Settling charges

marty4sh

Hello I had a woolwich account back in 2004 which went overdrawn by £7.50 when I lost my job. The account has not been used for 5 years but the balance has been at £400 for the last 4 years, all charges. Can I put in a claim and offer to pay them the £7.50?

I also had a credit card with a high interest rate and no PPI from the same time which the balance is £395 the limit of the card was £50 and I went over that when I missed a payment.

I have got my finances back on track now but just have these to clear up and I am worried about contacting either as they have not been chased for a couple of years now and I am worried they will both want the money and the harassment will start up again.

Kind Regards
Martin.

natweststaffmember

marty4sh wrote: »

Hello I had a woolwich account back in 2004 which went overdrawn by £7.50 when I lost my job. The account has not been used for 5 years but the balance has been at £400 for the last 4 years, all charges. Can I put in a claim and offer to pay them the £7.50?

I also had a credit card with a high interest rate and no PPI from the same time which the balance is £395 the limit of the card was £50 and I went over that when I missed a payment.

I have got my finances back on track now but just have these to clear up and I am worried about contacting either as they have not been chased for a couple of years now and I am worried they will both want the money and the harassment will start up again.

Kind Regards
Martin.

I would claim all charges back PLUS interest which might actually mean that it is more than the original £7.50 as well as the credit card....however that is your choice what you want to do.

willo65

Not too clued up on this so might be a silly question but can you claim interest if you never actually paid the money> surely it's only if you were out of pocket by x amount and therefore could have had interest on it but if the account ahs been left o/d then surely no interest is payable?

natweststaffmember

willo65 wrote: »

Not too clued up on this so might be a silly question but can you claim interest if you never actually paid the money> surely it's only if you were out of pocket by x amount and therefore could have had interest on it but if the account ahs been left o/d then surely no interest is payable?

Willo, I am sure you must know that if you are charged and it takes you into the overdraft that the bank doesn't make the charges interest free. Therefore, if the terms of your contract are unfair under UTCCR 1999 then the term doesn't exist and all monies paid under the term(including a compensatory amount) are repayable. Hate to say this but even if the OP paid back £7.50 the interest alone on the charges would be higher....but that is the way the cookie crumbles some days.

willo65

ah now I get it, of course you would get debit interest. thanks natweststaffmember