Bank taking money for a payment I missed over a year ago!

Fungus

Last March (2009) I missed a repayment on my loan. My bank had reached its overdraft limit.

Two days after the loan repayment date I transferred enough money to cover the repayment.

One year and one month later, they have just taken the money out of my account to cover this missed payment. This is a terrible time for me financially, and I really could have done without the double wammy this month!

Is the bank really within its rights to wait for a year before taking the repayment from me? It had plenty of chances to do so over the past year. Is there anything I can do?


Thanks.

molerat

They could have waited 6 years if they wished. Never borrow money from your current or savings account holders, they can use set off to claw back anything you owe them.

Conrad

If I owe you £100 but it took you a year to get round to it, will I be ok to tell you that you had your chance and I wont be paying now?

Fungus

Conrad wrote: »

If I owe you £100 but it took you a year to get round to it, will I be ok to tell you that you had your chance and I wont be paying now?

Well, I would not wait until it was your last £100, and I certainly would not then just come into your house and take the money without asking.

I pay these people a good chunk of my wages every month. I'm not saying I'm not going to pay them back.

If I can't pay back my water bill, the water company cant just come into my account and take the money straight away. They have to go through procedures. We come to an arrangement whereby I pay back what I owe over time in manageable chunks.

This way I can still afford to feed my family.

The bank, just because I allow them to manage my money, do not have to go through these procedures, they can just take what they want. That is wrong.

R0bert_Sterling

But you transferred the money to cover the missed payment...

Fungus wrote: »

Two days after the loan repayment date I transferred enough money to cover the repayment.

I do like this comment though :rotfl::rotfl:

Fungus wrote: »

My bank had reached its overdraft limit.

vaporate

R0bert_Sterling wrote: »

But you transferred the money to cover the missed payment...




I do like this comment though :rotfl::rotfl:

Your point is? what has a missed payment from 1 whole year and a maxed od go to do with it? Could be a £100 overdraft for all you know.

the_insider

Have you contacted the bank to ask for the transfer to be returned? I doubt that they will have not tried to contact you in that year, giving you plenty of time to come to an arrangement to repay the outstanding payment.

Fungus

R0bert_Sterling wrote: »

But you transferred the money to cover the missed payment...

Correct. The money was there for them to take for a long time. Its only recently Ive come into hard times.

R0bert_Sterling wrote: »

I do like this comment though :rotfl::rotfl:

Yes very good.. I bank with RBS.. my grammatical mistake was not that far off! :rotfl:

Fungus

the_insider wrote: »

Have you contacted the bank to ask for the transfer to be returned? I doubt that they will have not tried to contact you in that year, giving you plenty of time to come to an arrangement to repay the outstanding payment.

Yes I have. They were not helpful.

I have had no correspondence from them at all regarding this. Hence my huge shock at the huge amount taken out.

the_insider

What do you mean by 'not helpful'? Did they fail to offer any assistance or explanation or simply give you an answer that you didn't want to hear?