Do the Banks pay up by cheque or not?

koppitetillidie

I recieved my offer from natwest today of £1400 but they want to pay it into a account that is £700 pound overdrawn due to charges.
It doesnt make sence to pay of charges with money i have been refunded with.
Is there a way i can keep the full amount i.e a cheque,different bank account

princesskez26

koppitetillidie wrote: »

I recieved my offer from natwest today of £1400 but they want to pay it into a account that is £700 pound overdrawn due to charges.
It doesnt make sence to pay of charges with money i have been refunded with.
Is there a way i can keep the full amount i.e a cheque,different bank account

It is usually paid into the account your claiming from, unless it's closed. Any debt you have owing to them they are entitled to ofset the money claimed against this

Kez

joncow75

koppitetillidie wrote: »

I recieved my offer from natwest today of £1400 but they want to pay it into a account that is £700 pound overdrawn due to charges.
It doesnt make sence to pay of charges with money i have been refunded with.
Is there a way i can keep the full amount i.e a cheque,different bank account

If your over drawn due to charges, and they give you your charges back, wouldn't it make more sence for you to pay that overdraft off. At least its then done with. As Kez says the bank have every right to expect you to pay your debt, so they will pay the money into your account to offset this. You still have £700 to do with as you please, and no more overdraft which sounds great. Receiving all the money as a cheque would prob put people at more risk of blowing the lot, and still having the same debt at the end of the day, and no chance of recovering any more to pay it off.

I have a £500 overdraft with HSBC and can't wait to pay it off before I start on credit cards etc. Hopefully they will cough back up £3k+ of my money

slouise

Hi All,

Please can anybody help, Ive done the emails, phone calls and letters and got to the stage where Natwest have made an offer, The only problem is they wont send me a cheque they just say they will use the money to pay off what i owe them, ive contacted a legal team but they dont hold out much hope for me either.The problem is that I really need that money for other things and its already taken about 4 months to get to this stage.:mad:
Its so frustrating why do they make it so hard , they dont have to wait 4 months to take my money off me so why should I have to wait 4 months to get it back grrrrrrrrrrrrrrrrr!!!!:mad:
Any suggestions would be great and really appreciated.
Abbey have also made an offer which is nothing near to what I asked for and they are saying the same thing, Has anybody else had this problem and cracked abbey and natwest.God I hate banks!!! :cool:

LozBingley

Did they offer ALL you claimed for? With interest?

I take it you owed them more than they owed you Unfortunately they do have the right as there will no doubt be a clause in the loan agreement you signed that says something like "we reserve the right to withdraw this facility" ie they can take away your loan/credit limit.

slouise

Hi loz:p

They offered me about £70 less than what I asked for, Yes I do owe them a bit more , it just seems so unfair taking what I'm entitled to to pay themselves off.
It seems that some banks are easier at getting the money back than others, but I'm going to keep trying.
:T

natweststaffmember

I think the logic you have to think about is that they are reducing an unlawful debt to a lawful debt and that the debt would be cleared quicker.

slouise

Hi Natwest

Yes I can see what you are saying but it is money that is owed to me and through these high charges made a greater balance to the money that I owe them.Its Just amazing that some pay out with a cheque if you go to court maybe thats my next step.

cruton77

:mad: hI All,

Can anyone help me out here??? Abbey have agreed to repay,as 'goodwill' £1013 t5o my partner( out of a claim for £2589( incl intrest etc etc)however when she read the leeter she saw that it was to be credited to her account-however her current account(where the charges built up) was closed by Abbey. They have opened a new basic bank account( which until this time she was not advised) and have transfered her full outstanding balance to this account - hence when the funds are credited she wont be able to get her money as the amount being repaid under the offer is less than her outstanding balance from the old account(which is purely 100% charges related)

Is this fair? - can anybody tell me if Abbey are allowed to move the balance from one account into a new account and if they are allowed to refuse to issue a cheque refund(which they did when she called & asked).

I see this as a massively underhand tactic of Abbey - repay 50% or so of the charges but then actually keep them all anyway as they have worked out away to stop people from getting access to their refund - is it fair/right or legal for a bank to do this?

Answers on a postcard please! - any advice from people who have had this themselves( from Abbey or any other bank) would be greatly appreciated.

NB: Does anyone know if, if she refuses & says 'lets goto court then' & wins if the court would/ could order Abbey to repay her by cheque instead of account credit to an account they setup themselves???!!!

MarkyMarkD

Eh?

Why the heck is it unfair for the refund to be credited to an Abbey account?

You owe them £2,500 or so. Obviously they are going to offset their goodwill refund against that £2,500.

If they give you a cheque, you obviously aren't going to repay the £2,500. If you WERE going to repay the £2,500 (or at least, the amount of the goodwill payment straight away), you wouldn't mind them giving the refund in a cheque.

I honestly don't see why you would expect the refund to go anywhere other than to offset the debt you owe.