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Bank saying they will "take" repayments.
jabisoch
Posts: 10 Forumite
After deciding to bite the bullet and take the advice of cccs to go bankrupt i stopped my direct debits for my unsecured loans. Firstly to get the money i owe for missing last months rent and secondly to save for the bankruptcy fees (joint) of around £1400 (i have been quoted this figure but have yet to confirm it)
My problem is that i have around £33000 unsecured debt and about £24000 is with Santander (my bank) in some shape or form, credit cards, loan, od and an old cahoot loan. They have written to me about an unpaid credit card bill and have stated they will take monies from any other account held with them if they have to!
Can they do this and if so how long to you think before they resort to this and will they notify me when they plan to do it? I am in real trouble if they do as i will never be able to raise the money i need so i am in a bit of a panic now.
My problem is that i have around £33000 unsecured debt and about £24000 is with Santander (my bank) in some shape or form, credit cards, loan, od and an old cahoot loan. They have written to me about an unpaid credit card bill and have stated they will take monies from any other account held with them if they have to!
Can they do this and if so how long to you think before they resort to this and will they notify me when they plan to do it? I am in real trouble if they do as i will never be able to raise the money i need so i am in a bit of a panic now.
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Comments
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Yes they can, it's called right of off set.
Get yourself a new BR friendly account now. Move all your incomings and normal DD's over.
https://forums.moneysavingexpert.com/discussion/3582093BSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0 -
Get the new bank account and move your money ASAP, plus have anything new paid into there instead.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
echo the above. yes they can and will do it so close the account and move your money to a totally different bank pref barclays or co-op who are BR friendly.0
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Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
this happened to me with hsbc and barclays and i got no notice. WITH HSBC i was left penninless and then had to eventually declare BR.
ring the co opertative on 0845 212 212 and ask for a account for a basic cash minder , tell them you dont want a OD as have bad credit , when i got mine i got approval then and the card within a couple of days, if you go for anything more then it will take ages be subject to credit checks etc, the basic co cop does everything inc DD/SO, funds transfer etc .
personally if you have any money with santander id get it out NOW.
good luckif only life was a box of chocs0
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