Stick or twist?

harribarri

Hello everyone, A few years ago I took a loan out with the Halifax bank over 7 years. This was all going well for the first 3 years until the bank stopped taking out the direct debit for the monthly amount. I didn't notice for the first 7 months ( not very good with money you see! ). It is now over 2 years down the line and I am wandering what to do. Do I tell them about the oversight and if I do will I be penalised, especially as it was their mistake that caused the stoppage. I hope to hear that I can keep the money but I doubt that my luck is that good.
I am also thinking of claiming back my bank charges over the last few years with the same bank as this will be a lot of money. Do I leave the bank charges for fear that they will find out the problem with the loan and ask it all back in one lump sum, or do I go for it and hope for the double whammy?

regularsaver1

Contant them asap , this would have damaged your credit rating. high interest. make an arrangement to pay it back - as you know you would have to. you borrowed it, you must pay it

how do you know it was them that cancelled your direct debit -

I'm suprised you have had no letter or any phone calls chasing the money

what did you do after the 7 months?

harribarri

I know I didn't cancel the direct debit because I didn't contact the bank during the period the payments were cancelled.
No correspondance has been sent about this loan or the cancellation which makes me wander if they could have wiped it from their records by mistake?
To be honest I haven't done anything about this at all as my credit rating hasn't been affected at all!

regularsaver1

so your not going to pay back the money that you borrowed and that you know you owe?

this seems that this has been fortunate for you then?

Pammur_2

Is the Halifax not sending you annual statements? If they have sent statements, and you have proof that they say that you are up-to-date, and you can prove that as a result of this that money has been spent elsewhere (and not put into savings, investments, etc - but spent as a result of the Halifax statement) you might be able to claim under the law of estoppel that you don't have the money any more because of them. The law of estoppel says/said that they cannot deny that they told you you something.

BUT I have no legal knowledge and no idea if this law of estoppel is still valid.

I only know that I went into my Bank in the early 70's for my balance, and was told (and it was written by the Bank on a scrap of paper - pre-computers of course) an amount which the bank subsequently said was incorrect. BELIEVING I had more in the account because of what the bank said, I spent the money. The Bank then said I was overdrawn. My brother (who is a solicitor) sent them letters and eventually (although we were almost going to sue them), they capitulated. Yes, technically I benefitted, but there was no way I could have paid the money back. I also had to prove why I was so dozy that I could have believed the amount in my bank was twice the amount it should have been! Luckily my circumstances were that I could do that, and the amount of £60 - a month's salary then -was credited back to my account. But it was a fight. Hope this helps.