Unenforceability & Template Letters III

never-in-doubt

BrightonSun wrote: »

Don't shout I have no idea when it comes to things like this!

Right I'm going to have to do some change about with the rent etc and get a new account. Thanks for your help though!!

Sorry - shout? You aint seen nothing yet :rotfl::rotfl:

Seriously though, all I ask is for people to read page 1 - not too much to ask and it will save 100 questions.... Read page 1 - then you'll learn all these things and if you miss the FAQ's link that I posted in 20 posts in a row - then see here!

Due to lots of requests, there is now a FAQ section on the thread
Frequently Asked Questions

never-in-doubt

Banking: firms' right of 'set off'

It is not unusual for a customer to have a current account, a savings account and a credit card account – all with the same bank or building society. The same customer might also have a loan, an ISA and a mortgage with that firm. And some of those accounts might be held jointly with someone else, usually a spouse or business partner.

Have a look at what the firm can (or should) do where a customer does not have enough money in a particular account to make payments due from that account, but does have sufficient funds in one of their other accounts with the firm.

For example, when an overdraft facility on a current account runs out and the customer fails to pay the amount owed, can the firm take money from the customer’s savings account to reduce or clear the debt? Or, if a customer fails to make credit card or mortgage payments, should the firm use available funds from that customer’s current or savings account to make the missing payments, thereby helping the customer to avoid extra interest or charges?

The basic position is that a firm has a right – but not a duty – to look at a customer’s overall position and to ‘combine’ the accounts held by that customer. This is sometimes called a right of ‘set off’ or a right to ‘combine’ accounts. A firm has this as a general right, whether or not it mentions the right in the account terms. So, in the examples above, the firm can transfer money from an account that is in credit in order to make payments due on another account. But it does not have to do this.

Certain conditions must be met before the firm can exercise its right of ‘set off’.

• The account from which the firm transfers funds must be held by the customer who owes the firm money.
• The account from which the firm transfers the money – and the account from which the money would otherwise have come – must both be held with the same firm.
• The account from which the firm transfers funds – and the account from which the money would otherwise have come – must both be held in the same capacity by the customer concerned. So, for example, if Mrs C holds a savings account in her capacity as treasurer of a local society, the firm cannot take money from that account to pay Mrs C’s personal credit card bill that she normally pays from the current account she holds in a personal capacity.
• The debt must be due and payable. For example, if a customer misses making a loan payment, then (at least until it calls in the loan) the firm can take only the missed payment – not the balance of the loan.

Full details can be found here: http://www.financial-ombudsman.org.uk/publications/ombudsman-news/40/40_setoff.htm

sw1sst

never-in-doubt wrote: »

Forget monster - ignore them and do as requested and start from step 1 - send the CCA request again please? Without that I would not be happy giving any advice.

Ok, so one more question, proper noob question this time. at the bottom of the proforma letter, I don't sign it right...

in_to_deep

sw1sst wrote: »

Ok, so one more question, proper noob question this time. at the bottom of the proforma letter, I don't sign it right...

just type your name NO sign

never-in-doubt

sw1sst wrote: »

Ok, so one more question, proper noob question this time. at the bottom of the proforma letter, I don't sign it right...

Exactly, from the template - change the sign here to your name and into black - but then leave the font big, like a signature... see some examples....

Niddy

Niddy

Niddy

*Pollypocket*

Hello NID,

I'm aboslutely positive that what LTSB have sent me is enforcable but I just wanted to check with you if thats o.k

My scanner isn't working at the moment so I will have to quote some points.

The document is titled 'Acceptance Form and Agreement'.

On the top right-hand side it states' If your application is accepted by our signature opposite (which it has been) and we send you a card, then this will form the agreement, made between you, the Principle Card Holder, and us LTSB, etc on the conditions overleaf.'


Above my signature it states 'This is a credit agreement regulated by the Consumer Credit Act 1974. Sign it only if you want to be legally bound by it's terms'.


I think I have just answered my question there, it has to be enforcable. Clutching at straws now :rotfl:

never-in-doubt

I really need to see it.... take a photo and then PM me and i'll give you my email address to send to? But take a close up high res image for me....

thanks

*Pollypocket*

never-in-doubt wrote: »

I really need to see it.... take a photo and then PM me and i'll give you my email address to send to? But take a close up high res image for me....

thanks

Thank you, I shall get onto it as soon as I've done the school run

midastouched_2

I've been issued a default notice by LTSB whilst in the process of sending and receiving back my CCA with them.

Which is the template letter that I need to send?

I've looked on Pages 1&2 but can't find any appropriate.

Sorry if I'm being a pain...

never-in-doubt

midastouched wrote: »

I've been issued a default notice by LTSB whilst in the process of sending and receiving back my CCA with them.

Which is the template letter that I need to send?

I've looked on Pages 1&2 but can't find any appropriate.

Sorry if I'm being a pain...

Sorry mate I have not done that template yet that's why it's not there! Its in 'pending' file and right now i'm just way too busy...

I'll try do it in the next hour for you - sit tight.