I never signed the credit agreement but have the money, where do I stand?

mylittleleah

Hi, I have a mortgage with northern rock and a loan that runs alongside it, I decided I wanted to do some home improvements and on my quarterly letter from NR it stated I could borrow additional money as my borrowing was less than my house value , it was at a low apr so decided to go with it, it was all done over the phone and the money £7000 was in my account within 4 days (this was over a year ago) I then recently recieved a letter from NR stating that a credit agreement had never been signed and it was their error for releasing the funds without it, they kindly asked for me to signand return one so they had proof of the borrowing, I have not done this yet and i just wandered where i stand and what happens if i dont sign? thanks

Rafter

I'm sure if you don't sign they can ask for all their money back!

Particularly as you have been making payment and they probably have recordings of the phone calls, you would be very brave to try and pretend you didn't owe the money.

R.

jonesMUFCforever

Technically they can't enforce the debt BUT they could ask for all of their money back which is covered by an agreement ie your mortgage.

As this is now our money I would like you to pay it back ......please.

abbeylover

I was wondering if i could claim back car park charges? No credit agreement was signed so this must be illegal. And what about public toilet charges, there must be £5 that i could claim back! How dare i be charged for using the toilet! Public convenience? Should be more like public rip off!!! 20p just for a wee!!!! Or maybe i should just pay for the services that i recieve, like most other people in this country? If you applied for a loan then you should pay it back. If you did not apply for the loan then you should have given the money back, as it was most likely a banking error. If you take out a loan and then can't make the repayments, try talking to the comapny, not try to wriggle out of a mess that YOU got yourself into. I have had loans in the past and have managed to pay them back. I have never claimed back any bank charges either as they were my fault. When the bank was at fault however, they were more than happy to give the money back. When monthly fees for all are introduced and bank account terms and conditions are so watertight every transaction will be scrutinised so that the bank will have EVERYTHING in their favour and will close accounts at will. Pay your debts and get on with your life. Stop looking for ways to get out of things and take responsibility for yourselves as we are all adults.

needabiglotterywin

Good for you abbeylover you dont sound bitter at all, cough*Seriously though,All we do is pay in sh1thole of a country , tax this tax that, increase in bills,food etc etc damn right we should get a break or a lifeline at some time if were that lucky. And damn right me, personally am going claiming back my ripping off bank charges along with other people who have been robbed. Annoys me these do gooder mf's

needabiglotterywin

then so be it. im sure if it was you/anyone you wouldnt be complaining, and if you say you wouldnt, im afraid i dont believe you. :money:

abbeylover

No i'm not bitter. I think that if all of us adults took responsibility then we would not be in a mess. Think about this for a minute, if you have claimed back bank charges and took the money, the banks will obviously still have all your details. So if and probably when the banks win their appeal, all unfair bank charges (around £35), could and again probably will be reclaimed by the bank. The OFT have set a fair bank charge fee at £12, so if you've claimed any charges back, I expect the bank you claimed from to send a nice little letter wanting the difference between the original charge and the fair charge set by the OFT and they'll probably be claiming interest as well. Don't jump on the band wagon just for the sake of it as it all may come back to bite you hard.

rbscoundrels

abbeylover wrote: »

No i'm not bitter. I think that if all of us adults took responsibility then we would not be in a mess. Think about this for a minute, if you have claimed back bank charges and took the money, the banks will obviously still have all your details. So if and probably when the banks win their appeal, all unfair bank charges (around £35), could and again probably will be reclaimed by the bank. The OFT have set a fair bank charge fee at £12, so if you've claimed any charges back, I expect the bank you claimed from to send a nice little letter wanting the difference between the original charge and the fair charge set by the OFT and they'll probably be claiming interest as well. Don't jump on the band wagon just for the sake of it as it all may come back to bite you hard.

The OFT have not set a fair bank charge at £12, this fee was set as a monitory threshold on credit card default charges before OFT intervention . The £12 penalty charge can be claimed back.

I think you should get your facts right before criticizing people who are rightfully advocating their rights on this issue.

A penalty charge is wholly unenforceable not just a part of it!

Captain_Mainwaring_2

needabiglotterywin wrote: »

Good for you abbeylover you dont sound bitter at all, cough*Seriously though,All we do is pay in sh1thole of a country , tax this tax that, increase in bills,food etc etc damn right we should get a break or a lifeline at some time if were that lucky. And damn right me, personally am going claiming back my ripping off bank charges along with other people who have been robbed. Annoys me these do gooder mf's

Just wondered, do you get bank charges if your run your account in a proper manner?

MissMoneypenny

abbeylover wrote: »

The OFT have set a fair bank charge fee at £12, so if you've claimed any charges back, I expect the bank you claimed from to send a nice little letter wanting the difference between the original charge and the fair charge set by the OFT and they'll probably be claiming interest as well. Don't jump on the band wagon just for the sake of it as it all may come back to bite you hard.

I expect the banks to do more of bouncing D/Ds and S/Os and more refusing to give debit cards to certain customers. Any failed payment charges and repercussions for trying to pay something when you haven't got the money to do it, will be at the customers peril. No more safety net of the bank paying for their customer while they try to sort their money out.

As for withdrawing cash, what they use to do if a customer had a history of trying to obtain money that they didn't have, was to make the customer go to their own bank and queue up. When they arrived at the desk the cashier would glance at a warnings list and if the customers name is on it, they use to check that the customer had the money before they paid it out. No money in their account and the cashier told the customer they couldn't have the money and returned the cheque, in front of the other customers.

All the Banks may even refuse to have certain people as customers.

abbeylover

rbscoundrels wrote: »

The OFT have not set a fair bank charge at £12, this fee was set as a monitory threshold on credit card default charges before OFT intervention . The £12 penalty charge can be claimed back.

I think you should get your facts right before criticizing people who are rightfully advocating their rights on this issue.

A penalty charge is wholly unenforceable not just a part of it!

I do have my facts right. A £35 fee was too much, however a £12 fee is acceptable. Claiming back charges if the bank is at fault is fair enough, but saving up years of charges or asking for proof of the credit agreement and when the bank can't produce this asking for the debt to be written off is immoral. If you mismanage the account then you should take responsiblity for your actions and admit the mistake was your fault, whether it was through an oversight or deliberate non payment or misuse. If people insist on claiming back charges, they will find in the not too distant future that they will be unable to have decent banking facilities, or may be unable to get a bank account at all. If your business is bad for one bank it will be bad for them all, they do talk to each other!!!! How are you going to explain to your employer when you dont have any account to pay your wages into. This is what will happen the banks will close ranks, look after the good customers and those who are not good will be sent elsewhere, probably to the local credit union.