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Please can anyone help. I am looking to claim my bank charges back from my bank, but worry they will ask for my loan of £20,000 to be paid off immediately, obviously i cant afford to do this and know that i wouldnt obtain credit to transfer this loan to another bank... any idea if banks can order you to pay it if you claim charges back or they close your account??? thanks for any advice given

I think they could only do this if you are in default of an agreement, but you should read the T&C's of your loan. I would imagine you'll be ok as long as you continue to make payments on the loan.
The consumer action group forum is the place to go for advice on claiming bank charges, see http://www.consumeractiongroup.com/forum

www.moneysavingexpert.com is a good site for info on reclaiming bank charges. There are templates for the appropriate letters to send and a step by step guide.

Their advice is to open a "parachute" bank account as when you lodge a claim against your present bank they are likely to close your account and demand repayment of any overdraft.

I have just started the process.

Good Luck!

FAB BOY

Surely if you are successful in making a claim against the bank, they will just set this off against the amount that you owe them?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Thank you all for your sound advise. I am currently setting up a DMP with CCCS. I'll keep you posted on how this goes, my friend has just finished hers after three years and said they were excellent... lets hope i feel the same after using them I would be interesting to hear if anyone else has used them and how it went[?]

I went into an IVA last September, and would like to reclaim bank charges from my previous bank (First Direct). Can I ask them for this sort of information still, and would it be offset against my debt owed to them and agreed through the IVA?

Hi
You can indeed try and reclaim bank charges once in an IVA but any monies that you do recover will be either kept by the bank and their claim reduced meaning that your other creditors will get a higher dividend or the money will just go into the IVA pot as a windfall payment and again all creditors will get a higher dividend.
Some bank are stepping out of the IVA where the claim will reduce their debt greater than the dividend they would ave received in the IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
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