Can My Bank Do This?

edited 30 November -1 at 1:00AM in Loans
6 replies 753 views
sunnydisposition_2sunnydisposition_2 Forumite
50 Posts
edited 30 November -1 at 1:00AM in Loans
I agreed with my ex-bank to a low rate longterm loan to repay two bank credit cards and an overdraft. After 3 years, they are insisting on all of the money saying it was a short term loan. I signed nothing at the time. Can they do this?


  • If no one knows, would anyone know the best people to talk to about it?
  • Keeping_PositiveKeeping_Positive Forumite
    4.8K Posts
    Part of the Furniture 1,000 Posts Combo Breaker PPI Party Pooper
    Do you have anything even unsigned in writing detailing the arrangement? If not then I think they can do this. You cant pay what you dont have so try negotiating with them and showing your incomes/expences. Other people I think may be able to help are CAB and possibly CCCS.
    May 2013 new beginnings:j
  • jonesMUFCforeverjonesMUFCforever Forumite
    28.9K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Tell them that you have been making the payments for 3 years and intend to continue until you have repaid the debt.
    Ask them for a written statement detailing your payments and what is still outstanding.

    Do not bow to any bullying - they will look pretty stupid in front of a judge if they decide to take you to court whilst you have been trying to repay.

    I base my reply on the assumption that you have not missed any repayments.
  • I made one late payment two years ago and nearly died of fright when I noticed and paid immediately. But no payment has been missed. My bank has been sending me letters for three months though and I've only just noticed the problem and nearly had a heart attack. I just file any communication - which has simply been statements for the past three years - in my tax file and every three to six months, I open them and add them to my accounts.

    But there is no way I agreed to anything else other than a long term schedule - I do not have the income. And I remember the woman saying that it was a really good deal and more like a mortgage than a loan. Whenever I get the chance to move my loan somewhere else, I am so gonna hit them for my bank and credit card charges which run into thousands - I've been charged £75 for going over by £4!
  • jonesMUFCforeverjonesMUFCforever Forumite
    28.9K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    In that case I would advise you to follow my post.

    You can also start the procedure to claim back your bank account charge - you can do this now but will not proceeded with by the bank until the outcome of the court case is known.
  • Thank you very much. I am digging about in old files in the hope that I find some literature from them. Won't it matter if I haven't signed it? And will it matter that one payment failed, although it did get paid? I hope you're right - they can't have what I don't have to give them. Surely they would be happy that I am continuing to repay the loan with no further problems? Might they put up my interest to make it more profitable? Jeez, they never let me off with a penny in the entire nine years when I was with them and they ground me into the dust when I made them aware of our failed house sale and cash flow problems and, still, they poke the body with a stick!
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