BANK OVERDRAFT TRITON

[spanner]

I took over a small business from my dad about 10 years ago. I took out an overdreft with RBS. They increased my limit whenever I got near it. By Jan this year it was 20k and I exceeded it due to their charges.They then wrote and asked for the whole lot back. I propoed a plan, they ignored me. I complained & they apologised for ignoring my plan but said they could not accept it as I it was a joint account. I got a letter from Triton saying pay 23k or ring us. I rang and they said they would accept 13k. I thought this was conceeded too easily & found yr site. The letter says Mr (no intial) xxx then my company name. I dont think they know exactly who they are writing to me or my Dad. I am a sole trader,I have nothing of value but I do have collateral in my house. Can anyone advise if they could go after this ? Should I start the unenforceability letters now or wait a while?

Thanks

Spanner

[spanner]

Re: BANK OVERDRAFT TRITON

The overdraft was unsecured. I just dont want to turn down a settlement offer if they can take me to court, be forced to sell my house in order to pay them the full amount.I dont think they can because my wife owns half but I would be interested to know what the forum think.

Thanks Spanner

[Undercover Elsa]

Re: BANK OVERDRAFT TRITON

Hi spanner,
Overdrafts are tricky and often enforceable as they don't fall under exactly the same rules as credit cards and loans. It is a large amount they say you owe and there's no guarantee that they wouldn't go to court with this. They could then get a Charging Order on your home to secure the debt, although forced sales are rare.
That said, the more points of dispute you can raise, the better, in order to beat them down to a low settlement figure.
We are experimenting with requests for overdraft agreements, as they do have a requirement to supply the agreement and T&C's on request. However if they fail to do so the rules preventing enforcement don't apply in the same way as failure to supply credit card or loan agreements.

Have a read of this thread here> for more about this.

You say they refused your payment plan as it's a joint account...just wondered who is the co owner? Both owners are jointly and severally liable for repaying it.

Elsa x

[spanner]

Re: BANK OVERDRAFT TRITON

The business was my fathers and then I was added as a signatory. But my father has had nothing to do with the business for 10 years.
RBS actually raided his personal account but have backed down and repaid him though they still say he is jointly responsible. He does nnot agree as he has never signed or agreed to any overdraft papers.
The account is in the name of the business and he has nothing to do with it.

Hope this clarifies it. Thanks for your interest.

[pepe2008]

Re: BANK OVERDRAFT TRITON

If its not a Limited Co and unless you have addressed the issue of debt with a Partnership Agreement, your Father still has responsibility.
Its an overdraft and not a Loan, also it's Business, so UE is not going to be practical.

Your home is in Joint names so you can fight off a Charging Order. When I had a Nat West Business AC ( which went to Triton ) they sent out an Equity Release Form to my (ex) wife, if this happens DONT let her sign it ! ( It basically says that she would move out with no argument !!).

Triton are quite soft, negotiate it down. It's a Business OD and so it is an accepted risk on their half as well.

Dig your heels in.

( They eventually took £2K against £11K )

[spanner]

Re: BANK OVERDRAFT TRITON

Thanks for your advice, what do you recommend in terms of negotiating down. Should I use any of the templates or just ignore Triton for a while. I was wondering about doing nothing, when they ring , ask them to write and then inform them I have no debt with Triton never had a loan from them etc.

Any advice would be very welcolme.

Thanks

Spanner

[nanna58]

Re: BANK OVERDRAFT TRITON

Hi Spanner how are things?