Can Bank/bs Refuse Legal Tender Against A Debt? Refused To Accept 93p

interestrateripoff

Bascially I'm collecting up all the money I find off the street and paying it off my mortgage when ever I make other payments, so I'll pay off £40 plus all the copper I've found.

Today I went to pay some more off £5 in 10ps collect when the wife did a car boot and £1 in 20p which I had in change and 93p in 5p, 2p and 1p.

They took the 10p & 20p but refuse to accept the 93p

I'm going to write to the building society in question as I want the letters just in case I find myself in the unfortunate position of fighting to keep my home, at least I would be able to present to the judge I had done everything within my power to pay down my debt and the bank refused to accept the money. This clearly would cause the bank a problem because I'm now still being charged interest on this 93p.

They do have a sign about paying coins into accounts that they will only accept 5 bags a day, for those of a legal mind does this disclaimer allow them to refuse loose change against a debt?

Any help on this most apprieciated and yes I will be very persistant, so can anyone offer any legal advice on this, can a bank / BS refuse legal tender against paying off my mortgage?

Remember the old saying if you look after the pennies the pounds will take care of themselves.

dimbo61

Dont beat yourself up about this and keep collecting the copper you find on the streets and down the back of the sofa.
Save up the pounds and keep paying the bags of money into your mortgage account but its not worth fighting this battle.
Good Luck in keeping your home

dzug1

I think they can refuse.

Legal tender implies you pay the sum INTO COURT and it cannot be refused, nothing to do with everyday transactions. And the exact amount due has to be tendered. Given that this was an overpayment there was no exact amount due.

But I could be wrong. It will be interesting to hear what the 'bank' has to say.

How was the 93p made up BTW?

interestrateripoff

dzug1 wrote: »

I think they can refuse.

Legal tender implies you pay the sum INTO COURT and it cannot be refused, nothing to do with everyday transactions. And the exact amount due has to be tendered. Given that this was an overpayment there was no exact amount due.

But I could be wrong. It will be interesting to hear what the 'bank' has to say.

How was the 93p made up BTW?

22p in 2p
11p in 1p
60p in 5p

interestrateripoff

dimbo61 wrote: »

Dont beat yourself up about this and keep collecting the copper you find on the streets and down the back of the sofa.
Save up the pounds and keep paying the bags of money into your mortgage account but its not worth fighting this battle.
Good Luck in keeping your home

Yes but I'm now still paying interest on this 93p.

Saving up 1p in £1 bags take time, which ultimately costs me money. Every penny counts, whistly I owe the bank this money it works against me and creates more profit for them.

TOPAZ_2

Hi,
Some banks have the facility to pay money into the post office - I know Alliance and Leicester are one of them - if you have this facility - I know that the Post office accepts all coins and does not force you to bag them up.

If you are able to do this - then you can pay it in at the post office and then transfer the amount electronically to your mortgage

Just an idea - dont know if this will work for you
Topaz

dzug1

interestrateripoff wrote: »

22p in 2p
11p in 1p
60p in 5p

The 2p were not legal tender - only up to 20p

So your case fails anyway - but still an interesting scenario

Valli

It wasn't all legal tender then!

Amounts in excess of 20p in 2p or 1p is NOT legal tender!

Look here

Are you overpaying your mortgage by the way?

dzug1

TOPAZ wrote: »

Hi,
Some banks have the facility to pay money into the post office - I know Alliance and Leicester are one of them - if you have this facility - I know that the Post office accepts all coins and does not force you to bag them up.

Topaz

Well within reason - they will certainly refuse if you bring so many they have nowhere to store them. And they do ask you to bag them up - if you bring in 1000 loose p for example I think you'd get sent away, probably with a bundle of bags..... But they will accept part bags.

From memory Alliance and Leicester, Coop, Barclays and Lloyds have arrangements with the Post Office. There may be a few others.

interestrateripoff

Valli wrote: »

It wasn't all legal tender then!

Amounts in excess of 20p in 2p or 1p is NOT legal tender!

Are you overpaying your mortgage by the way?

5p - for any amount not exceeding £5
So should they have accepted the 5p then?

2p - for any amount not exceeding 20p
So they could have accepted 20p of the 2p and refused the last 2p?


1p - for any amount not exceeding 20p
All of the 1p should have been accepted?


Yes I'm overpaying the mortgage, and yes I am paying more substantial amounts than this off.

dzug1

interestrateripoff wrote: »

5p - for any amount not exceeding £5
So should they have accepted the 5p then?

2p - for any amount not exceeding 20p
So they could have accepted 20p of the 2p and refused the last 2p?


1p - for any amount not exceeding 20p
All of the 1p should have been accepted

IF this is a legal tender situation (and I'm not convinced it is, but am prepared to be wrong) then yes they should.

To be honest they should anyway from a commonsense point of view, but that's not the same thing, particularly with wannabe banks