/Reference No]
I am writing in reference to the above account and request that you provide a copy of the original credit agreement relating to this account as is my entitlement under Consumer Credit Act 1974 (Sections 77−79),

I have enclosed a payment of £1.00 which represents the fee payable under the Consumer Credit Act and request that this payment be used as stated under the Act and not to reduce any alleged debt outstanding on the above account.

I understand a copy of our credit agreement should be supplied within 12 working days.

I look forward to hearing from you and should you require any further information, please do not hesitate to contact the undersigned.

Yours faithfully






[Your name]

[SurlyBonds]

Thanks for everyones help!


Woolfie

Hello Woolfie,

Can you please turn on your Private messgae facility so that I can process your forum application.
Go into your options panel and accept PMs from others and mods, etc.

Thanks,

[Woolfie]

Done Surly although i confess i thought i already had....ooops


thanks