Bank harassing me over debt and threatning urther charges?i have a loan with the bank of scotland. i have had to stop payin it due to financial circumstances and having to help save my home. i have co-operated fully with the bank from the start and adv the chage in my circumstances. they agreed to set arrangement for 50.00 initially and i paid. next month i was told... | |
You need to go to the CAB urgently! Get some advice on this, you could also speak to CCCS who are a charity that give free Debt Advice. Give them a ring and they will help you.
Unfortunately though the bank can set their minimum payments. Normally if you agree a settlement plan, they will stop the interest, but they are under no obligation to do so.
They are also allowed to add costs on for passing your debt to the collections agency, who themselves can add costs on for doing various things.
You really need to get help before this spirals out of control.
They can damage your credit report, its likely that this has already been done as the fact you have defaulted on the loan will have been added to your record. However, they would have to take you to court to get an attachment of earnings. It would be much better if your could pay the £87 and avoid this.
Sorry to be the bearer of bad news, but hopefully CCCS will be able to help you sort this out. Ring them as soon as you can, as the longer you leave this, the worse it will get, and you have nothing to lose.
I'm confident that you must find all financial clarification at= lendcenter.info-
RE Bank harassing me over debt and threatning urther charges?
i have a loan with the bank of scotland. i have had to stop payin it due to financial circumstances and having to help save my home.
i have co-operated fully with the bank from the start and adv the chage in my circumstances. they agreed to set arrangement for 50.00 initially and i paid. next month i was told that they should not have accepted that as it is too low and they require a minimum payment of 87.00 - i advised that i could not afford that but they told me that is the minimum they can accept.
i asked to pass to collection agency and they said the agency they use is Albion collections and if it got to that stage, they have the right to put further charges on my acc.
my question is:
1 - my law, can they put further charges on the arrears? because i thaught the law states if someone could not afford to pay debt, all charges get stopped.
2 - can they blacklist me? or put an earnings arrestment on my acc? (wages get placed in a diff bank acc that they arent aware of
For a Bank to assist you with a loan, it is a right for you to pay back. You are not doing the bank any obligation. The Bank expects you to show some gratitude for assisting you at the time of your need.
If SIGNED repayment arrangement is 50.00, the bank can not just increase repayment unilaterally to 87.00. Loan officers are under Branch Managers, Area Managers and General Managers. If unnecessary repayment is imposed on you, please feel free to discuss with higher Bank Authorities.
If you default, and keep defaulting in repayment, you are indirectly creating a bad debt. In that wise, the Bank is at liberty to take steps to safe-guide their expenditures.
1) If a debt collector is invited, you MUST pay more on arrears or the Bank is at liberty to realise your security. If Banks do stop interest on doubtful debts, many banks would have closed down!
2) Your account will certainly be "marked" and you will be denied such facility in future.
To quote a smart man...''you only need to pay 4 things first every pay check: House, food, utilities, and car. The rest can wait.'' Tell your bank what you can afford and if they want the rest they will get it when it's their turn. Yes, they can add charges to your account....it's part of the fine print you signed when you got your credit with them. Tell them, that you have to provide for your family and they can have whats left after that. It's a payment arrangement, ask for one. They have to agree to it, it sounds like they already made the arrangement of $50 and they should honor it, and keep talking to managers and their managers until they keep that promise. Let them know you want to pay but you can't afford anymore. As long as you keep making a payment every month your fine, just make it reasonalbe (nothing like $1.00). Good luck, and contact me if you need more details on how to sweet talk them into helping you out!! :)
it will go on your credit scoring list. Tell them you have no money and that's all you can afford and how its affecting your health and you would be better off unemployed(then they wouldn't get any money) the only way the charges are stopped is when it is passed to a debt collector and account is closed, and yes they can arrest your wages. Legally - if it goes to court you can tell them you offered to pay £ and they refused, they have to accept anything with the queens head on it, in theory if you offer a pound they have to accept -Scottish Law, and experience with banks and debt collector, but don't expect to get credit again for several years. If they arrest your wages its not from the bank its from your employer- they send them a wage arrestment letter and it get pays from your employer to the debt collectors.
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Forget law and other things. When you wanted the bank gave you a credit/loan and you have agreed to pay back. So you have to pay back without crying over that. Ethics requires that you pay that back without crying.
i dont know the answer, to this question, BUT if you go to a web site offering free advice on money matters, as i just have for pension advice - they ask you to type your question like with answers yahoo and leave your e-mail ect. they get back in touch with you with the correct information, in my case i got a telephone call after 1 hour offering great advice.
First thing first, get a credit report
financecomparator.co.uk
Blacklist is myth. Damaging your credit score is reality though
so lets see if i got this right,
you have wages paid into an account "they dont know about" so are you deliberately trying to do them out of money that is legally theirs ?
