Can my bank withhold my funds?

secondhandsusie6cats

Hi. Long story. Used to bank with Natwest, had a current account, 'consolidation' loan and credit card with them. Financial situation got worse, couldn't keep up repayments so I opened an account elsewhere to stop direct-debits etc. being returned. I haven't made any repayments to them since.

A payment was made to the account a long time ago, can't remember by who and more recently, ING paid funds into it and the payment wasn't returned so the account is obviously still open.

I have enquired with Natwest as to how I can access those funds as I no longer have a debit card (over £600!) but they tell me that the account is with Solicitors and that the money would be used to offset what I owe them. I was then reminded it was important to keep up repayments to avoid further action.

I was evicted from my property 15 months ago due to non-payment of mortgage (not with Natwest) and have not made any repayments on any of my debts as I cannot afford to do so. The CAB advised me to go bankrupt and this is my best option, however, I can't afford the £500+ to go bankrupt (how ironical that you need money to be able to say that you don't have any!) I owe around £42K in total over various credit cards and loans.

Is there anything I can do to stop the banks taking that money? Although I owe them rather a lot, I need it much more than they do!

I am guessing I can't do a thing about it but thought I'd ask on the off-chance.

Thanks in advance.

Archi_Bald

The CAB advise is your only hope to stop people taking money off you. Until you are declared bankrupt, Natwest can off course keep any money that goes into your account and that is needed to pay off your debts with them.

You should also join the debt-free wannabe board - there are people there who might have other suggestions on how you can tackle your debt.

grumbler

MSE article: Dont Bank With Debts

Aquamania

secondhandsusie6cats wrote: »

Hi. Long story. Used to bank with Natwest, had a current account, 'consolidation' loan and credit card with them. Financial situation got worse, couldn't keep up repayments so I opened an account elsewhere to stop direct-debits etc. being returned. I haven't made any repayments to them since.

A payment was made to the account a long time ago, can't remember by who and more recently, ING paid funds into it and the payment wasn't returned so the account is obviously still open.

I have enquired with Natwest as to how I can access those funds as I no longer have a debit card (over £600!) but they tell me that the account is with Solicitors and that the money would be used to offset what I owe them. I was then reminded it was important to keep up repayments to avoid further action.

I was evicted from my property 15 months ago due to non-payment of mortgage (not with Natwest) and have not made any repayments on any of my debts as I cannot afford to do so. The CAB advised me to go bankrupt and this is my best option, however, I can't afford the £500+ to go bankrupt (how ironical that you need money to be able to say that you don't have any!) I owe around £42K in total over various credit cards and loans.

Is there anything I can do to stop the banks taking that money? Although I owe them rather a lot, I need it much more than they do!

I am guessing I can't do a thing about it but thought I'd ask on the off-chance.

Thanks in advance.

As the CAB are already providing you with debt advice, I suggest you go back to them, especially if you can't afford to follow the advice you have already been provided.

I'm quite surprised the CAB, having obviously investigated your financial position carefully and coming to the conclusion they did, didn't realise you were in such financial difficulty that you couldn't afford to follow such advice.

zerog

Why did ING pay into your Natwest account?

You need to think of any sources of income that you may have and make sure they do not pay any money into any bank which you owe.