Statute Barred on Overdrafts.

[Guest]

Re: Statute Barred on Overdrafts.

Reading stuff online it's seems the cause of action is the moment a creditor can demand full repayment. I think once you go into an unplanned overdraft and don't pay it back when asked this is a missed payment and the bank is entitled to demand the whole account be paid back.

You shouldn't believe everything you read"online".

The COA is when a demand is made on a overdraft, since the debtor will not know otherwise when the bank wishes to withdraw the facility especially as there is often no repayment schedule anyway, how else would the debtor know that the payment is due, if he fails to make it this would be the cause of action.

I think I read(yes on line) that this kind of loan generally comes under section 6 of the SOL which states "the COA is said to be on demand" I don't know how accurate that is.

[FlamingParrot]

Re: Statute Barred on Overdrafts.

no he said it's from when they demand it back, I'm saying it's from when they first have the option to.

Uhmmmm...

Ah that's why andy58 was flirting with them

Or *her* as the case may be.

[CleverClogs]

Re: Statute Barred on Overdrafts.

You shouldn't believe everything you read"online".

Gosh!

Does that mean the Queen is not really a seven feet tall, shape-shifting, Tibetan lizard?

[FlamingParrot]

Re: Statute Barred on Overdrafts.

That's why I'm trying to find out for certain. I've messaged someone on here to post on this thread who deals with Lowells a lot and I'm hoping she can shed some light on the situation.

The same rules would apply if the account is owned by the Lowell. The Leeds Losers do seem to think the law doesn't apply to them, going by the way they pre-date SDs and argue payments were made, but they are just delusional. :santa2:

[jon1965]

Re: Statute Barred on Overdrafts.

Gosh!

Does that mean the Queen is not really a seven feet tall, shape-shifting, Tibetan lizard?

I am also guessing that Cloggy also isn't a bearded wonder!

[CleverClogs]

Re: Statute Barred on Overdrafts.

I am also guessing that Cloggy also isn't a bearded wonder!

I'm not a bearded woman, certainly. :grin:

[Guest]

Re: Statute Barred on Overdrafts.

http://books.google.co.uk/books?id=w...%20QBD&f=false

page 92 h

“Claims by banks to recover overdrafts usually accrues on a demand I writing (section 6 sol)”

[charharp]

Re: Statute Barred on Overdrafts.

Have you had a response??

No, it was Celestine I think. I asked her to comment on this thread.

[charharp]

Re: Statute Barred on Overdrafts.

You shouldn't believe everything you read"online".

The COA is when a demand is made on a overdraft, since the debtor will not know otherwise when the bank wishes to withdraw the facility especially as there is often no repayment schedule anyway, how else would the debtor know that the payment is due, if he fails to make it this would be the cause of action.


I think I read(yes on line) that this kind of loan generally comes under section 6 of the SOL which states "the COA is said to be on demand" I don't know how accurate that is.

Under usual circumstances this is undoubtedly correct but after looking at the terms and conditions I think having an unauthorised overdraft and not repaying it in time is a breach of contract giving the creditor under their terms and conditions the right to demand the whole account be repaid. Thus is COA.

[charharp]

Re: Statute Barred on Overdrafts.

The same rules would apply if the account is owned by the Lowell. The Leeds Losers do seem to think the law doesn't apply to them, going by the way they pre-date SDs and argue payments were made, but they are just delusional. :santa2:

Would be helpful if she has dealt with Lowells on an account that started with an unplanned overdraft then was defaulted. It's ok looking at rules but it's how they work in real life that matter.

[Guest]

Re: Statute Barred on Overdrafts.

Under usual circumstances this is undoubtedly correct but after looking at the terms and conditions I think having an unauthorised overdraft and not repaying it in time is a breach of contract giving the creditor under their terms and conditions the right to demand the whole account be repaid. Thus is COA.

What do you mean,"on time" ?

[charharp]

Re: Statute Barred on Overdrafts.

You can't have an unauthorised overdraft indefinitely, they will demand it back very quickly.

[Guest]

Re: Statute Barred on Overdrafts.

Ive have had one for about 12 years ?

There is a tacit agreement for most current accounts , the lender will base thier decision to extend credit on the current account holders personal circumstances. Noweredays if someone goes into an overdraft without prior arrangement and the bank allows it, he gets the terms and conditions under section 74 a of the act, if he goes seriously overdrawn he gets one under section 74b, this is not a notice saying he mus pay it back necessarily, if the bank decides for whatever reason they want their money back they will send a demand giving 28 days to repay, this is the cause of action in any case.

[charharp]

Re: Statute Barred on Overdrafts.

I'll give you the details.

I had an interest free student overdraft of £1,500, but it allowed you to have an unauthorised overdraft of an extra £300. So it let you go £1,800 overdrawn.

In August 2007 I exceeded the £1,500 and went right upto £1,800. The next month charges were added that took the overdraft way past £1,800. I ignored it and they kept adding charges monthly. I entered into an arrangement to pay in December 2007 but never actually made any payments. Account continued adding charges until it was defaulted in September 2008.

Possible COA's....

Going into unplanned overdraft and not repaying in time.
Exceeding my 'unauthorised overdraft' buffer of £300.
Entering into an arrangement to pay and then missing the first payment.
Overdraft being officially recalled.

It;s interesting to note that my credit file has me one months in arrears in September 2007, 2 months in arrears Oct....and it goes on.

I just don't think the COA was when the overdraft was recalled due to the previous breaches of contract.

Here's a good question, how can you be 1 month or 2 months ect in arrears if you haven't broken the terms and conditions? Broken terms and conditions would be COA.

I want ot get to the bottom of this because they took 13 months to default, which according to ICO guidelines is unfair. I want to get the to reset the default date to 3-6 months after COA, but I need to be certain it is SB before I do.

[Guest]

Re: Statute Barred on Overdrafts.

I'll give you the details.

I had an interest free student overdraft of £1,500, but it allowed you to have an unauthorised overdraft of an extra £300. So it let you go £1,800 overdrawn.

In August 2007 I exceeded the £1,500 and went right upto £1,800. The next month charges were added that took the overdraft way past £1,800. I ignored it and they kept adding charges monthly. I entered into an arrangement to pay in December 2007 but never actually made any payments. Account continued adding charges until it was defaulted in September 2008.

Possible COA's....

Going into unplanned overdraft and not repaying in time.
Exceeding my 'unauthorised overdraft' buffer of £300.
Entering into an arrangement to pay and then missing the first payment.
Overdraft being officially recalled.

It;s interesting to note that my credit file has me one months in arrears in September 2007, 2 months in arrears Oct....and it goes on.

I just don't think the COA was when the overdraft was recalled due to the previous breaches of contract.

Here's a good question, how can you be 1 month or 2 months ect in arrears if you haven't broken the terms and conditions? Broken terms and conditions would be COA.

I want ot get to the bottom of this because they took 13 months to default, which according to ICO guidelines is unfair. I want to get the to reset the default date to 3-6 months after COA, but I need to be certain it is SB before I do.

Not sure but the CRA recording, it does seem rather odd as you say.

However the COA would be the demand for repayment, even if you entered into an arrangement to pay on terms, they would still have to accept your breach terminate the arrangement and then send a demand.

I suppose if there was a written term which said something like, if you miss a payment this arrangement will be cancelled and all sums will become immediately payable this would be COA.