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Hi
Just need any info on MKRR
I have now had three or 4 txts off them and a NOA for a smallish Nationwide current account OD. History is that in the bad old days money was paid into there that wasn't mine (it turns out it was a tax credit payment or something). Anyway seriously not realising I withdrew it and spent it . The credit was then reversed leaving me OD. I have paid a bit off not sure how much and then stopped paying when I could no longer afford it . I have seen it off partly by sending some letters asking for statements etc and quoting the Eu directives.
I have not had any other letters and needless to say have not replied to the txts. When I do receive anything, any thoughts? I understand that MKRR or their parent are fairly quick to litigate, sadly it is for far less than £750. TBH if they would settle for 20% I could probably get that together but don't want to start playing that game
Just need any info on MKRR
I have now had three or 4 txts off them and a NOA for a smallish Nationwide current account OD. History is that in the bad old days money was paid into there that wasn't mine (it turns out it was a tax credit payment or something). Anyway seriously not realising I withdrew it and spent it . The credit was then reversed leaving me OD. I have paid a bit off not sure how much and then stopped paying when I could no longer afford it . I have seen it off partly by sending some letters asking for statements etc and quoting the Eu directives.
Under the provisions of The Consumer Credit (EU Directive) Regulations 2010 and also c.39 (s.74 (A&B) (VA)) CCA(1974) I wish to formally request a copy of the original overdraft agreement and relevant paperwork that you should be sending me annually, for the above numbered bank account with Nationwide
As I held what can only be regarded as an 'Agreed Overdraft', which has now reverted to an 'Unauthorised Overdraft' then the lending becomes regulated in line with c.39 Part VA (s.74) (s.1(b)) CCA1974 meaning the normal rules and CCA(1974) protection applies to this account.
You should be sending an annual reminder to me regards the overdraft, as well as copies of the original agreement made and an annual renewal form that contains the relevant prescribed terms that are clearly outlined in s.74(A)2(a,b,c,d,e). I highlight this provision for your perusal;
s.74A(2) The current account agreement must include the following information at the time it is made:
(a)the rate of interest charged on the amount by which an account-holder overdraws on the current account or exceeds the pre-arranged overdraft limit,
(b)any conditions applicable to that rate,
(c)any reference rate on which that rate is based,
(d)information on any changes to the rate of interest (including the periods that the rate applies and any conditions or procedure applicable to changing that rate), and
(e)any other charges payable by the debtor under the agreement (and the conditions under which those charges may be varied).
You should also be paying attention to s.74(B)(2) which reads, I quote;
s.74B(2) The matters referred to in subsection (1) are:
(a)the fact that the current account is overdrawn or the overdraft limit has been exceeded,
(b)the amount of that overdraft or excess,
(c)the rate of interest charged on it, and
(d)any other charges payable by the debtor in relation to it (including any penalties and any interest on those charges).
Therefore in line with the above, please could you send me what you should have been doing annually and have not been, to allow me to take whatever action I deem appropriate.
I trust that I have set out the position clearly and I await your response with the requested information.
As I held what can only be regarded as an 'Agreed Overdraft', which has now reverted to an 'Unauthorised Overdraft' then the lending becomes regulated in line with c.39 Part VA (s.74) (s.1(b)) CCA1974 meaning the normal rules and CCA(1974) protection applies to this account.
You should be sending an annual reminder to me regards the overdraft, as well as copies of the original agreement made and an annual renewal form that contains the relevant prescribed terms that are clearly outlined in s.74(A)2(a,b,c,d,e). I highlight this provision for your perusal;
s.74A(2) The current account agreement must include the following information at the time it is made:
(a)the rate of interest charged on the amount by which an account-holder overdraws on the current account or exceeds the pre-arranged overdraft limit,
(b)any conditions applicable to that rate,
(c)any reference rate on which that rate is based,
(d)information on any changes to the rate of interest (including the periods that the rate applies and any conditions or procedure applicable to changing that rate), and
(e)any other charges payable by the debtor under the agreement (and the conditions under which those charges may be varied).
You should also be paying attention to s.74(B)(2) which reads, I quote;
s.74B(2) The matters referred to in subsection (1) are:
(a)the fact that the current account is overdrawn or the overdraft limit has been exceeded,
(b)the amount of that overdraft or excess,
(c)the rate of interest charged on it, and
(d)any other charges payable by the debtor in relation to it (including any penalties and any interest on those charges).
Therefore in line with the above, please could you send me what you should have been doing annually and have not been, to allow me to take whatever action I deem appropriate.
I trust that I have set out the position clearly and I await your response with the requested information.
