can the bank legally take £10,000 out of my fiance's account if half of the money ...

buttons1987

jonesMUFCforever wrote: »

Yes they can take it - but surely you must be a troll- Abbey or Santander would only take the arrears not full balance!

we were quite happy to pay half never mind arrears but unfortunately they didn't give us the opportunity to do this once we had the money.

Also, what goes around does come around, i hope you remember your own advice when something horrible happens to you.

buttons1987

duggie1982 wrote: »

Well thats a good point about the mortgage, possibly not yet fully entered the debt management plan.

All I mean (without going into a rant agian) is hopefully someone can give some advice about if they can claim the money back. Not sure if its possible but someone might know.:beer:

YES!!!!! exactly! and no we hadn't fully entered into the debt management plan at the time of the mortgage.
We already owned the house we got the mortgage on through inheritance but couldn't sell it due to the condition of the house (dated) and the current property market, we had intended on using the sale of the house to pay everything off but in the end it just made more sense to mortgage it, release the equity in it, and pay a lower mortgage rate than what our renting was thus saving money in the process. then with the equity we released we would have paid off half of all the debts and had the rest on the debt management plan. unfortunately santander pretty much took the lot and now we have a building site for a house, tradesmen to pay and allot more future debt trying to fix it all.

TheEffect

Santander own Abbey (rather Abbey is now Santander). If you fall into default on a credit card with the same company that owns your current account, there is a line in the terms and conditions that allows them to take what they want. I do believe however that they are not allowed to take the full £10000, only the minimum what is owed.

Unfortunately, the bank had no idea that the money wasn't just your, and that half of it belonged to someone else, and therefore they thought 'He has just deposited a lot of money and owes us a lot, therefore we'll take it before s/he can spend it'. You likely could get half of this back with a lot of fuss/arguments/letters/hassle/stress.

The mortgage company is unlikely to take back the money because you failed to spend the money on house improvements. If they ask, you need to explain what is happened and advise them you're working on fixing this situation.

If I were you, I'd move everything away from Santander/Abbey and open accounts elsewhere. Learn by your mistake and do not let this ruin yours/your partners/your childrens christmas. It was a mistake, but it's happened and you've got to work through it.

Purchase the house that you were going to purchase and try and save so that you can renovate the house out of your own money. At least you wont have the interested to pay on the credit card (bar the mortgage interest).

Just look at is as it's happened, yes it's !!!!!!, but worst things could have happened. Talk to Santander (Abbey), the mortgage company and keep everyone informed so there are no more shock horrors.

buttons1987

duncan303 wrote: »

Can you clarify, you obtained a joint mortgage with a company not aligned with Abbey. whilst you were waiting for a joint account to be opened (where?) you chose to place the money into an existing account (type?) your fiance had with the abbey (not a joint account?).

There had been some difficulties with a santander credit card (cahoot? your fiance's?) which had been defaulted on. Furthermore there had been a negotiations to enter a debt management program, inference is that this included other debts.

Somehow you agreed to have the joint mortgage funds transfered into your fiances' sole account with the Abbey whereupon they appropriated sufficient funds to clear the balance on a defaulted credit card.


You have children together, may I ask how many children and how old they are and what is your housing status at this time?

two children aged 3 and 6, currently renting til the end of the month when our lease runs out and we move into our building site home. Yes we did, no the mortgage company had nothing to do with abbey, the mortgage came through quicker than expected so the joint account (with halifax) wasn't active in time. yes it was just a basic account we used to pay all the household bills out of and have things like tax credits paid into and it wasn't joint.

There were some difficulties on our behalf on paying the high interest rate on the credit card, mostly due to the current financial climate and our main income (being self employed) taking a sharp fall, we called abbey to tell them we were having problems paying the amount they wanted and they sent out a booklet on dealing with debt, which also suggested going into a debt management plan, but when we tried to negotiate with abbey to freeze the interest or some other solution they told us that they would only speak to a debt management negotiator and that we would have to get one of those before they would do anything.
We have also notice that we have yet to be told by abbey/santander that the money has been taken from the account and when we checked the recent transactions the £10,000 transfer is never mentioned in the list.

buttons1987

TheEffect wrote: »

Santander own Abbey (rather Abbey is now Santander). If you fall into default on a credit card with the same company that owns your current account, there is a line in the terms and conditions that allows them to take what they want. I do believe however that they are not allowed to take the full £10000, only the minimum what is owed.

Unfortunately, the bank had no idea that the money wasn't just your, and that half of it belonged to someone else, and therefore they thought 'He has just deposited a lot of money and owes us a lot, therefore we'll take it before s/he can spend it'. You likely could get half of this back with a lot of fuss/arguments/letters/hassle/stress.

The mortgage company is unlikely to take back the money because you failed to spend the money on house improvements. If they ask, you need to explain what is happened and advise them you're working on fixing this situation.

If I were you, I'd move everything away from Santander/Abbey and open accounts elsewhere. Learn by your mistake and do not let this ruin yours/your partners/your childrens christmas. It was a mistake, but it's happened and you've got to work through it.

Purchase the house that you were going to purchase and try and save so that you can renovate the house out of your own money. At least you wont have the interested to pay on the credit card (bar the mortgage interest).

Just look at is as it's happened, yes it's !!!!!!, but worst things could have happened. Talk to Santander (Abbey), the mortgage company and keep everyone informed so there are no more shock horrors.

Thankyou, it sound silly but i think i needed to hear that, thankyou again.

woody01

buttons1987 wrote: »

was looking for advice not cheek, feeling !!!!!! enough as it is without arseyness from ppl like you. Re: first post.

Nobody is being arsey.
You are in a mountain of debt (by your own admission), and are on a Debt Payment Plan.
So, being the brightest thing to do, you get a mortgage and have to renovate a house.

Accept the fact that you tried to screw the bank and got caught.

woody01

duggie1982 wrote: »

Most likely the debt management plan was for the boyfriend not the op. Agreed not the greatest idea in the world to go for a mortgage, but we all learn from our mistakes.

A few years back my sister got a £8000 loan for me put into my account but i would have been shafted if that got took out of my account, But the loan was with her so don't know how that would have stood and I would hope that I would have had the advice of people on this forum to help. Anyway. Should have not got a.... blah blah blah. Can we give some good info on how the op can go forward with this now, please? At the end of the day, I got loads of advice about my situation and got no were near the amount of s*it that's on here. This is a place of advice so should stay that way, yes I agree that there is some things needed to be said but some good advice is needed here people, which I'm sure will come along.

You didnt read this thread at all did you......
The Debt Plan may be in the BF's name but its a JOINT MORTGAGE.
It reads as though there has been a fraudulent application for the mortgage (the debt plan not disclosed). Apologies if i am wrong though.

The bank will not budge on their stance and i don't blame them.
Sorry to be harsh, but as a joint unit, it is obvious you are bad with money and the bank want theirs back before you do anymore damage.

michael1983l

If you read the CAB advice on Debt managment plans they clearly state that you should open up an alternative account with a company you have no debts with even by association and have all your funds sent there before you tell the bank about your plans. The CAB also states that banks have the right to take any money out of your bank account that you owe them (not minimum to get back out of arrears) if you enter any debt managment.

Unfortunatley for you there has been some bad advice given to you by your debt managment company. The first thing they should have told your OH was to open an alternative bank account. You have NO chance of retreiving your 10k.

Also should your OH really be taking on more debt just before he enters into a DMP. Isn't that fraud?

buttons1987

no its not fraud, we were upfront, open and probably too honest with bank and mortgage company.
for those who are touting "you got what you deserved" would you really be saying the same thing if you were in my situation??
This site is meant to be about consumer revenge and getting back at "the big guy" (banks ect.) not a free for all on how to kick someone when they're down.
Would appreciate ppl to only comment if they have useful advice on how to go forward and resolve this problem, otherwise go kick someone else.
I mean look at bank charges a few years ago, no one thought they could get their money back for that and look what happened, the banks paid out billions in the end (of course due to recent happening they wont pay any more out) but i bet the people who first started with trying to get their money back felt a bit hopeless and I'm sure they had people telling them they had no chance and it was all their own fault anyway but in the end they won out so please if there's possibly some sort of loop hole someone might know about let me know.

michael1983l

buttons1987 wrote: »

no its not fraud, we were upfront, open and probably too honest with bank and mortgage company.
for those who are touting "you got what you deserved" would you really be saying the same thing if you were in my situation??
This site is meant to be about consumer revenge and getting back at "the big guy" (banks ect.) not a free for all on how to kick someone when they're down.
Would appreciate ppl to only comment if they have useful advice on how to go forward and resolve this problem, otherwise go kick someone else.
I mean look at bank charges a few years ago, no one thought they could get their money back for that and look what happened, the banks paid out billions in the end (of course due to recent happening they wont pay any more out) but i bet the people who first started with trying to get their money back felt a bit hopeless and I'm sure they had people telling them they had no chance and it was all their own fault anyway but in the end they won out so please if there's possibly some sort of loop hole someone might know about let me know.

People are giving you advice and the advice is you don't have any chance. The banks are well within the law to retreive money out of their accounts that you owe them and this is common known practice when entering debt managment/IVA/Bankrupsy. I am suprised that you are suprised by this. If you think about it logically you have just told the bank that they have a very high probability that they will not be paid back the full ammount that you owe them, whilst at the same time you have that ammount in their account. Of course they are going to take their money.

I have sympathy for you I really do because you havn't been given the correct advice in the first place. but the only thing you will acheive by chasing this is high blood pressure.