Santander set-off

allthe7s

Hi does anyone know how quickly Santander can and will use their right to Set-off out of my current account once I miss a payment on my santander credit card 

Willing2Learn

Open up a new account with another high street bank.

Give your employers your new bank details.

I do not know how long the Santander set-off procedure takes

I recommend you start a new thread in the DFW board and include your up-to-date SOA.  We can then look at your options and advise accordingly...


Edit:  According to the MSE guide:

"The Code says that, while banks don't have to tell you directly before they are going to do this (in case you move the money out of the account), if they are thinking of taking money, they do have to inform people of the circumstances they can use setting-off rules before doing it.

The bank also needs to:

• Look into whether you have, or are heading towards, financial difficulties. If you are, it should leave you with enough money to cover reasonable day-to-day living expenses and priority debts such as a mortgage, rent, council tax and food bills.
  
  
• Take special care when it knows your income mainly comes from state benefits, or if expenditure is needed for certain purposes such as healthcare.
  
  
• Let you know after the first time it has taken money (though there's no specified time period that it needs to contact you in)."
  

allthe7s

Thank you, I am on the bankruptcy board but thought this board might be best for my cc question 

eskbanker

allthe7s said:

Hi does anyone know how quickly Santander can and will use their right to Set-off out of my current account once I miss a payment on my santander credit card 

Surely if you don't have enough money in your current account they'd just be shunting debt around pointlessly from one arm of their bank to another?
And if you do have enough money in your current account, why not use it to pay off the CC?