BACS recalls and bill payments: Some useful info

CKhalvashi

Hey guys,

I’m sure you’ve read about the problems I’ve had with Santander, and have thus found a way around the problem, which if Santander had followed the procedures correctly could have had almost as much protection as a s.59 reclaim.

It is important to remember that if the bank has made the error, they need to sort it themselves.

If you have made the error, the bank is able to correct your mistake, or otherwise cancel the transaction altogether. The part that I wasn’t told in this is that A BILL PAYMENT GOES THROUGH THE BACS SYSTEM, THEREFORE HAS THE SAME RECALL PROTECTIONS AS A BACS PAYMENT! Santander conveniently forgot this, and thus, where it lies with the FOS is not good news, however with this evidence, which has been signed in writing with a solicitor is LEGALLY enough to reverse their original decision, it looks like (although hasn’t been proven) that I have won. Either way I have the right at this time to send the debt collectors in for this amount.

This is NOT the case for Faster Payments, as StClair has pointed out. Thanks for this info!

I’ll update you when I have an update

C

stclair

Did the payment go through the BACS system though?

Natwests bill payments go via the Fast Payments system and they can not be recalled.

There website suggests the faster payments system is used for bill payments rather than BACS

http://www.santander.co.uk/csgs/Satellite?pagename=Abbeycom%2FGSPageDetail%2FWC_ACOM_PrintA&canal=CABBEYCOM&empr=Abbeycom&leng=en_GB&cid=1237886379761

CKhalvashi

stclair wrote: »

Did the payment go through the BACS system though?

Natwests bill payments go via the Fast Payments system and they can not be recalled.

THat was something I completely forgot about. This is a transaction from March, so would have gone through BACS. I will update the first post accordingly!

meer53

"I have a history of buying struggling businesses and turning them around, however please be aware that MSE has not checked my credentials and I am not legally trained, meaning that anything should be checked by yourself prior to decision making."

What the heck is all that about ? What decisions will we be expected to make ?

hippey

There is a recall facility on BACS but it has to be done before entry day or the recall will fail.

CKhalvashi

meer53 wrote: »

"I have a history of buying struggling businesses and turning them around, however please be aware that MSE has not checked my credentials and I am not legally trained, meaning that anything should be checked by yourself prior to decision making."

What the heck is all that about ? What decisions will we be expected to make ?

For the business/investment end that I have not frequented for some time. What I am willing to risk is a bit different to someone else!

Just completed administration buyout no.7! Another 10 jobs saved and 3 more (hopefully more to come) created! :beer: