Can the bank take money without telling me?

AnonymousForObviousReason

Yes, I agree - what right do people have to try to give advice about your underlying debt problem rather than the sticky plaster solution you really needed!

opinions4u

pizzle84 wrote: »

ok i came here for some advice and i feel that i have got that from some thankyou but i dont want people to make me feel bad about my finances. Basically i cant get that £185 back so i'll just deal with it.

Look, you have a problem.

The problem isn't the £185, it goes a hell of a lot deeper than that. You have spent more than you've been earning, borrowed to fund the gap and now find yourself in a position where you cannot afford to meet the loan commitments.

You can bury your head in the sand or actually start to take action to address the problem. If you don't feel bad about your finances, you damned well should do.

You have two key things to do:

1) Stop spending as much money.
2) Deal with your debts - not just this loan but the whole picture.

Links to web sites, suggestions about visiting the CAB etc are all valid. I'd also suggest a trip over to the Debt-free Wannabe part of this forum for help there.

The longer you delay taking action the more difficult this is going to be to sort out. You probably won't be able to get any new loans for a significant period of time - which is a good thing - but you do need to deal with the situation that you are currently in.

It's not nice and I wish you luck. But you have to be the one that takes action. Expecting a bank to be "nice" when you're not paying them what you signed up for is a little optimistic.

pqrdef

pizzle84 wrote: »

Now i cant pay my rent because im £185 short. Can they transfer and take the arrears just like that without informing me?

Probably not, actually, in spite of the T&C.

If your creditors think you haven't enough money to go round, then they're all in a fight with each other, not to be last in the queue. The bank doesn't see why other people should get paid if they don't.

However, they are in fact last in the queue, because they're signed up to the Lending Code, which says they shouldn't leave you without enough money for things like rent, food, power, and travel to work.

You do have to be co-operative though. You need an agreed plan for sorting out all your debts, and you need to be sticking to it. The bank is under no obligation to take a default while the credit cards get paid.

If you don't play ball, they'll grab your wages and benefits the minute they get paid in.