Do the Banks pay up by cheque or not?

dolomitedave

Hi,
i was worried about claiming due to my situation, i had an overdraft that got out of control hence why i want to reclaim my charges. but at one point i did ask my bank for help and they put my overdraft into a managed loan and cleared the overdraft which i now pay monthly, my question is if i claim can they put the reclaimed charges into this managed loan to reduce it down. as like most people i would like to receive a cheque instead.

i have already set up a new account, but what i don't want to happen is for them to say ok we will give you £xxxxx but as you still owe us £xxxxx then we are equal.


thanks for any help about this

Twinkly

Personally I think it shouldnt if you were in credit and their charges took you over into unmanageable overdraft since then some of it was your money in the first place. Unfortunately from posts read they do appear to clear any overdraft first.

On the positive side it clears some of your debt quicker with cash you didnt have before and may not have again, so dont be discouraged its worth it for that.

Good luck.

micky1954

hi does anyone have information on whether halifax would write me a cheque for for bank charges they offered me so as i can deposit into barclays account rather than it being eaten up with outstanding overdraft from halifax ? i froze my account while claiming unfair bank charges and was offered 1500 for a 1900 claim which i thought was ok but i need to put this into my stepsons account which i am using ! any ideas please................ many thanks

gstir_2

Anyone who has successfully claimed bank charges that is on a DMP, how did your bank refund your charges... was it straight to your account or did they send you a cheque?? thanx in advance for any responses.

ThaiJ

Hi

I racked up lots of charges with HSBC and every month i paid them and brought account back into order. They were making a fortune, then out of blue they shut my account swallowed a cheque i had paid in and cancelled my o/d limit. Meanwhile my HSBC credit card has been in default and closed for some time - 3600 ukp outstanding and i am still owe 800 ukp on current account(now closed).

My question is this, if i claim and get back thousands, do they have the right to offset this against what I owe them? Or can get a cheque and pay it into my new account and make my own decision what to do with the claimed amount??

thanks in advance

aa3ape

Dammam wrote: »

Bank: Lloyds
Amount Reclaimed: £4980
Amount they paid: £4980
The story: Took a little persistance and patience, but finally managed to claw back all the money that left me on the brink of bankruptcy and losing my home after redundancy. Whilst life is still a bit of a struggle, I'm now debt free apart from the mortgage! Lots of great help from the consumer action group.

hi im with the cccs too did they put the money back in your account were they took it fro or by check? cos all my account are not with collection agents

Edinburghlass_2

Martin checked with CCCS and this was their reply, not conclusive as to if the bank will pay by cheque or not though.

Originally Posted by MSE Martin
The following is the view of the top lot at the CCCS

Martin

"The answer is not very clear I'm afraid because there are too many variables.

Not all lenders freeze interest, so there may be no impact. For those that do, it may affect their decision whether to continue the freeze, particularly if they have had to fork out a lot in charge refunds.

I'm not aware that any have very specific policies regarding how they will treat DMP clients who request refunds. I'm certainly not aware of any clients who have suffered as a result of reclaiming their charges.

If a bank overdraft is comprised almost entirely of charges that were then refunded, that would essentially wipe one of the debts out altogether and remove it from the plan.We would expect the client to use the money towards clearance of the debts, unfortunately, as we are not actively involved in the process (i.e. we don't do it for them) we don't know to what extent they are successful and how much they get - we're reliant on their honesty!)"

abby22

I have been awarded the full amount asked for by the royal bank of scotland, with alot of jargon about not accepting error or liability and good will jesture etc. The letter also states that on my acceptance the money will be placed directly into my (overdrawn) account. A telephone conversation with them confirmed this and that obviously (its a fixed law of nature you know) the money could only be put there because thats where it was taken from. Does anyone know differently, what are our rights here ?. I would like a choice about whether I pay them back or not .. the charges I incurred from them and two other banks sent me into a spiral of debt 5 years ago and now finding out that these charges are almost certainly illegal makes them the last people I would pay back.

fbs_4800

Hello all.

I've gone through the Financial Ombudsman with both Barclays and Natwest. Natwest have offered to refund all of my charges over 4 years (ruddy marvellous) :T and Barclays made an offer of £700.00 over 6 years. I rang Barclays and asked them what the total amount they believed they owed me was and this worked out to around £930.00 - thus I will be rejecting their first offer.

My query is: I have 3 accounts with Barclays -
1) My father uses a basic cashcard account to draw his state pension.
2) Was my main account and is £1500 ish overdrawn.
3) Was a bills account which is £500 ish overdrawn.

I approached Barclays a while back looking for help with repaying these overdrafts and they offered me a loan to pay it off. They offered to clear the overdrafts totalling £2100.00 with me repaying £35.47 over 120 months!!! Ha ha ha!

I'd be paying back £4304.40...:eek:

This DOES seem a bit unfair as they were supposed to be trying to help me get out of debt.

Now my query is - can I request/demand that any refund is issued to me via a cheque or do I have no say in the matter? If it gets credited to the account (which I'm currently paying back as and when I can) I will lose a lump sum that could be much better attributed to paying off several smaller bills and helping me out right now. I am currently negotiating an IVA with Payplan - and this overdraft will become part of it.

I haven't accepted their scandalous offer - but I was considering possibly accepting the offer of a loan at the stupid rate - accepting the offer of my charges to be refunded at £700.00 - withdrawing the £700 as soon as it was credited and then cancelling the agreement quoting the extortionate rate. it does say in the acceptance letter that I would have a right to cancel.

Can anyone advise what I can/should do? It seems a waste to lose £700 that they deprived me of in my years as a very low paid worker around the age of 18 with a low paid job.

Help...!??

fbs_4800

Bump

*looks around longingly*