Natwest Overdraft - no copy agreement etc

[ght14]

Hi All hoping someone can set me straight - trying to get information from Natwest re overdraft I took out before 2000 and then got into financial difficulties and have been paying back so much a month - have sent CCA and SAR but have not received the information I need - which is basically to work out why I still owe so much money
So am I right in thinking that under s77 a copy of the overdraft agreement (if any) or the letter setting out the terms of the agreement should be provided plus should I also be getting statements - none for ages and the SAR only shows the figure Natwest says is owed now - nothing to show how that figure came into being - want to write again to Natwest - any advice would be great

[teaboy2]

Re: Natwest Overdraft - no copy agreement etc

I don't believe overdrafts are covered by consumer credit agreements, they are instead covered by the terms and conditions of your bank account, which should state the charges and interest applied to any agreed overdraft.

[Guest]

Re: Natwest Overdraft - no copy agreement etc

I don't believe overdrafts are covered by consumer credit agreements, they are instead covered by the terms and conditions of your bank account, which should state the charges and interest applied to any agreed overdraft.

Overdrafts are running account credit and are regulated. However because they were exempt form part V of the act there was no requirement for an agreement to be made when your arrangement was entered into, so for this reason a request for a copy is not appropriate (there is nothing to copy).

However you should have been receiving annual statements and indeed if you have not, they are not permitted to charge interest for the periods, they have missed.

You should also have revived notification of the terms of any agreement still in place when the new regulations came int place in 2011.

Is the overdraft still live or has it been terminated, is there a possibility of statute bar, if the account has been closed and no acknowledgement or payment has been mad for six years.

[ght14]

Re: Natwest Overdraft - no copy agreement etc

Hi thanks for your replies the account is alive in the sense that I was paying back a monthly sum until recently so not statute barred - I have read a bit now about the CCA and find it really complicated so my next question which I can't fathom the answer to is if there was a signed agreement do the bank have to supply a copy or are they exempt from having to do so even if one was signed - very interesting point re no statements no interest - I've been chasing for statements - dread to think what's on them if I ever get them
This is a great place for people thanks!

[Guest]

Re: Natwest Overdraft - no copy agreement etc

Hi thanks for your replies the account is alive in the sense that I was paying back a monthly sum until recently so not statute barred - I have read a bit now about the CCA and find it really complicated so my next question which I can't fathom the answer to is if there was a signed agreement do the bank have to supply a copy or are they exempt from having to do so even if one was signed - very interesting point re no statements no interest - I've been chasing for statements - dread to think what's on them if I ever get them
This is a great place for people thanks!

as said there will most likely be no written agreement for the overdraft, ther may be an agreement for the current account but you would have to ask the bank or requests a copy using SAR ( section 7 DPA). This should also turn up those missing statements of account. There is a template on here if you wish to do this. the request costs a tenner payable to the bank.

[ght14]

Re: Natwest Overdraft - no copy agreement etc

Hi did do a SAR to Natwest but got very little information back - no statements etc - have been paying Apex for a few years (as agents for Natwest) & no statements from them either perhaps I need to SAR Apex ? - I have written to Natwest again so hopefully will get a bit more information Cheers!

[leclerc]

Re: Natwest Overdraft - no copy agreement etc

Hi did do a SAR to Natwest but got very little information back - no statements etc - have been paying Apex for a few years (as agents for Natwest) & no statements from them either perhaps I need to SAR Apex ? - I have written to Natwest again so hopefully will get a bit more information Cheers!

If NatWest have their old Archived system still on their systems then the notes dating back either to 1992ish or to the point the account were opened will provide more information. That information should be easily accessable to those who work in RBS Group DPA Team on their systems.

[ght14]

Re: Natwest Overdraft - no copy agreement etc

Hi thanks for that information regards

[ght14]

Re: Natwest Overdraft - no copy agreement etc

Hi Andy58 wonder if you can tell me when the no statements/no interest dates rule applies from - have had six years worth of statements from Natwest and they show monthly interest of around £50 added to account in 2007 (no interest added after that)
Natwest had agreed to waive interest (I thought!) but looks like they were charging right the way through until a telephone conversation I had with them in 2007 - looks like most of the amount Natwest is claiming is interest - don't know if there is anything I can do about that? thanks for any help you can give

[Guest]

Re: Natwest Overdraft - no copy agreement etc

The requirment came int play in the 2006 CCA it is retrospective I believe.. There was a case a year or so ago where a bank had to refund charges to a number of customers, I think it was the Norwich Union(but I could be wrong) because the a=statements were not correctly formatted historically.
http://www.legislation.gov.uk/ukpga/2006/14/section/6

(a)

the creditor shall not be entitled to enforce the agreement during the period of non-compliance;

(b)

the debtor shall have no liability to pay any sum of interest to the extent calculated by reference to the period of non-compliance or to any part of it; and

(c)

the debtor shall have no liability to pay any default sum which (apart from this paragraph)—

(i)

would have become payable during the period of non-compliance; or

(ii)

would have become payable after the end of that period in connection with a breach of the agreement which occurs during that period (whether or not the breach continues after the end of that period).

[Guest]

Re: Natwest Overdraft - no copy agreement etc

Nope it was Northerner Rock

http://www.telegraph.co.uk/finance/n...-interest.html

[ght14]

Re: Natwest Overdraft - no copy agreement etc

Nope it was Northerner Rock

http://www.telegraph.co.uk/finance/n...-interest.html

Hi andy58 thanks for your very quick response - am reading and rereading the CCA2006 bit - would it be retrospective right back to about 1999 - I can see how it applies post 2006 but can't see anything that makes it apply before 2006 - am I missing something?? Thanks for your help

[Guest]

Re: Natwest Overdraft - no copy agreement etc

Yes it is in the transitory provisions at the end, the requirement is retrospective in that it applies to agreements whenever made, the sanction itself would only apply on statements issued after the commencement of section 6 which I think was feb 2008. I will check for you.

[Guest]

Re: Natwest Overdraft - no copy agreement etc

sorry it is October not feb 2008

8.1 Statements for fixed sum credit

This is provided for in section 6 of the CCA 2006 and section 77A of the CCA 1974.
Note that hire purchase, PCP and term loan transactions are fixed sum credit. Consumer hire is not.
With any fixed sum credit, where the agreement lasts for more than one year, you now have to provide an, at least, annual statement of the amount due under the agreement. DBERR have made a mess of the timing of this and are having to amend the Act. The consequence of the Act’s provisions, as so amended, will be that you have to give a statement covering a period of not more than one year from the start of the agreement and the statement has to be given within 30 days of the end of the period covered by the statement, and then it must be given at least annually thereafter. Where an agreement is already in existence at the commencement date under the regulations of 1 October 2008, the first statement must be given to cover a period of not more than one year from that commencement date, and again given within 30 days of the date when you end the information covered by the statement.