Spinningfish V The Woolwich

[Having_A_Knightmare]

(a) that the creditor shall have informed my Office in writing of his general intention to enter into agreements to which the Determination will apply;

 

Cant get my head around what this means!!

[tifo]

Cant get my head around what this means!!

 

The bank tells the OFT that they wish to take advantage of the determination made in respect of overdrafts, but then they are meant to comply with it ....

[Having_A_Knightmare]

The bank tells the OFT that they wish to take advantage of the determination made in respect of overdrafts, but then they are meant to comply with it ....

 

Hi

 

Sorry to sound dumb bu twhy would it be an advantage to the banks?

[reallymadwoman]

The determination for overdrafts means that the banks then don't have to comply with the full requirements of the CCA, they just need to 'notify' you of the terms of the overdraft, I think the interest rate, limit and any time limit, plus arrangements for paying it back. The notification I think can be by letter but I'm not 100% certain of that.

[Having_A_Knightmare]

As anybody got any more info on this??

[tifo]

17 - 22 ...

 

Coutts & Co v Sebestyen [2005] EWCA Civ 473 (28 April 2005)

[cymruambyth]

So does anyone have the final word Please?

[Having_A_Knightmare]

I am goint Court shortly so I will let you know

 

HAK

[cymruambyth]

Thank you, I'm in the early stages of my battle and am trying to work out where I stand and what the law actually says or how it is interpreted!

[malamute2006]

Hi all,

 

any news on this? I'm stuck with a 3k overdraft with natwest on an account i've had since 1978 (the account not the overdraft). I'm now not able to pay it back and having successfully challenged natwest on a loan and a credit card...this is the only one left.

 

Are there templates for overdrafts (knowing they have exemptions from CCA) asking for proof that they notified the OFT of the determination? If that is my correct understanding...

 

Thanks in advance for anything!

[Peterbard]

Hi I don't know iof this helps any it is from the DTI as it was.

 

HI This is regarding bank overdrafts and your rights when ordering a statement under section77

 

Dear Mr Bardsley

CONSUMER CREDIT ACT 1974 (the Act)

Thank you for your emails of 15 March 2007, concerning overdrafts, and of 22 March 2007, concerning credit card agreements, which have been passed to me to reply. I apologise for the delay in replying.

I should note that unfortunately the Office of Fair Trading (the OFT) cannot comment on or intervene in individual matters. This is because such actions fall beyond the remit of the OFT and because the OFT cannot be aware of all of the relevant information in each instance. Similarly, the OFT cannot comment or express a view on particular practices, save where the OFT has considered a practice in the round and its view is in the public domain. The following points are therefore general in nature.

Overdrafts are normally not subject to those elements of the Act governing form and content of an agreement. This is because the OFT has issued a Determination under Section 74(3) of the Act excluding overdraft agreements from the need to comply. As a result of this there is usually no written agreement that a consumer can request under Section 78 of the Act. However, I should note that any Bank wishing to avail itself of the benefit of the Determination must notify the OFT of its intention to do so and is required to provide information to the prospective debtor. Specifically, the creditor must provide, in writing, at the time the agreement is concluded or before details of the credit limit if any, the annual rate of interest and any charges available, and the process for terminating the agreement. Typically banks make such information readily available via a variety of media on an ongoing basis.

Best regards

Peter

[Having_A_Knightmare]

Bank wishing to avail itself of the benefit of the Determination

 

This bit is so confusing what does it mean?

[Craftygirl42]

I am currently fighting an overdraft via the court and the claimants have told me they dont need to provide any documentation. Not any sort of terms and conditions nor a termination notice.

 

Can anyone help me with the relevant cases or points of law I can use in my fight.

 

Thanks

[Peterbard]

This bit is so confusing what does it mean?

 

Hi

 

I always took it to mean that any bank wishing to lend one of their punters an overdraft without haveing to comply with the section iv of the ACT as per secton 74,and thus get away without having to make a writen agreement.

 

Peter

[cymruambyth]

any Bank wishing to avail itself of the benefit of the Determination must notify the OFT of its intention to do so and is required to provide information to the prospective debtor.

 

Ok does this mean that there is a register that can be checked to see if and when a bank has done this?

Does it mean that when the od is agreed the customer should in some way be informed that this is the case?

[pinny24x7]

Hi

 

un1boy, HAK,Craftygirl and those of you who may have challenged this in court, what were the outcome and/or any updates available for this.

 

I may take on the battle too, I was employed by a bank and during the recruitment process we were advised that we had to take out a bank account as part of the recruitment process. Also whenever I needed an overdraft increase I just got a colleague to increase the limit, seemed ok to do this at the time but my pont is I don't think I was every sent confirmation or details in writing and just a couple of weeks ago my overdraft limit was reduced from £2500 to £0 without prior warning and because I was already upto my limit I have incurred all sorts of charges and interest.

 

Regards

Pinny

[Craftygirl42]

Pinny, mine is in Court in June. The creditor hasnt provided the information requested even when it was ordered by the Court. Waiting to see what they come up with in their witness statement.

[underdog13]

Best of luck to everyone involved in this fight:)

 

Subbing with interest.

[Having_A_Knightmare]

My Case has been adjurned but i still believe they have to supply some sort of agreement if it goes to Court.

 

HAK

[pinny24x7]

Thanks for the reply guys, this is very interesting will be keeping an eye on this...

 

Is there any such thing as a mis sold bank account as detailed in my earlier post?

 

Pinny

[meerkatsmimm]

subbing

 

just had my NW account terminated after a questionable default.

 

meerkatsmimm

[meerkatsmimm]

Anymore updates on this folks, as the NW are messing me around something shocking with regards my OD.

 

HAK, did the court mention what document they would be asking the bank to supply in court?

 

Im just curious about how best to take the fight back to the bank.

 

Thanks,

 

meerkat x

[Braveheart12]

Subbing with interest....I've also got a dodgy DN from Natwest....

 

http://www.consumeractiongroup.co.uk/forum/natwest-bank/204608-natwest-bank-overdraft-default.html

[Having_A_Knightmare]

HAK, did the court mention what document they would be asking the bank to supply in court?

 

Hi

My case never got to Court as it was settled by mediation!!

 

HAK

[MRS_P]

Hi

My case never got to Court as it was settled by mediation!!

 

HAK

 

HAK

 

Does this mean that you won? What happened in your case?

 

MRS_P