Desperate for some advice

Oldandblue

Hi everyone, I'm new to this and need some advice,
I had a bank loan which I got into difficulties with, I told the bank about this and arranged a new payment plan for 6months but they defaulted me and turned my LOAN into an OVERDRAFT which then began to run up charges.
What I want to know is can they do this
Anyone please???

happy_bunny_2

Did you give them permission to turn a loan into an overdraft?

They can't just do this.

Is this a recent loan?

Oldandblue

Hi happy bunny,
No I did not give the permission I was totally unaware of this
The loan was taken out in 2000

LittleMissDetermined

If you haven't given permission, they can't change it to an overdraft. You will need to put a complaint in and if they don't back down you can take it to the Financial Ombudsman Service http://www.financial-ombudsman.org.uk

I'm sure there will be others along with more advice for you, but I would make sure you put all correspondence in writing with your bank and keep copies of everything.

Doesn't seem right at all that they have done this, hope you get it sorted.

happy_bunny_2

As said, complain in writing.

When did you last pay the loan? Over 6 years of no payment or a acknowledging in writing its statute barred.

When did they convert it?

Can't see them getting away with this...

Oldandblue

Hi Thanks for that. I think FOS has to be my next step, have SARd the bank again because I have been trying to get hold of a copy of my loan agreement for 2yrs now but with no luck yet, A couple of months ago they sold the debt on Now these NUMPTIES want paying in full within 14days
I sent a CCA request replied Cant have it so have wrote again telling them the account is in dispute and has been for 2yrs. Think is falling on deaf ears

Oldandblue

Hi. I am still paying the loan as I was on a payment plan with the bank They converted it in about 2002 but I hadn't kicked what they done until I CCAd them in 2010 and saw all the charges for the so called overdraft it was 9K they had transferred

happy_bunny_2

Yes, give the FOS a call.

Has there been a period of 6 years where you made no payments and did not acknowledge the debt in writing?

If so its statute barred and they can't make you pay or take you to court or in fact do anything at all. Just send them the SB letter and forget about it.

Chances are that they only keep loan agreements until paid off. I would ask also for roof you signed something for the OD if everything else fails. FOS should be able to advise.