Bank - Credit Agencies

JPizel

Hi I have not used a bank account for over 3 years now,however the last transaction on that account left it in overdraft. Now I know I should have been aware and paid this off, however I didn't. As a result I have now accrued over £600 in charges.

I wrote to the bank requesting a claim in these charges, and received a letter stating that all claims well on hold due to the court case. During this wait however the bank sold the overdraft to a credit agency who are now chasing me for the £650 + fees. Then in December when the decision by the courts was made the bank wrote to me saying that all charges have been deemed to be fair and will not pay out.

What do I do?

Southernsofty_2

Hi JP
Pay up, and do it asap. Sorry not what you want to hear, but if they lose patience and add a default to your file £600.00 will seem like small beer. You will in effect not be able to get credit for at least 6 years and your reference will be on a par with someone who has been bankrupted or an IVA. In fact won`t pays are deemed worse than can`t pays.

If after you still feel you`ve been hard done by, try the ombudsman but please take it from someone who found out the hard way, being in the right is small comfort when a bank exercises it`s corporate muscle on your credit file.

Best of luck

JPizel

Cheers Southernsofty,

Yeah not what I wanted to hear but what I thought I would hear. How does it work when i simply don't have the finances to pay it off. I've heard you can make deals with credit agencies for as low as £5 a week but surely thats a false economy?

Confused and worried.