| T O P I C R E V I E W |
| digman |
Posted - 26 September 2008 : 15:02:22
hi could anyone help? I have a account with natwest with a overdraft of £1000. I recently issued some post dated cheques (pay day advance companies)and have been unable to repay these in cash so the companies have banked them . With no available funds in the account natwest have paid most of the cheques as they are backed by a guarantee card . Have i committed fraud as there was no money in the account to cover these cheques? |
| 15 L A T E S T R E P L I E S (Newest First) |
| John |
Posted - 29 September 2008 : 15:59:38
Hi
I have had the meeting I mentioned on the phone today. What Brett was trying to get at is whether or not you had issued cheques with a guarantee card when no monies ever passed through the account.
As this is not the case, and although the cheques were ultimately only cashed recently, the situation is therefore no different than using credit during those months when you expected to be able to pay it back in some way at a later date.
The monies that pass through your account regularly, indicate this has not been a fraudulent transaction.
Hopefully that will put your mind at rest on this issue.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| digman |
Posted - 28 September 2008 : 17:49:28
Hi again Brett , yes the account in question has been in operation since 1993 approx and has had salary and child benefit paid in monthly since then . It has been our main bank account and used for all bills and normal expenditure . |
| Helpful Advice |
Posted - 28 September 2008 : 17:30:41
Hi Digman,
Yes this does make sense, however I am looking at this from the banks point of view.
If you have used a card with a guarantee card without depositing any funds into the account this can be perceived differently to using a cheque whilst funds are going in and out of an account.
So the question would be have any funds been paid into the account from which the cheque/cheques have been written?
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| digman |
Posted - 27 September 2008 : 12:44:47
Hi Brett , thats the problem . The cheques have not been bounced by the bank as they are guaranteed by chq guarantee card .
I have been using 5 different payday advance companies , cashing cheques for the last six months , and then going in the following month and paying the interest to stop the cheques from being banked . Each time i ' roll them over ' in this way it creates a new credit agreement lasting for a month . The problem has been caused by the fact the monthly ' roll over ' interest had got to £340 approx and i could not afford to ' roll them over ' so they got presented for payment to the bank . this has sent the O/draft from the agreed £1000 to nearly £4500 .
I hope this makes sense |
| Helpful Advice |
Posted - 27 September 2008 : 12:03:38
Hi Digman,
Can I just ask if during the period where you have had cheques bounce on this account have you also been paying money into the account?
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| Needafriend |
Posted - 27 September 2008 : 09:02:36
Hey Digman
I know its easy for me to say, but try not to worry, i know how i felt just prior to the date all the questions came in and everything that i had done over the years i questioned.
I now sleep much better, the post makes me laugh as i get basically nothing now.
My life has been turned completely round and i am no longer worrying constantly, i have energy and i feel so much more like the old me. :-)
I am so glad that i found this site as without it i would no doubt have been on my own as hubby left me a while a go, but when we discussed the BR route he came back and we have just had a well deserved break, and now i am raring to go again.
My only wish is to go back to uni again, i so much wanted to be a nurse and had nearly finished year 1 but the hassle and money troubles took there toll on my home life and on my work and that had to go on the back burner.
I hope to go back to it maybe in a year or 2 once we are discharged and know what we will be doing.
Take care and remember your def not alone. :-)
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
For links to help with Bankruptcy, useful web pages and also a run down of my new debt free life, both before and after Bankruptcy, then please visit my blog:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| digman |
Posted - 26 September 2008 : 20:39:40
Aye , whats done is done and i cant change it .
Had call from natwest High Value Debt Management last tuesday wanting a small payment to show willing , which i could not provide , and he said they would be issuing a default notice and starting the account closure process . Upto now ( 10 days later ) not heard another bean from Natwest and cant understand why ?? . Bit un-nerving really . Once again the bloke was very nice , polite and even wished me good luck |
| Needafriend |
Posted - 26 September 2008 : 20:36:06
Hi Digman
I just read your amended post they could stop it then oh well there loss at the end of the day.
Night night.
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
For links to help with Bankruptcy, useful web pages and also a run down of my new debt free life, both before and after Bankruptcy, then please visit my blog:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| Needafriend |
Posted - 26 September 2008 : 20:29:09
Hi Digman
You would have thought they would have tried to stop them coming out but like you have said they are guaranteed by your card.
Oh well not long and you will be on your way in your knew debt free life, mines been nearly 8 weeks and i feel so much happier.
Good luck mate.
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
For links to help with Bankruptcy, useful web pages and also a run down of my new debt free life, both before and after Bankruptcy, then please visit my blog:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| digman |
Posted - 26 September 2008 : 20:26:01
Thanks Jo ,
Yeah rung up on tuesday and got appt for fri 3 oct 10.15 am . reality of it all well and truly sunk in , even started telling creditors my intention to go BR . All they say is OK and let us know when you have done it . No abuse or nothing . Quite surreal feeling really !!
Needless to say i will post on fri
As for the question i posted its quite a specific question , which unless people have experience of , i doubt can really be answered , other than as an opinion . I did inform the bank what was happening prior to the cheques dtarting to go thru and looking at the regs in the banking code re guarantee cards i think they could have had solid reasons to refuse payment if they wanted to but have allowed most to go thru . ( reasons include they were post dated / more than one issued on a single day / amongst others . These things make the guarantee void and the bank CAN refuse payment .
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| Needafriend |
Posted - 26 September 2008 : 20:10:06
Hiya Digman
Hope your ok, so its next week that your going BR good luck with that.
I hope that John or Julian can help with your above question as i have no idea i just wanted to let you know that as i always tell people your not alone and that anytime you need someone we will be here for you.
Good luck mate. :-)
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
For links to help with Bankruptcy, useful web pages and also a run down of my new debt free life, both before and after Bankruptcy, then please visit my blog:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| digman |
Posted - 26 September 2008 : 16:18:06
the total cheques where approx £3400. the £340 mentioned was the last months interest payments to 'roll them over' , ie stop them being banked .
am concerned that the OR will class it as fraud . on the face it looks like i have cashed chqs for £3400 the month prior to BR , but this is not the case as when i pay the interest to stop them being banked it throws out a new credit agreement for that month .
concerned , panicky , scared , confused and probably garbled ;- sorry
|
| JulianDonnelly |
Posted - 26 September 2008 : 16:06:41
Hi Digman,
Under bankling law, issuing cheques knowing there is insufficient funds in the account to cover them is technically fraud. Having said that, how many people have you ever heard of being prosecuted for bouncing cheques? I've not heard of a case!
The OR probably won't be overly concerned about it given the sum we are talking about here!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| digman |
Posted - 26 September 2008 : 15:38:42
forgt to mention going br next friday, a bit concerned what the or would make of the situation
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| digman |
Posted - 26 September 2008 : 15:06:31
as a footnote ;- the cheques were not all issued at once ( ie over the past six months ) but if i paid the monthly interest charge then they would not be banked . This i was doing until the monthly charges on them got to be approx £340 in total and therefore unaffordable . that is why they got banked by the payday advance companies |
