Can the bank take money without telling me?

pizzle84

Basically iv missed two monthly payments on my loan totalling about £185 and they suspended my other current account (the account i use for wages, bills, food etc etc.) As soon as i realised my account had been suspended i called them and they said i needed to bring my loan account upto date asap and in the time being i could only get money out of my current account by getting it authorised in a bank. So a week later i went to get money out and saw that they had transfered the £185 to pay the loan arrears from my current account without even telling me. Now i cant pay my rent because im £185 short. Can they transfer and take the arrears just like that without informing me?

Lokolo

Yes.

It's in the Terms and Conditions. You owe the bank, you have positive balance. They have the right to offset the negative balance with positive.

pizzle84

Even though its only been 2 missed payments? i told the woman on the phone id get the money asap to pay the arrears and she said that was fine. She never mentioned about just taking the money.

LSEdwards

Which bank are you with?

pizzle84

Its natwest.

stclair

Yeah its called the right to offset.

They normally block your card or something to make you contact them.

LSEdwards

Natwest are not known for being sympathetic unfortunately.

Is there any way you can get an extension on your rent or use a credit card to tide yourself over to the next pay day?

I think Natwest are very unlikely to give you the money back.

Have you looked at all of your spending and worked out a budget that could get you through?

pizzle84

All my credit cards are over the limit, im up the creek in the ways of my finances! I have no spare money so that £185 was desperately needed! i cant believe they just took it and dont care!

LSEdwards

Are you in work? Are you entitled to any benefits?

pizzle84

Yeah im in full time employment and get benefits but our incomings a month are less than our outgoings. It just seems so unfare for them to do it without even talking to me or letting me find the money.

Lokolo

If your outgoings are more than your incomings then you need a budget. You can't go on forever like that or you'll lose a lot more than rent for a month!

http://www.makesenseofcards.com/soacalc.html

Fill that in to give an idea or how much you spend in each area, post the results here and people can help you work out where you could possibly cut down, try to get rid of the debts.